Edge Computing Market Report with COVID-19 Pandemic PESTEL Analysis, New Trend Analysis and Forecast by 2030
Global edge computing market outlook appears to be promising, with software and hardware capabilities of IoT devices growing at a notable pace over the last few years.
Global edge computing market outlook appears to be promising, with software and hardware capabilities of IoT devices growing at a notable pace over the last few years. Industrial edge computing is gaining widespread adoption across the UAE and Europe, thanks to the growing adoption of smart sensors amidst Industry 4.0. Lower latency, higher speed, and reduced storage costs are some major reasons manufacturers have been investing in these solutions.
By 2030, the global edge computing market size is slated to be worth more than $60 billion, driven by the penetration of connection devices across the industrial sector. With the emergence of next-gen sensors that provide improved scalability, IIoT edge devices have been able to boost reliability, remote monitoring capabilities, and operational efficiency.
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Higher industrial IoT demands trigger new product launches
In order to meet the ever-growing demand for high-performance industrial IoT, companies have been opting for key tech partnerships. For instance, P&G has teamed up with Microsoft to utilize AI capabilities and leverage edge computing for optimizing production. P&G plans to use IIoT for enhancing product-to-consumer experience via the improvements in production.
Asia Pacific edge computing market share is expected to increase at a notable rate, with the introduction of solutions having a low footprint and high-speed computing. Multiple storage options offered by the vendors are a plus, considering the need for flexibility. On-site setup and maintenance of new products is comparatively easy, facilitating their uptake across industrial applications in APAC.
Development of smart cities expand edge infrastructure
Thanks to the investments in connected smart city projects, North America edge computing market share from the hardware segment is growing. Several new smart cities in the U.S. have been implementing advanced edge networking solutions. In May 2022, Peachtree Corners, a city in Georgia, announced that it has been collaborating with Israel-based LAN provider ACiist for connecting outdoor sensors and cameras via a networking system.
The city’s connected edge infrastructure saw an addition of about nine light poles that allow data from wireless links, cameras, and other wireless devices to be streamed directly to the control room. The fiber-connected smart infrastructure supports low-latency, high-performance network capabilities for testing multiple mobility technologies for the city’s streets.
SMEs to harness edge solutions for enhancing interoperability
Europe edge computing market share from SME end-users will see a substantial uptick through the next decade due to the consistent government support toward economy revival. Several European countries have seen a rise in the number of small and medium sized enterprises over the last few years. According to some estimates, there are over 24 million SMEs, representing nearly 99% of the enterprises in EU.
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Energy-intensive industrial domains can tap the potential of edge computing for improving energy efficiency through a data driven approach. In the wake of Industry 4.0., vendors have been helping enterprises to combine business intelligence with industrial process data and energy data for optimal outputs.
Several industry participants have been collaborating with technology firms to offer more flexible solutions for a seamless connectivity. For instance, Microsoft Corporation has partnered with Eurotech, a leading IoT solution provider, for delivering edge hardware and software solutions for manufacturers. Manufacturers will be able manage their assets on the cloud through artificial intelligence (AI) and computational prowess at the edge.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope and definition
1.2 Methodology and forecast parameters
1.3 COVID-19 impact
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.4 Regional trends
1.4.1 North America
1.4.3 Asia Pacific
1.4.4 Latin America
1.5 Data Sources
Chapter 2 Executive Summary
2.1 Edge computing market 360º synopsis, 2018–2030
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Application trends
2.6 Enterprise size trends
2.7 Industry verticals trends
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