Edge computing is a comprehensive process to enhance cloud computing systems. It specifically refers to the technologies that allow computation to perform at the edge of the network. These services are conducted on downstream data in the place of cloud services and upstream data in place of IoT services. Edge computing also helps in aligning data acquisition and handle functions, storage of high bandwidth content, and applications closer to the end-user. Edge computing also assists in effective data management as data processing, and data filtering can be carryout at the edge of the network, depicting cleaner data sets for cloud-based data analytics. Edge computing market growth is credited to the factors such as drastic usage of internet of things in industries, high demand for low-latency in a computer process, and self-executing decision-making solutions.
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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments’ success, ICT vendors now annually set aside funding for the growth of the online market.  Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.
By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy ha s decreased by 0.2%.Â
The market by component includes hardware, platform, and services. The hardware component is assumed to take up the major market size in the forecast period, for the reason that the large-scale acquisition of hardware components for decentralizing storage and computing operations, enabling inclusive edge infrastructure deployment, and decreasing network traffic. Organizations provide upgraded edge computing hardware that either work as an initial point of data source or a facilitator of the total network or performs as storage and local processing unit in the overall edge computing procedure.
Further, in the edge computing market by application, the smart cities application possesses major share as it augments the security of the buildings in the cities, automatic facilities in the home and enhances the management of the traffic in the smart city to tackle with the heavy traffic in the metro cities.
The acquisition of edge computing solutions in large enterprises is extreme since the growing trend of data, which is accredited to the widely spread geographical existence and regular customers. Moreover, the rising demand of employees to ingress computing solutions and applications everywhere while secure and proper data storage propelling the demand of edge computing solutions in large enterprises. For example, large manufacturing companies required to correspond with ample data from sensors or actuators connected to their physical assets, such as machines, turbines, and lifts with historical information. Therefore, this helps them to identify or estimate failures in a short time to ignore pause time and loss in production.
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North America is considered as the largest revenue-generating region in this market. The integration of edge computing with the industrial internet of things .IIoT) has intensified manufacturers in the U.S to move towards connected factories. Additionally, the arrival of various start-ups providing opportunities to develop an edge-enabled solution is pushing the industry growth in this region.
Globally, the Edge Computing Market will grow at a CAGR of 37.5% during the forecast period, with a base value of $4.04 billion in 2020, to $26.62 billion in 2026. The factors pushing this market growth are the increasing usage of internet of things in all sectors for the easy flow of work without human-to-human interaction, increasing demand for automatic decision-making solutions, and overcoming the drastic increase in data.
The report also includes the analysis of major players in the Edge Computing market. Some of the major players consist of Cisco, HPE, Huawei, Unit4, Dell Technologies, Microsoft Corporation, NOKIA, IBM, Foghorn Systems, and Machineshop.
Hence, the arrival of automated vehicles and connected car technology enhances the effectiveness of edge computing. This study will assist the major competitors in knowing the significant market tendency, market fluctuations, and potential needs of the end-users.
This report provides a complete analysis of present factors driving the market, market opportunities, conflicts, and challenges faced by the players.
Edge computing markets overall analysis based on different segments is presented in this research.
Edge computing market is analyzed quantitatively which enables the users to understand the market evolution in all four geographical regions
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The scope of the Edge Computing Market is defined in the market analysis as follows:
Based on components
Hardware
Platform
Services
Based on Applications
Smart Cities
Location Services
Analytics
Environemental Monitoring
Optimized Local Content
Data Caching
Augmented Reality
Others
Based on Organization sizes
Small and Medium-sized Enterprises .SMEs)
Large Enterprises
Based on Verticals
Vertical
Manufaturing
Healthcare
Transportation
Government
Media and Entertainment
Energy and Utilities
Telecom & IT
Retail
Others
Based on Geography:
North America
Europe
Asia Pacific
Rest of the World
Client Focus Area in this Report
Is the influence of COVID-19 and the Russia-Ukraine conflict on the global market taken into account in this report?
Yes. We have definitely taken COVID-19 and the Russia-Ukraine war into account throughout the research because of their significant effects on the global supply chain relationships and raw material price system. We also go into great detail about the effects of the pandemic and the war on the industry.
Can I change the report’s scope and make it my own to meet my needs?
Yes. Multidimensional, deep-level, and high-quality requirements that are specifically tailored to our customers can help them accurately grasp market opportunities, easily confront market challenges, properly formulate market strategies, and act quickly, giving them enough time and space for market competition.
How did the list of important players for the report come about?
We specifically study both the top businesses that are influential on a worldwide scale as well as the regional small and medium-sized businesses that play vital roles and have significant growth potential in order to clearly reflect the competitive condition of the industry.
What are the key sources of your data?
In putting together the report, both primary and secondary data sources were consulted. Comprehensive interviews with important thought leaders, subject-matter specialists (such as directors, CEOs, and marketing executives), downstream distributors, and end-users are examples of primary sources. Research of major firms’ annual and financial reports, public records, fresh journals, etc., are examples of secondary sources. We also collaborate with a few outside datasets.
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