Edge Computing Market To Reach USD 11.24 Billion By 2023


https://www.coherentmarketinsights.com/market-insight/edge-computing-market-1188
Edge Computing Market 



Market Overview:

The Edge Computing Market refers to the practice of processing data closer to the source, rather than relying on a centralized cloud infrastructure. This allows for faster data processing, reduced latency, and improved performance, making it particularly beneficial for applications that require real-time analysis. The advantages of edge computing include enhanced security, reduced network congestion, cost-efficiency, and improved scalability. With the increasing proliferation of IoT devices and the rising demand for real-time data analysis, the edge computing market is witnessing significant growth.

Market Key Trends:

One key trend in the edge computing market is the adoption of edge computing by various industries, including healthcare, manufacturing, retail, and transportation. By processing data at the edge, these industries can benefit from real-time insights, improved efficiency, and reduced costs. For instance, in the healthcare sector, edge computing enables faster data analysis for remote patient monitoring, telemedicine, and real-time decision making. In addition, edge computing is crucial for autonomous vehicles, as it allows for quicker response times and reduces the need for constant communication with the cloud. With the increasing implementation of IoT devices and the need for real-time data analysis, the adoption of edge computing is expected to grow significantly in the coming years.

The global Edge Computing Market Share is estimated to be valued at US$11.24 Billion in 2023 and is expected to exhibit a CAGR of 37.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The segment analysis for the edge computing market reveals that the market is dominated by the hardware segment. This is due to the increasing demand for edge hardware devices and infrastructure to enable the processing and storage of data at the edge. Edge hardware devices, such as edge servers and gateways, are crucial in facilitating real-time analytics and reducing latency in data transmission. Moreover, the proliferation of IoT devices and the need for edge computing capabilities in industries such as manufacturing, healthcare, and transportation also contribute to the dominance of the hardware segment.

Another significant segment in the edge computing market is the software segment. Edge software solutions, including edge platforms and applications, enable the deployment and management of edge computing infrastructure. These software solutions are essential for optimizing the performance of edge devices, ensuring data security, and enabling seamless integration with cloud and centralized data centers. With the escalating adoption of edge computing across various industries, the demand for edge software solutions is expected to witness substantial growth.

Key Takeaways

The global edge computing market is expected to witness high growth, exhibiting a CAGR of 37.9% over the forecast period. This growth can be attributed to several factors, including the increasing volume of data generated by IoT devices, the need for real-time data processing and analytics, and the rising deployment of edge computing infrastructure in industries such as manufacturing, healthcare, and retail.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the edge computing market. This can be attributed to the presence of major technology companies, early adoption of advanced technologies, and the high demand for IoT devices and applications in the region. Furthermore, the Asia-Pacific region is also projected to witness significant growth, driven by the rapid digitization initiatives, increasing internet penetration, and the growing adoption of IoT and edge computing solutions in countries like China, India, and Japan.

Key players operating in the edge computing market include Microsoft Corporation, IBM Corporation, Cisco Systems Inc., Google Inc., Hewlett Packard Enterprise Company, Intel Corporation, Schneider Electric SE, Nokia Corporation, Huawei Technologies Co. Ltd., and Aricent Inc. These key players are actively involved in partnerships, collaborations, and product developments to enhance their market presence and cater to the increasing demand for edge computing solutions worldwide.


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