A recent market research report, titled “Edge Computing Market by Component (Hardware, Platforms, Services), Application (Smart Cities, Industrial IoT, AR/VR, Other), End-use Industry (Energy & Utilities, Manufacturing, Retail, Other), and Geography—Global Forecast to 2031,” forecasts that the edge computing market will reach $169.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 37.4% from 2024 to 2031.
Understanding Edge Computing
Edge computing involves processing data near its source rather than relying on centralized data centers. This approach enhances data handling efficiency by reducing operating costs, cutting down internet bandwidth usage, and improving performance. These benefits are driving the robust growth in the edge computing market.
Market Drivers
The edge computing market is expected to experience substantial growth due to several key factors:
· IoT Expansion: The proliferation of intelligent Internet of Things (IoT) applications is a significant driver. As data volumes from IoT devices increase, the demand for high-speed, efficient data processing solutions is growing.
· High-Speed Networks and 5G: The expansion of high-speed broadband networks and the rollout of 5G technology are further fueling the need for edge computing solutions.
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Market Segmentation
1. By Component: The market is segmented into hardware, platforms, and services. The hardware segment is anticipated to dominate, accounting for over 52% of the market share in 2024. This is driven by increased IoT deployments and investments in edge computing infrastructure. For example, in February 2023, bitsensing (South Korea) launched the 24GHz Traffic Insight Monitoring Sensor (TIMOS) powered by the NVIDIA Jetson platform. This sensor utilizes AI edge computing to enhance smart city environments by providing real-time traffic data.
2. By Application: The edge computing market is categorized into smart cities, industrial IoT, remote monitoring, content delivery, augmented reality/virtual reality (AR/VR), and other applications. The smart cities segment is expected to hold the largest share of over 22% in 2024. This growth is due to the increasing number of smart city projects and the adoption of smart technologies for urban management. Edge computing helps smart cities manage data efficiently, reducing bandwidth needs and costs.
3. By End-use Industry: The market is segmented into manufacturing, retail, healthcare, media & entertainment, telecommunications, transportation & logistics, government & defense, energy & utilities, and other industries. The energy & utilities sector is projected to hold the largest share of over 19% in 2024. This is due to the growing adoption of edge computing for data processing in remote locations, improving operational efficiency, and supporting sustainability efforts. For instance, in June 2023, Itron Inc. (U.S.) introduced the Edge Gateway, an edge-computing platform designed to support utilities in achieving decarbonization and sustainability goals.
4. By Geography: The edge computing market is analyzed across regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the market with over 43% of the share in 2024. This dominance is attributed to the region’s advanced technological infrastructure, high adoption of cutting-edge technologies, and a concentration of leading edge computing companies and startups. Additionally, North American enterprises are increasingly adopting edge computing solutions to enhance their IT capabilities and leverage technologies like 5G and IoT.
Key Market Players
Notable companies in the edge computing market include Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Dell Technologies, Inc. (U.S.), Hewlett-Packard Enterprise Company (U.S.), General Electric Company (U.S.), Huawei Technologies Co., Ltd. (China), IBM Corporation (U.S.), Juniper Networks, Inc. (U.S.), Cisco Systems, Inc. (U.S.), FogHorn Systems, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), SAP SE (Germany), MachineShop, Inc. (U.S.), and Saguna Networks Ltd. (Israel).
Report Details
For a comprehensive analysis of the edge computing market, including detailed figures and a full table of contents, access the full report here.
Scope of the Report:
· Edge Computing Market Assessment by Component:
o Hardware
o Platforms
o Services (Training & Support, Consulting Services)
· Edge Computing Market Assessment by Application:
o Smart Cities
o Industrial IoT
o AR/VR
o Remote Monitoring
o Content Delivery
o Other Applications
· Edge Computing Market Assessment by End-use Industry:
o Energy & Utilities
o Transportation & Logistics
o Manufacturing
o Healthcare
o Government & Defense
o Retail
o Telecommunications
o Media & Entertainment
o Other End-use Industries
· Edge Computing Market Assessment by Geography:
o North America (U.S., Canada)
o Europe (Germany, U.K., France, Italy, Spain, Rest of Europe)
o Asia-Pacific (Japan, China, India, South Korea, Australia & New Zealand, Rest of Asia-Pacific)
o Latin America
o Middle East & Africa
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