Edge Computing Market Size,Share,Trends Analysis Report and Forecast (2024-2031)

The proliferation of internet of things (IoT) devices generates large data that need to be processed efficiently. Edge computing facilitates the processing internet of things generated data locally, reducing the need to transmit large volumes of data to centralized cloud servers. Globally rapid growth in internet of things helps to boost the market growth of edge computing.Asia-Pacific accounted significant market share in the region. Growing product launches by major key players help to boost market growth over the forecast period. For instance, on November 07, 2022, Lumen Technologies, a leading provider of high-speed edge computing platforms and solutions launched its edge bare metal services for Asia-Pacific market. The service is beneficial for locations in Japan and Singapore as well as Lumen's highly connected network in the region.

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Market Dynamics

Cameras, sensors and other internet of things devices generate large amounts of data. Edge computing allows for the local processing of this data and reduces the need to send all data to centralized cloud servers. It is especially crucial in scenarios where real-time processing is required. The growing adoption of the Internet of Things helps to boost market growth of the edge computingGrowing applications of the internet of things like autonomous vehicles, smart cities and industrial automation, require real-time or low-latency responses. Edge computing helps to process data closer to the source and minimize latency and ensure quick decision-making. Edge computing addresses privacy and security concerns associated with transmitting sensitive internet of things data to centralized cloud servers. By processing data locally at the edge organizations enhance data privacy.

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Segment Analysis

Based on the components, the edge computing market is divided into hardware, software, service and others. The software component segment holds the largest market share in the edge computing market. The development of comprehensive edge computing software platforms is important for orchestrating and managing the various components of edge infrastructure. The platforms provide functionalities such as analytics, data processing, security and connectivity, making them essential for operating edge computing environments. An innovative product launched by the major key players helps to boost segment growth over the forecast period. For instance, on May 23, 2023, Dell Technologies expanded its edge portfolio by the launch of native edge software that transforms edge operations in the market. The new software platform helps to simplify, secure and automate edge infrastructure. Customers can achieve up to 130% return on investment in 3 years and also help to improve deployment times and reduce edge operations costs.

Competitive Landscape

The major global players in the market include ABB, Amazon Web Services (AWS), Inc., Aricent, Inc., Atos, Cisco Systems, Inc., General Electric Company, Hewlett Packard Enterprise Development, Honeywell International Inc., Huawei Technologies Co., Ltd. and IBM Corporation.

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