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Burgeoning Adoption of Internet of Things (IoT) to Steer Global Edge Computing Market Past US$ 69 Bn through 2032
NEW YORK , Feb. 18, 2022 /PRNewswire/ -- As per latest Fact.MR analysis, the global edge computing market size is estimated to reach US$ 5 Bn in 2022. With increasing adoption of edge computing for a multitude of applications, the overall market is anticipated to register 30% CAGR between 2022 and 2032, totaling US$ 69 Bn by 2032.
Robust expansion of edge computing market is attributed to rising adoption of cutting edge technologies such as internet of things (IoT) across various industries, increasing need for better management of data, and growing penetration of digitalization across the world.
Edge computing is a modern method for bringing computation and data storage closer to the sources of data. Adoption of edge computing minimizes the need for data to be processed in remote data centers and thus delivers much faster response times.
Moreover, it helps industrial and enterprise level businesses to enhance their operational efficiency, improve performance, and automate core business processes. It has completely changed the way data was handled, processed and delivered from millions of devices in the past.
Increasing adoption of digitalization has resulted in the generation of enormous amounts of data. To manage this, edge computing solutions are being increasingly utilized. This is providing impetus to the growth in edge computing market.
Consequently, with telecom companies continuously looking to enhance the performance speed of mobile applications, demand for edge computing solutions is witnessing a huge upsurge. Benefits of multi-access edge computing, such as reduced network congestion are fueling their adoption.
In addition, growing trend of connected cars along with increasing adoption of edge computing in healthcare industry is anticipated to further expand the global edge computing market in the future.
As per Fact.MR, energy & utilities segment is projected to exhibit fastest growth at a CAGR of 29% between 2022 and 2032. Growing popularity of energy grids is a major factor spurring the growth in the energy and utility segment. With increasing emphasis on efficient energy utilization, there has been a significant increase in the adoption of remote monitoring and controlling solutions in energy grids.
Regionally, North America will remain at the epicenter of edge computing market growth, accounting for 46% of sales in 2022. Growth in the region is attributed to the rising adoption of digitalization and heavy presence of leading market players.
says a Fact.MR analyst
Leading players operating in the edge computing market are focusing on expanding their global footprint by means of introducing new solutions. Besides this, they are also adopting various growth strategies such as mergers, partnerships and acquisitions to gain competitive edge in the market.
For instance,
Some of the prominent players operating in the edge computing market profiled by Fact.MR are:
Fact MR provides an unbiased analysis of edge computing market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global demand for edge computing with a detailed segmentation on the basis of:
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