Edge Computing Market Size Worth $140 Billion By 2030 | CAGR: 38.8%

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

• The growing demand for the hardware segment in edge computing is due to its small size and storage capacity. Additionally, the increasing adoption of IoT and IIoT creates massive data that requires linking wide-area networks, which is expected to bolster segment growth.
• The smart cities segment also has contributed significantly to the market's revenue growth owing to the increasing utilization of LED lights across developing nations. The emergence of new platforms to control the lightning through various smart apps with the help of edge computing solutions is expected to drive segment growth.
• Large enterprises are expected to spearhead market growth as it generates a huge amount of decentralized data, which requires analysis and transfer to various other businesses. The increasing deployment to secure data and enhance decision-making supports segment growth.
• Asia Pacific is expected to grow over the forecast period due to the deployment of 5G connectivity and the increasing adoption of connected and IoT devices. The rapid adoption of cloud technologies and technological advancements with the growing digitization propels the market growth.

• Major players operating in the industry include ABB, ADLINK Technology Inc., Alphabet Inc., Amazon Inc, Amazon Web Services, Aricent, Inc., Atos, Cisco Systems, Dell Technologies, EdgeConnex Inc, ElnfoChips, Foghorm Systems, General Electric Company, Google LLC, Hewlett Packard Enterprises Development, and Honeywell International Inc.

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)

• Hardware
• Software
• Services

Edge Computing, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Smart Cities
• Industrial Internet of Things (IoT)
• Remote Monitoring
• Content Delivery
• Augmented Reality (AR) And Virtual Reality (VR)
• Others

Edge Computing, Organization Size Outlook (Revenue - USD Billion, 2018 - 2030)

• Large Enterprises
• SMEs

Edge Computing, Verticals Outlook (Revenue - USD Billion, 2018 - 2030)

• Manufacturing
• Energy And Utilities
• Government And Defense
• Telecommunications
• Media And Entertainment
• Retail And Consumer Goods
• Transportation And Logistics
• Healthcare And Life Sciences
• Others

Edge Computing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa