The global edge computing market is projected to expand with a massive 30% CAGR between the period of projection from 2020 to 2030. The Fact.MR report states that, edge computing networking technologies are rapidly gaining traction during the coronavirus pandemic as network traffic has shifted substantially from commercial infrastructure to residential infrastructure. In addition, government initiatives to track the spread of the contagion has created niche opportunities for edge computing developers to widen the scope of applications for the technology.
“Edge computing offers a number of potential applications in video analytics including security, real-time traffic monitoring, and surveillance, which is proven key to tracking the covid-19 crisis. Such innovations enable intelligent processing of video data through the detection of anomalies, data insights, and real-time tracking, which will enable market growth for the foreseeable future” says the FACT.MR report.
Edge Computing Market- Key Takeaways
- Edge computing hardware has dominated the industry, owing to the rapid rise of cloud-based server applications.
- Energy and utilities applications account for significant revenue share owing to energy optimization initiatives being run in major power grids.
- North America accounts for close to half of the global edge computing market aided by the rise of multiple startups and the increased use of industrial internet of things in factory spaces here.
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Edge Computing Market- Driving Factors
- The rising popularity of IoT-edge applications in terms of data analytics in key industry verticals is supporting market growth.
- The development of multi-locational hybrid data for real time insights will generate key growth opportunities.
- The steady drop in the prices of computation mediums and hardware is key to increasing adoption of edge computing solutions.
Edge Computing Market- Major Restraints
- Ensuring adequate data security in edge distributed computer networks is a key challenge to market players.
- High costs and complexity associated to the installation of edge infrastructure is hindering market growth.
COVID-19 Impact on Edge Computing Market
With large sections of workers operating remotely around the world, the coronavirus has resulted in a high requirement for video conferencing, cable, and phone systems. These factors will have significant influence on the rising adoption of edge computing infrastructure. In addition, researchers are developing devices to monitor diseases such as the coronavirus with edge computing for the analysis of factors such as waiting room environments, coughing sounds, and crowd sizes, which will support market growth in the months ahead.
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The edge computing market players are pushing for expansion of processing capabilities through the acquisition of servers, and investing in infrastructure tech research in addition to industry collaborations. For instance, Verizon has partnered with IMB for enterprise-edge computing with 5G and artificial intelligence. Amazon Inc., Microsoft Corp., Intel Corp., Cisco Systems Inc., IBM Corp, TENAX Group, and HP Enterprise are some major edge computing market players.
About the Report
This study offers readers a comprehensive market forecast of the edge computing market. Global, regional and country-level analysis of the top industry trends impacting the edge computing market is covered in this FACT.MR study. The report offers insights on the edge computing market on the basis of component (hardware, software, and services), and application (energy & utilities, industrial, transportation & logistics, smart cities, smart homes, and smart buildings, healthcare, agriculture, retail, datacenters, and others) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).