Retail Edge Computing Market Overview:
The edge computing market is likely to
witness outstanding growth in the future. Growing adoption of edge computing
for automated operations and enhanced safety measures would boost the market
size. Market Research Future (MRFR) confirms that the global edge computing
market value is expected to escalate from USD 36.35 BN in 2022 to USD 168.6 BN
by 2030, growing at a 24.51% CAGR throughout the assessment period (2022-2030).
The Retail Edge Computing market Vertical is
projected to grow from USD XX Billion in 2023 to USD XX Billion by 2032,
exhibiting a compound annual growth rate (CAGR) of XX% during the forecast
period (2023 - 2032).
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Key Players:
Key Companies in the Retail Edge Computing market
include,
- Cisco
- AWS
- Dell
Technologies
- Google
- HPE
- Huawei
- IBM
- Intel
Edge computing brings the power of computation and
data storage, creating tremendous opportunities across industries. It enables
better data control, faster insights & actions, and continuous operations
while reducing operational costs. Moreover, this technology provides an
autonomous management offering to address the scale and variability needs. It
also helps communication companies upgrade their networks and deliver new
services at the edge.
The use of IoT devices is predominantly growing
among businesses that are increasingly depending on storage solutions and
centralized cloud computing and are using IoT actuators, sensors, and other
devices. Also, the rising need for low-latency processing and network traffic
and data volumes substantiate the edge computing market revenues.
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However, the multiple benefits of IoT and the
rising use of connected technologies & smart devices also generate
extensive big data. As a result, companies seek edge computing solutions, such
as hyper-localized data centers, devices, and edge nodes. Furthermore, the
growing demand for real-time, automated decision-making solutions allows the
market to garner substantial traction.
In today's digital landscape, Edge computing is
becoming increasingly important for retailers to deal with real-time data
processing and analysis at the collection source rather than in a centralized
location. Using edge computing in retail environments helps optimize store
operations and improve customer experiences by supporting new technologies such
as self-checkout and augmented reality (AR) systems.
The integration of retail and edge computing leads
to real-time data analysis that enables more personalized & seamless
shopping experiences for customers and cost reduction & increased revenue
for retailers. Edge computing offers significant advantages to the retail
industry, aligning with modern AI trends in the retail industry. With the help
of edge computing, retail organizations can effectively utilize AI to meet
their business needs.
Retailers are increasingly realizing the advantages
of edge computing in delivering a better customer experience. To keep up with
the ever-increasing customer expectations, retailers are investing in employing
edge computing solutions in their stores. These solutions enable retailers to
deliver unique in-store experiences to customers by creating smart-store
architecture that supports advanced capabilities, like IoT and computer vision
and automating tasks for peak efficiency.
There are many leading retail edge computing
solutions providers, including AWS, Google, Dell Technologies, HPE, Edgeworx,
Sunlight.io, Huawei, and VMware. At the beginning of this year, VMware
announced the 'VMware Explore 2023' program, hosting technology users &
leaders in the new multi-cloud space, enterprise applications, cloud
architecture & infrastructure, and networking & security.
At the VMware Explore 2023 held in Las Vegas during
Aug. 21 – 24, 2023, the company launched an edge cloud orchestrator, retail
edge solution, and edge managed connectivity service. New VMware Edge
orchestration capabilities help customers deploy, manage, and secure
edge-native applications & infrastructure at scale, allowing orchestrating
and managing multiple edge services. VMware Edge managed connectivity service
enables wireless service providers to deliver private 4G/5G services to
enterprises.
VMware Retail Edge is a single software-defined
platform delivering critical business outcomes and enabling customers to simply
and more cost-effectively build, run, manage, connect, and protect their
business services across their retail stores. Newly launched VMware Retail Edge
is a platform for store innovation & optimization, support customer
engagement, loss prevention, and point-of-sale (PoS) transformation.
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The solution brings agility, ease of management,
and better VMware Edge Compute Stack security to retail store environments.
Using the new VMware Retail Edge solution, store operators can reduce in-store
infrastructure costs and management. It remotely deploys and maintains
applications on demand and accelerates the deployment of next-generation AI
apps.
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