The global edge computing market size is expected to reach USD 140 billion by 2030, according to a new study by Polaris Market Research. The report “Edge Computing Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By Application; By Organization Size (Large Enterprises, SMEs); By Verticals; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for edge computing solutions is due to growing awareness of big data analytics, the increasing number of smart devices and wearables, and rising expenditures in the telecommunication sector. Furthermore, the adoption of IoT and connected devices are significantly influencing the market. Companies relying on cloud computing are shifting towards edge computing owing to its lower latency and cost feasibility. Moreover, businesses are adopting these solutions as they bring data processing near the source, improving decision-making ability.
For instance, Purdue university integrated edge computing solutions for research and optimization of plant growth and food production processes with the help of IoT devices. This solution enabled the university to collect, process, and communicate a large amount of data generated from the sensor, which ultimately saved time and cost, improved accuracy, and enhanced real-time decision-making, bolstering market growth.
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In addition, the growing demand for autonomous and connected vehicles across developed and developing nations has increased the sale of edge computing solutions and services. The connected vehicles utilize these solutions to provide information regarding harsh weather and road conditions that help the driver control and navigate accordingly, influencing the market growth. When incorporated with artificial intelligence, edge computing can efficiently avoid potholes and traffic bottlenecks and prominently reduce accidents, which is an important factor in supporting the market.
The COVID-19 pandemic had a positive impact on the demand for edge computing solutions as many businesses started operating remotely, which increased the demand for broadband connectivity. These increased the demand for edge computing to increase speed, bandwidth, and security concerns and provide accurate and real-time insights, influencing the market during the pandemic.
Edge Computing Market Report Highlights
Polaris Market Research has segmented the edge computing market report based on component, application, organization size, verticals, and region:
Edge Computing, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Edge Computing, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Edge Computing, Organization Size Outlook (Revenue - USD Billion, 2018 - 2030)
Edge Computing, Verticals Outlook (Revenue - USD Billion, 2018 - 2030)
Edge Computing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)