A new 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 is set to experience remarkable growth, with projections indicating it will reach $169.3 billion by 2031. This growth is anticipated to be driven by a compound annual growth rate (CAGR) of 37.4% from 2024 to 2031.
Understanding Edge Computing
Edge computing involves managing and processing data at the edge of the network, closer to where it is generated, rather than relying solely on centralized data-processing warehouses. This approach enhances data handling efficiency and speed by processing data locally, which leads to reduced operating costs, minimized bandwidth usage, and improved overall performance. As the demand for rapid data processing increases globally, edge computing is revolutionizing data management practices across various sectors.
Market Drivers and Trends
The edge computing market's growth is largely driven by the accelerating adoption of intelligent IoT applications across diverse industries. The exponential increase in data generated by IoT devices, combined with the widespread deployment of high-speed broadband networks and the rollout of 5G technology, is propelling the need for advanced, high-speed data processing solutions.
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Market Segmentation
The edge computing market is segmented based on components, applications, end-use industries, and geographical regions:
1. Components: The market is divided into hardware, platforms, and services, including training & support and consulting services. In 2024, the hardware segment is projected to hold the largest share, exceeding 52% of the market. This is attributed to the surge in IoT deployments and significant investments in edge computing infrastructure. For example, in February 2023, bitsensing launched the 24GHz Traffic Insight Monitoring Sensor (TIMOS), powered by NVIDIA's Jetson platform, which uses AI edge computing to enhance smart city environments with real-time traffic data.
2. Applications: Edge computing applications include smart cities, industrial IoT, remote monitoring, content delivery, AR/VR, and others. The smart cities segment is expected to dominate with over 22% of the market share in 2024, driven by the global rise in smart city initiatives and the increasing adoption of smart technologies for urban management. Edge computing helps these cities manage extensive data efficiently, reducing bandwidth demands and operational costs.
3. End-Use Industries: The market is categorized into manufacturing, retail, healthcare, media & entertainment, telecommunications, transportation & logistics, government & defense, energy & utilities, and other industries. The energy & utilities sector is predicted to hold the largest share, exceeding 19% in 2024. This segment's growth is fueled by initiatives to implement edge computing for data processing in remote areas, improving sustainability, production capabilities, and asset longevity. For instance, Itron Inc. launched the Edge Gateway platform in June 2023 to support utilities in achieving sustainability and decarbonization goals while efficiently managing infrastructure.
4. Geography: The edge computing market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to command the largest share, surpassing 43% in 2024. This region’s dominance is due to its advanced technological infrastructure, high technology adoption rates, and the presence of numerous leading edge computing companies and startups. North American enterprises are increasingly leveraging edge computing solutions to enhance IT infrastructure and benefit from advanced technologies such as 5G and IoT.
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Key Players in the Market
Prominent players 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.)
· Saguna Networks Ltd. (Israel)
Scope of the Report:
· By Component:
o Hardware
o Platforms
o Services (Training & Support Services, Consulting Services)
· By Application:
o Smart Cities
o Industrial IoT
o AR/VR
o Remote Monitoring
o Content Delivery
o Other Applications
· 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
· 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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