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Edge Computing Market size was valued at USD 3.7 billion in 2021 and is expected to reach USD 16.4 billion by 2028, at a CAGR of 34.1% during the forecast period 2022-2028. Factors such as growing industry-wide acceptance of the Internet of Things (IoT), growing demand for low-latency processing and real-time, automated decision-making solutions; and the need to address growing data volumes and network traffic exponentially. In addition, it is anticipated that the advent of autonomous vehicles and connected car networks and the need for lightweight frameworks and systems to increase the efficacy of edge computing solutions would create ample opportunities for vendors of edge computing. While in many applications, edge computing is used, the high initial costs and maintenance costs act as the impeding factor for the edge computing market. In addition, edge computing forces organizations to deal with the same network security models and physical security criteria for more remote servers where safety footprints and traffic patterns are open to all, thus hindering and challenging the security of the database. This study analyses the global edge computing market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs. Key Developments: In March 2020, Google Cloud and AT&T announced a collaboration to help enterprises take advantage of Google Cloud’s technologies and capabilities using AT&T network connectivity at the edge, including 5G. In March 2020, Microsoft announced the acquisition of Affirmed Networks, which is a startup that offers fully virtualized cloud-native mobile network solutions.
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In order to drive the market, the jobs of IoT in various industries such as automobile, manufacturing, retail , transportation, electricity and so on has been evaluated. In these industries, IoT is used as it provides real-time data, enhances operational efficiency, output optimization, and other benefits that impact the industry’s efficiency and further contribute as the driving force for the edge computing market. G.E reported that industrial IoT employment has a 44 percent effect on global energy consumption. The use of IoT in industries is therefore evaluated as a driving factor for the market for edge computing.
The edge computing market is projected to expand at a CAGR of 34.1% during the forecast period.
Cisco, HPE, Huawei, Dell Technologies, Nokia
North America is the fastest-growing region for edge computing market
Key players profile in global edge computing market include-