The report titled Edge Computing Market which was recently added by Kenneth Research, aims at providing the clients with the business growth and investment opportunities present in the market globally. Further, the market is evaluated on various parameters that is covered in the report and further includes market size, market volume and the growth rate over the forecast period, i.e., 2022-2031. The market is further anticipated to grow with a robust CAGR throughout the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Edge Computing Market Products.
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In Canada, the ICT sector consists of around 41,500 companies. Out of these, over 37,000 companies fall under software and computer services industry, resulting in around 89.8% of key players in the ICT industry to be involved in software and computer services. On the other hand, in the year 2018, as per the statistics of the Canadian ICT Sector Profile, released by the Government of Canada, ICT wholesaling, communications services and ICT manufacturing contributes to 4.5%, 3.4% and 2.2% share respectively in the country.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Edge Computing Market
The global edge computing market is forecasted to reach USD 8.96Bn by 2023, expanding at CAGR of 32.6%. Edge computing brings data processing nearer to IoT sensors, to decrease latency and improve efficiency. The internet of things are driven by huge volumes of data generated from activities in our day-to-day lives. Collecting, sending, and processing the massive quantities of data requires companies to act intelligently, quickly, and make better business decisions. Edge computing is a network of data centers that store and process data locally before sending them or cloud. It optimizes computing to avoid disruptions in sending and receiving data.
The global edge computing market is further classified into applications and end users. Based on applications, it is further sub-classified into smart cities, smart factories, connected healthcare, connected vehicles, smart grids, and other. Other applications include edge computing in gaming and e-commerce. Smart cities holds the most significant market share. The rising trend of urbanization is expected to initiate smart city projects to resolve various urban problems using ICT as a base. This will result in the increased application of edge computing in this domain.
Based on end users industries, edge computing networks will be used in the manufacturing sector, energy and utility sector, IT and telecommunication, healthcare and life sciences, and consumer appliances. The IT and telecommunication sector is expected to grab the most significant market share and expand at the highest CAGR. Edge computing is expected to play an active role in LTE networks and assets , as well as the 5G revolution.
By regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America would secure the highest demand. Edge computing is the crucial factor in the IOT trend in this region. Asia-Pacific is expected to grow at the highest CAGR. The region is expected to grow at a CAGR of 40.5%.
Key growth factors
The rising number of devices that are connected to artificial intelligence require a lot of real-time analysis. Relying on traditional cloud computing is difficult. That is why it is predicted that edge computing would be the next big trend after cloud.
To avoid network congestions, service providers are deploying a system on the internet that caches the information close to the users by duplicating the content on multiple servers. This is an example of edge computing.
Threats and key players
The crucial challenges faced in deploying edge computing are complications in discovering the edge nodes, and uncompromising quality of services and quality of experiences
The key players in the North America edge computing market are Cisco Systems, Inc, Microsoft Corporation, IBM, Google, Amazon, SAP, Oracle, Huawei Technologies Co.Ltd, and Intel.
What’s covered in the report?
1. Overview of the global edge computing market.
2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) market size data for the North America edge computing market, based on applications: smart cities, smart factories, connected healthcare, connected vehicles, smart grids, and other, based on end users industries manufacturing, energy and utility, IT and telecommunication, healthcare and life sciences, consumer appliances, and transportation and logistics.
3. Market trends in the global edge computing market.
4. Market drivers and challenges for the global edge computing market.
5. Analysis of company profiles of major players operating in the market.
1. Understand the demand of global edge computing market by application and end user industry to determine the viability of the business.
3. Formulate a product marketing strategy – based on the position in the value chain and determine the optimal product/service placement.
4. Identify the gap areas and address them.
5. Develop strategies based on the industry and economic factors for each of the segments.
6. Define the competitive positioning by comparing the products and services with the key players in the market.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Edge Computing Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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