Economic Impact of COVID-19 on Edge Computing Market
The Edge Computing Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Edge computing has emerged as a key technology for improving the efficiency of distributed computing devices. It refers to processing of data at local network or edge of the network to reduce latency and improve performance. The edge computing device is capable of processing the data generated at the edge before communicating it with the cloud platforms. Increased investment in IoT infrastructure development has resulted in significant rise in the number of computing devices across the globe. This has increased the pressure on the cloud processing platforms and has created demand for high bandwidth networks. A significant number of small and medium enterprises have moved their operations to cloud owing to reduced physical infrastructure requirement and associated cost. However, the problems associated with data latency and increased cost of network bandwidth is leading these companies towards edge computing. With expanding network of IoT devices owing to proliferation of IoT in industrial, commercial and residential applications, the edge computing market is expected to witness prominent growth during the forecast period.
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However, with increasing local processing hardware such as edge servers and edge devices, the network becomes more susceptible to malicious attacks. This is anticipated to impede the growth of the global edge computing market. With advancements in security infrastructure, the edge computing devices are expected to grow more secure in coming times with integration of local security layers, thereby driving the growth of the global edge computing market.
Increased proliferation of IoT and adoption of distributed computing network topology to facilitate growth of edge computing hardware
The global edge computing market is segmented based on component, applications, enterprise size, industry vertical, and geography. Based on component, the global edge computing market is segmented into hardware, software, edge-managed platforms, and services. The hardware components contributed a dominating share to the global edge computing market in 2019 owing to expanding network of edge servers across multiple industry verticals. The proliferation of IoT across residential, commercial and industrial applications and adoption of edge computing has resulted in increased deployment of local or edge servers and routers to reduce latency, which is expected to contribute towards the growth of edge computing hardware in coming years. The edge-managed platform segment contributed a prominent share to the global edge computing market and is expected to witness prominent growth during the forecast period owing to increasing number of edge application developers.
Increasing integration of edge computing across distributed energy generation stations to drive the growth of global market
Based on industry vertical, the global edge computing market is segmented into industrial, healthcare, energy & utility, agriculture, transportation & logistics, retail, wearables, datacenters, and others. The energy & utility vertical contributed a dominating share to the global edge computing market owing to increased adoption of edge computing across distributed energy generation stations. The industrial applications of edge computing contributed a significant share to the global market and is expected to witness prominent growth during the forecast period owing to increased demand fueled by adoption of Smart Machines and advancement in industrial automation.
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Based on geography, the global edge computing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global edge computing market in 2019 owing to strong presence of edge computing platform providers and shifting preference towards Smart Factories. Asia Pacific is anticipated to be the fastest growing region during the forecast period owing to expanding Internet of Things infrastructure across major countries.