Tech News

Growing Adoption of IoT Across Industry Verticals, Increase in Number of Smart Apps: Edge Computing Market Report

The global edge computing market size is anticipated to reach USD 43.4 billion by 2027, exhibiting a CAGR of 37.4% over the forecast period says the  Market Research Report, 2020-2027.

5G technology is expected to act as a catalyst for market growth. Applications using the 5G technology are expected to change traffic demand patterns, enabling technology growth avenues for the telecom providers. This is well known that 5G and its probable benefits have the potential to create a powerful network based on the technology that is expected to reorganize the industry architecture.

The rise in the adoption of the technology by telecom companies is expected to embrace new opportunities in Multi-access Edge Computing (MEC) market space. MEC allows companies to mitigate network congestion and ensure higher application performance by bringing processing tasks and running applications closer to the cellular customer. Furthermore, the implementation of MEC at mobile base stations or edge nodes is expected to facilitate the rapid and flexible deployment of new services and applications for customers, which promises healthy market growth.

Furthermore, there has been an anticipated wave of micro Edge Data Center (EDC) capacity that differs from the large centralized data centers to support the centralization of hyperscale computing. These data centers are expected to range from small clusters of the edge cloud resources located on a streetlight to a few racks located in a shelter at the base of a cell tower or inside buildings.

The development of edge Artificial Intelligence (AI) is continually expanding due to the increase in the number of connected devices globally, which is expected to propel edge computing market growth over the next few years. Edge AI is expected to allow real-time operations, including data creation, reducing power consumption, and reduce the costs for data communications for wearable devices and self-driving cars.

Various companies such as NVIDIA Corporation, Google Inc., and Intel Corporation are developing processors specifically designed for the computing technology to accelerate the inferencing process.

Further key findings from the report suggest:

The software segment is envisioned to witness the fastest growth due to large scale deployment of edge computing-based software stack platforms

The data center segment is expected to grow the fastest over the forecast period owing to the growing trend to shift from a centralized cloud server to edge server on account of reduced latency

The Asia-Pacific region is expected to emerge as the fastest-growing regional market owing to the advent of 5G in the region and rising uptake of IoT-backed applications

Some of the key players in the edge computing market are Amazon Web Services (AWS), Inc., Belden Inc., Cisco Systems, Inc., Digi International Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, Microsoft Corporation, and IBM Corporation.

(Image Courtesy: www.g.foolcdn.com)

Leave a Comment

Your email address will not be published.

You may also like