Market Overview:
The market research that has been made on the Edge Computing Market is showing a potential growth at the 24.51% CAGR with a valuation of USD 168.59 Billion during the forecast timeline which is till 2030.
Edge computing use has increased in recent days because of the high usage of smartphones and the internet. The primary focus of edge computing in the market is to offer data and computing processing close enough to the data source. The edge computer demand is more in industries such as BFSI, manufacturing companies, IT, and telecommunication to name some. The primary reason for the rise in the market for edge computing is the IoT's high influence in recent times. Edge computing is also enhanced with the right of cloud computing and storage options. It is possible to boost the speed of making the decision to close the data source with the help of an edge computing processing solution. Purdue University has also used IoT sensors to pace up and improve plant growth along with the process of food production.
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There has been good demand from the customer and technology development has increased in today’s time. This further has improved the market size of edge computing. The autonomous vehicles' introduction to get details such as light, weather, road condition, control and to get navigation has improved due to edge computing. This eventually has increased the market share of the same. There are many advantages of the autonomous car which people have started to enjoy. Primarily the features which such a car offers are one reason that has actually made the manufacturing companies decide on investing in the new technology. This is likely to boost the market share of edge computing.
The spread of the pandemic crises due to Covid-19 affected different countries and markets but there was a positive impact on the edge computing market. The lockdown during the pandemic crisis was implemented by the government which is why people were not allowed to get out of their homes. Due to this, nearly every process was done on the digital platform. This increased the demand for the edge computing market which eventually increased the market size of edge computing as well. There was also increased use of the internet during this pandemic phase which creative different software that also contributed to the market growth of edge computing.
Market Segmentation:
As per the components:
- Service
- Software
- Hardware
As per the enterprise size:
- Large enterprise
- SMEs
As per the end-users:
- Transportation
- Manufacturing
- BFSI
- Healthcare
- Semiconductor
- IT & telecommunication
- Energy
- Education
- Government
- Retail
- Utilities
- Hospitality
As per the region:
- North America
- Europe
- Asia-Pacific
- The Middle East and Africa
Regional Classification:
The regional analysis made on the edge computing market shows the segmentation of it is done into regions such as Europe, North America, and the Asia Pacific region. There had been a significant rise in the population of the Asia-Pacific region which actually is the reason why it is holding a huge market share.
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Industry News:
Samsung electronics and IBM collaborated to create the hybrid cloud solution and also planning to use the 5G for assisting businesses all over industries.
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