The latest report by IMARC Group, titled “Edge Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“ offers a comprehensive analysis of the industry, which comprises insights on the edge computing market report. The global market size reached US$ 14.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 90.3 Billion by 2032, exhibiting a growth rate (CAGR) of 24.35% during 2024-2032.
Edge computing is a decentralized computing model that brings computational resources and data storage closer to where data is generated, and end-users are located. This approach allows for local processing and analysis on edge devices or edge servers, reducing the need to transmit data to remote data centers. It enables faster data processing, real-time analytics, and immediate response capabilities and addresses challenges such as latency, limited bandwidth, and network connectivity issues that many organizations face. It provides benefits such as real-time decision-making, enhanced reliability, privacy, reduced data transfer costs, optimized network bandwidth usage, and improved system performance. Additionally, it strengthens data security and privacy by processing and storing sensitive data locally, minimizing the risk of data breaches or unauthorized access. Nowadays, edge computing is widely embraced across numerous industries such as healthcare, retail, manufacturing, energy and utilities, government and defense, media and entertainment, retail and consumer goods, government and defense, and telecommunications.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/edge-computing-market/requestsample
Edge Computing Market Trends and Drivers:
The market is primarily driven by the expansion of the manufacturing sector. Additionally, the increasing need for edge computing in real-time monitoring of industrial processes, equipment, and production lines is driving market growth. This technology enables quality control, ensures product consistency, and detects defects early in manufacturing. It also enables real-time sensor data analysis to identify patterns and predict equipment failures, enabling proactive maintenance and minimizing downtime. Moreover, the growing healthcare sector is adopting edge computing to continuously monitor patients’ vital signs, allowing healthcare providers to remotely monitor patients in real-time and respond promptly, representing another major growth-inducing factor. Apart from this, the proliferation of Internet of Things (IoT) devices, such as sensors, wearables, and connected machines, generates vast amounts of data that require immediate processing and decision-making capabilities, which can be effectively achieved through edge computing, accelerating market growth. Along with this, edge computing finds extensive applications in low latency and high bandwidth scenarios such as video streaming, autonomous vehicles, augmented reality (AR), virtual reality (VR), and industrial automation. This usage reduces latency and ensures a seamless user experience, contributing to market growth. Furthermore, the energy and utilities sector is experiencing rising demand for edge computing in grid optimization, renewable energy management, and condition monitoring. It allows real-time analysis of energy consumption, load balancing, and fault detection in the smart grid, improving energy efficiency and grid stability. It also optimizes the performance of distributed renewable energy sources, such as solar panels or wind turbines, increasing energy generation and minimizing wastage, creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Vertical:
- Manufacturing
- Energy and Utilities
- Government and Defense
- BFSI
- Telecommunications
- Media and Entertainment
- Retail and Consumer Goods
- Transportation and Logistics
- Healthcare and Life Sciences
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
Competitive Landscape with Key Players:
- ABB Ltd.
- Amazon Web Services (AWS), Inc.
- Cisco Systems Inc.
- Digi International Inc.
- General Electric Company
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- SAP SE
- Siemens AG
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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