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(Wireless-NewsWire.Com, June 07, 2018 ) The edge computing market is expected to grow from USD 1.47 Billion in 2017 to USD 6.72 Billion by 2022, at a CAGR of 35.4%, considering the tremendous growth in data generated from multiple sources across different applications. Furthermore, the rise in real-time applications has contributed to the growth of edge computing market. Moreover, increasing load on cloud infrastructure has encouraged enterprises to adopt and implement edge computing solutions.
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The small and medium enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. SMEs have been majorly dependent on data centers to process and analyze their data. However, budget constraints have been a major obstacle for SMEs to adopt data center services. Transferring and processing the data over the cloud increases the operational cost. Edge computing facilitates SMEs to collect, process, and store data at the edge of the network closer to the source. This further reduces the operational costs of managing and storing data for SMEs, thus encouraging SMEs to adopt edge computing solutions and services.
The augmented reality application is likely to gain traction in the edge computing application segment. Augmented reality is one of the trending application that is expected to gain demand in the coming years across different industries such as retail, manufacturing, media and entertainment, and healthcare and life sciences. Augmented reality applications require high computing power in order to avoid delays. Edge computing plays a vital role in providing high computing power to augmented reality applications.
The edge computing solutions and services are being increasingly adopted across various industry verticals, which have led to the growth of the market globally. The consumer goods and retail sector is expected to grow at the highest rate from 2017 to 2022.
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North America is expected to hold the largest market share and dominate the edge computing market from 2017 to 2022. The region also has a high concentration of telecom and IT and manufacturing industries that largely contribute to the adoption of edge computing solutions and services. However, the APAC region is considered to provide high growth opportunities for edge computing vendors. This can be majorly attributed to the rapid technological development and government initiatives to promote digitization across industries with an objective to optimize resources and increase profitability in the developing countries.
The major solution and service providers in the edge computing market include Nokia Networks (Finland), Huawei (China), Juniper Networks (US), Dell (US), Cisco Systems (US), HPE (US), SixSq Sàrl (Switzerland), FogHorn Systems (US), Vasona Networks (US), MachineShop Inc. (US), Saguna Networks (Israel), Vapor IO (US), Xiotech (US), Mirror Image (US), Aricent (US), and ADLINK Technology (US). These players have adopted various strategies, such as new product launches, product upgradations, and partnerships with technology companies to cater to the needs of the edge computing users.
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