Edge Computing Market Estimated to Hit USD 168.59 Billion at a Whopping 24.51% CAGR Between 2020- 2030 – Report by Market Research Future (MRFR) -…

New York, US, May 13, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Edge Computing Market information by Technology, by Components, by Deployment, by Application and Region Forecast to 2030 market size to reach USD 168.59 billion, growing at a compound annual growth rate of 24.51% by 2030.

Market Scope: The primary target of the edge computing process is to get data processing and computing close to the source of data. With the rapid developments in the field, the global market has also been experiencing a surge in growth in the last few years. The edge computing process is widely being adopted across several industry sectors worldwide.

Competitive Analysis The global edge computing market has prominent players such as:

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Market USP Exclusively Encompassed:Market DriversThe global market or edge computing has registered a massive surge in the growth rate in the last few years. The major aspect causing an upsurge in the market's growth is the strong influence of the IoT in recent years. Furthermore, the growing use of cloud computing and storage solutions is another major aspect boosting the demand for edge technology across the global market. By processing and operating via edge computing, it is possible to boost the decision-making close to the data source. Moreover, the growth in customer demand and technological development is likely to offer lucrative opportunities to the players across the global market.

Market RestraintsOn the other hand, the factors such as the cost of the edge infrastructure and, limited storage & the computing capability of the edge nodes may impede the growth of the edge computing market.

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COVID-19 Impact

The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. But the global health crisis had quite the opposite impact on the growth of the edge computing market. Several countries across the globe implemented partial or complete lockdowns in order to curb the spread of the disease. Considering the travel restrictions across several regions worldwide, all the process was done digitally. The situation has generated massive demand for the edge computing marketand raised the size of the edge computing market.

As there has been a rise in the use of the internet in recent times, several players have generated much software that enhanced the growth of the edge computing market. Some of the applications were even built to assist in the health care centers. The process enables everyone to speak out about their health problems, and the physicians will reach the patients by accessing the data from the software. Even during the peak of the pandemic across the globe, the process helped the health care workers recognize the coronavirus patients' data and treat them thoroughly. Because of the lockdowns and implementation of social distancing norms, the use of edge computing has been elevated at a noteworthy rate. Even by using AI edge computing, several nations across the globe, such as China, have deployed robots and drones across the health care sectors.

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Segmentation of Market Covered in the Research:The global market for edge computing has been fragmented into various segments based on enterprise size, components, end-users, and region.

The global market for edge computing is split into service, software, and hardware based on components. The software segment is further divided into on-premises and cloud. The service segment is again classified into managed services and professional services.

The global market for edge computing is divided into large enterprises and SMEs based on the enterprise size.

Based on end-users, the global edge computing market is bifurcated into hospitality, utilities, retail, government, manufacturing, transportation, education, energy, IT & telecommunication, semiconductor, BFSI, healthcare, and others.

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Regional AnalysisThe global edge computing market is studied across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.

As per the MRFR analysis reports, the Asia-Pacific region will hold the top position in the global edge computing market over the assessment timeframe. The regional market's growth is primarily attributed to the increase in the population across the region. The regional market has experienced the rapid implementation of new technologies, which is likely to fuel the regional market's growth over the coming years. Furthermore, the gradual increase in IT spending by organizations across the region is another major aspect projected to propel the market's growth. The region is home to several major market players such as NTT Docomo, Vodafone, Optus, Telstra, China Telecom, Huawei, and others, which in turn is anticipated to influence the market's performance positively over the forecasted era. On the other hand, due to the lack of awareness among various small and medium-sized companies, the region has a low adoption rate of edge computing compared to Europe and North America.

The edge computing market for the North American region is likely to secure the second position across the globe over the forecasted era.

The European regional market for edge computing is projected to register a substantial growth rate over the forecasted timeframe.

APAC is a base for various global telecommunications and edge network companies, including Vodafone, which acts as a growth factor for the edge computing market.

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Edge Computing Market Estimated to Hit USD 168.59 Billion at a Whopping 24.51% CAGR Between 2020- 2030 - Report by Market Research Future (MRFR) -...