Edge Computing Market worth $101.3 billion by 2027 - Exclusive Report by MarketsandMarketstm

CHICAGO, Oct. 6, 2022 /PRNewswire/ -- Edge Computing Market size is expected to grow from USD 44.7 billion in 2022 to USD 101.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period, according to a new report by MarketsandMarketstm. The rising adoption of work from home culture, advancements in virtual and cloud-based technologies and solutions are a few factors driving the growth of the Edge Computing Market.

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Services help organizations in effective integration and implementation of edge computing hardware and software

The services segment of edge computing is expected to have a promising future due to various integration of edge computing solutions. Services help organizations in building successful customer relationships by continuously supporting them through their business tenure. The growing need for integrating edge software, which is appropriate to their business needs.

By infusing edge computing in IIoT processes, companies could achieve improved network communication and cooperative coordination with the cloud connected to the system.

The Industrial Internet of Things (IIOT) is expected to have a higher CAGR during the forecast period. Edge computing is one of the core components of the industrial internet of things. It plays an important role in accelerating the journey towards industry 4.0 adoption. For a device deployed in an IIoT environment, an edge computing platform must be integrated with different resources from the data center to the cloud. IIoT represents a wide variety of IoT applications in the industrial sector, including smart robotics, remote diagnosis, asset optimization, connected manufacturing and product integration, and smart construction.

Computing with other enterprise business applications to drive the growth of edge computing services. These services offered by vendors help users select the best edge computing

Edge computing offers SMEs cutting-edge technologies by reducing the overall IT expenses and enhancing the response time

The increasing implementation of edge solutions by SMEs across the globe is expected to drive the market growth over the forecast period. Cost-effectiveness is an important factor for SMEs, as they always have a tight budget, leaving them with limited ways to market themselves and gain visibility. The intensely competitive market scenario has encouraged SMEs to invest in edge computing solutions to reach their desired target audience.

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Edge computing allows manufacturers to implement automation across factory floor and ensures quality.

The manufacturing vertical is expected to grow at the highest rate during the forecast period. For product manufacturers, moving computing tasks to the edge will result in increased speed and efficiency and provides agility to the factory floor. Industrial IoT has added millions of connected devices in manufacturing plants to gather data on production line performance and the quality of finished products. The low latency of edge computing enables an immediate response to problems on the assembly line, helping to drive improvements in quality and efficiency while reducing the need for human supervision.

North America to dominate the Edge Computing Market in 2022

North America is one of the most technologically advanced regions in the world. The adoption of edge computing is expected to be the highest in North America as compared to the other regions. This is because of the rising inclination of American households toward smart technologies and the increasing investments by North American companies in advanced technologies, such as commercial and industrial IoT, 5G, cloud computing, and AI. Various companies are leveraging edge computing to reduce latency, manage network traffic, and minimize operational costs.

Key Players

The Major Players for Edge Computing Market includes some of the major vendors offering contact center solutions across the globe include AWS (US), Cisco (US), Dell Technologies (US), Google (US), HPE(US), Huawei (China), IBM (US), Intel (US), Microsoft (US), Nokia (Finland), Adlink(Taiwan), Axellio (US), Capgemini (France), ClearBlade (US), Digi International (US), and more. 

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