With 36.3% CAGR, Edge Computing Market Size Worth USD 139.58 billion by 2030
Fortune Business Insights
Updated 7 min read
According to Fortune Business Insights, the global Edge Computing Market size is projected to reach USD 139.58 billion by 2030, at a CAGR of 36.3% during the forecast period, 2023-2030
Pune, India, March 31, 2023 (GLOBE NEWSWIRE) -- The global edge computing market size was valued at USD 11.99 billion in 2022 The market is projected to grow from USD 15.96 billion in 2023 to USD 139.58 billion by 2030, exhibiting a CAGR of 36.3% during the forecast period. Growing Deployment of Edge Infrastructure for 5G Network to Bolster Market Growth. Fortune Business Insights™ presents this information in a report titled, "Global Edge Computing Market Forecast, 2023-2030."
Key Industry Development:
October 2022 - Scale Computing and Intel Corporation collaborated to incorporate the former’s HyperCore tool into Intel’s NUC Enterprise Edge Compute (EEC) platform. This launch would help the firm allow its enterprise users to solve problems on a real-time basis and monitor the edge infrastructure.
The global market is set to expand substantially due to the high adoption of edge devices. These devices range from Internet of Things (IoT) machines, such as mobile point-of-sale kiosks, smart cameras, industrial PCs, and medical sensors, to gateways and computing infrastructure. These devices offer faster and real-time insights on the data source. According to Gartner, 75% of data is expected to be created outside central data centers by 2025. Emerging technologies, including Industry 4.0, Artificial Intelligence, and IoT might boost the global market growth during the forecast period.
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2023 to 2030
Forecast Period 2023 to 2030 CAGR
36.3%
2030 Value Projection
USD 139.58 Billion
Base Year
2022
Edge Computing Market Size in 2022
USD 11.99 Billion
Historical Data for
2019 to 2021
No. of Pages
196
Segments covered
Component, Enterprise Type, Application, Industry and Geography
Edge Computing Market Growth Drivers
Growing Deployment of Edge Infrastructure for 5G Network to Drive Market Growth
Key Takeaways
The global market is set to grow exponentially due to the increased use of edge devices.
Rising Introduction of AIoT and Enormous Investments to Bolster Market Growth
Edge computing with 5G/6G infrastructure can reduce complexity, save costs, and strengthen cybersecurity defences.
Application Analysis: Smart Cities to Adopt Maximum Edge Solutions to Function Effectively
Edge Computing Market Size in North America was USD 4.13 Billion in 2022
Growing Deployment of Edge Infrastructure for 5G Network to Drive Market Growth
Edge-powered SaaS are gaining popularity on 5G networks. Many companies are integrating their services with cloud systems. However, since the reliance on IoT and AI devices has increased substantially, the overall traffic for data processing has grown at a considerable rate. 5G networks are being rolled out on a large scale and investments by global companies are on the rise. More than 380 telecom operators are increasing their investments in 5G to help them increase their speed and agility. 5G/6G infrastructure is being deployed in edge computing to reduce complexity, save costs, and strengthen cybersecurity defenses. Such developments will bolster the edge computing market growth.
Installation of edge nodes, devices, and data centers can be quite expensive, making it hard to construct a complete and robust solution. These aspects may restrict the market growth.
Geographically, the report covers North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Segments:
Deployment of Hardware Solutions across Several Industries to Aid Market Growth
Based on component, the market is divided into hardware, application/software, edge cloud infrastructure, services, and network. The hardware segment increased the market revenue margins in 2022.
Hardware edge vendors are boosting their investments in edge computing across the globe. For instance, HPE invested around USD 4 billion over four years and is innovating its already launched Edgeline Converged Edge Systems.
In the coming years, the demand for such edge services is expected to increase significantly. Intel Corporation, Dell Technologies Inc., and many other companies are engaging in strategic investments to develop and enhance edge intelligence tools for commercial and industrial IoT. These investments are expected to bolster the adoption of these tools and their related services.
Large Enterprises to Heavily Adopt Edge Solutions Due to Rising Deployment of IoT-Connected Devices
Based on enterprise, the market is segmented into SMEs and large enterprises. The large enterprise segment is predicted to hold a large market share over the coming years. There has been a rise in the production of IoT-connected devices. Enterprises need edge solutions to compute the data generated, enable quicker delivery of information, and enhance customer experience.
Smart Cities to Adopt Maximum Edge Solutions to Function Effectively
Based on application, the market is divided into smart cities, IoT applications, robotics & automation, predictive maintenance, remote monitoring, and others. The smart cities segment will record a robust CAGR during the forecast period. These cities function effectively by using edge computing-enabled technologies such as IoT and 5G systems. This has boosted the demand for edge solutions in smart cities.
IT & Telecom to Dominate Due to Increasing Business Complexity
In terms of industry, the market covers manufacturing, oil & gas, healthcare, BFSI, IT & telecom, retail, automotive, and others. The IT & telecom segment captured a sizeable market share in 2022. The pandemic changed daily business operations of many companies, forcing them to shift most of their processes to the cloud. IT and telecom sectors have rapidly adopted cloud systems to store their data. More enterprises are opting for cloud solutions, which has increased the volume of data generation. This has created the need for instantaneous processing, which restrained the adoption of cloud computing processes.
North America generated maximum edge computing market share in 2022. This market has a vast presence of leading edge computing service providers who are majorly based in the U.S. Some of these companies include IBM, Intel, and Microsoft. These organizations are expanding their presence across the region and increasing their customer base by merging with and acquiring small-scale enterprises.
Competitive Landscape:
Mergers & Acquisitions Used by Companies to Gain Competitive Edge
Companies involved in the global market are signing merger & acquisition agreements to enhance their competitive edge in the market. They are using this strategy to combine their unique capabilities with the expertise of the firms they acquire or merge with. The products developed from this strategy can cater to the changing requirements of the users.
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
