Edge Computing Market Exhibits Stellar 30% Growth on the back of Proliferating Digital Transformation Trends, Says Fact.MR
Published : 21 Jan 2022 Industry: Technology
Fact.MR foresees that the demand for edge computing is projected to expand at a CAGR of 30% in terms of value during the period of assessment. Moreover, the report estimates that the market for edge computing is likely to surpass US$ 69 Bn by end of 2032.
Edge computing products facilitate enhanced processing power and data transmission between connected devices. The shift in consumer preference for smart devices over conventional vehicles, and homes drives the demand for edge computing components such as services, software, and edge-managed platforms. Industrial automation trends that employ artificial intelligence (AI), and machine learning (ML) to curb costs and increase production capacities also contribute to growth.
Key Takeaways from the Market Study
- Global market for edge computing to reach US$ 5 Bn by 2022-end
- North America leads global sales with 46% share of the total market value.
- South Asia & Oceania offers the most lucrative opportunities with the highest double-digit growth rate of 32% during the forecast period.
- Energy & utilities account for the largest share of the market value. The 18% share can be accredited to cost efficiency and enhanced control over energy grids offered by edge computing products.
- Datacenters are the most financially rewarding application segment with a meteoric 32.5% CAGR through 2032.
- Hardware is the most selling component segment with more than 46% share of the total market revenue.
- Edge computing services offer the most remunerative opportunities with a stupendous 31.5% CAGR during the projection period.
Rapid technological advancements across multiple industries is necessitating the need for rapid data transmission and assimilation to arrive at timely conclusions. Furthermore, there is a need to streamline workflows, all of which are expected to contribute majorly to the growth of edge computing, remarks a Fact.MR analyst.
The competitive landscape of the edge computing market is shaped by product innovation and strategic mergers & acquisitions. Cisco Systems, Inc., Microsoft Corporation, Amazon Web Services (AWS), Inc., Moxa Inc., NVIDIA Corporation, and Belden Inc. are some prominent manufacturers of edge computing.
- In January 2022, Amazon Web Services (AWS) announced the general availability of its new Amazon Elastic Compute Cloud (Amazon EC2) Hpc6a instances. These "purpose-built" EC2 instances leverage 3rd Gen AMD EPYC CPUs to process high-performance computing (HPC) workloads at what Amazon claims.
- In November 2021, Kyndryl announced a landmark global strategic partnership that will combine its market-leading capabilities in the service of enterprise customers. The deal with Microsoft is Kyndryl’s first since recently becoming an independent public company and provides incremental multi-billion dollar revenue opportunities for the two companies.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the market providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of component (hardware (sensors/routers, edge nodes/gateways, and others), software, services, and edge-managed platform), applications (energy & utilities, industrial, transportation & logistics, smart cities/smart homes/smart buildings, healthcare, agriculture, retail, data centers and others), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology
Our ICT consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the ICT sector. Our expertise in recognizing the challenges and trends impacting the global ICT industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – ICT