Global Edge Computing Market to Grow at a CAGR of 34% During 2019-2024 - The Development of Processing-Intensive Applications Spur Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 9, 2019--The “Edge Computing Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The edge computing market (henceforth, referred to as the market studied) was valued at USD 1,272.2 million in 2018, and it is expected to reach USD 6,959.2 million by 2024, registering a CAGR of 34% during the forecast period 2019-2024.
The development of processing-intensive applications involving IoT, artificial intelligence, and machine learning, which consume larger data sets and perform massive algorithmic parallelism on models has promoted the demand for localized computer, data storage, and network resources. Therefore, along with IoT and IIoT, the adoption of AI and ML also supports the growth of edge computing.
With the advancement in IoT, artificial intelligence, a new concept is coming in the market i.e., smart city initiatives that support the implementation of edge computing by telecom/carriers that are responsible for deploying the required network. Many US and European cities have already launched smart city initiatives and the initiatives are growing across the Asian and Middle Eastern regions.
Another factor that is driving the edge computing market is 5G cellular technologies, which delivers massive bandwidth and supports a range of devices, from smartphones to autonomous vehicles and large-scale IoT. They are highly reliant on edge computing infrastructure, as the time taken for data to travel over the fiber networks connecting the radios on the towers to the network core is reducing.
One of the main challenges for edge computing is the lack of a common security framework. Essentially, edge computing shares the same security challenges as the IoT, i.e., the devices are often small and not built with security considerations. Therefore, the security configuration and software updates, which are often needed through the lifecycle of the device, is not present.
Key Market Trends
BFSI to be the Prominent Industry to Adopt Edge Computing Solutions
Asia-Pacific to Witness the Highest Growth Rate
The competitive rivalry in the edge computing market among the existing players is faintly high and increasing, considering the inflow of new entrants into the market. Currently, the market is dominated by cloud-based IoT vendors, such as Amazon, Microsoft, and Google. Companies, like GE, which have the expertise of delivering edge computing solutions across different industries, including aerospace or manufacturing, also have a significant market position.
Acquisitions, partnerships with industry participants, and new product/service rollouts have been key competitive strategies exhibited by the vendors in the market.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Widespread Adoption and Growth of Latency-specific Applications
4.3.2 Evolving Network Technologies
4.4 Market Restraints
4.4.1 Lack of a Common Security Framework
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Component
5.2 By End-user
5.2.1 Financial & Banking Industry
5.2.3 Healthcare & Life Sciences
5.2.5 Energy and Utilities
5.2.7 Other End-users
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Microsoft Corporation
6.1.2 Google LLC (Coral)
6.1.3 Foghorn Systems
6.1.4 Huawei Technologies Co. Limited
6.1.5 Cisco Systems Inc.
6.1.6 Hewlett Packard Enterprise Company
6.1.7 Juniper Networks
6.1.8 Dell EMC
6.1.9 Aricent Inc.
6.1.11 ADLINK Technology Inc.
6.1.12 General Electric Company
6.1.13 Amazon Web Services Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/b2f5k1
View source version on businesswire.com:https://www.businesswire.com/news/home/20190509005761/en/
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SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/09/2019 12:26 PM/DISC: 05/09/2019 12:26 PM