EDGE COMPUTING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Edge Computing Market Analysis:


The Edge Computing Market is projected to experience substantial growth during the forecast period (2023–2028), with an estimated size of USD 9.17 billion in 2023 and an expected value of USD 58.60 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 44.90%. This growth is primarily driven by the increasing adoption of the Internet of Things (IoT) and 5G operations.

The market is witnessing a significant share of industrial IoT service providers and aggregators offering 5G capable network offerings, which are expected to adopt edge computing in the coming years to handle the vast amount of data. Key players in the market, including Cisco, HPE, Dell, and Huawei, are developing edge computing products that can adapt to harsh working conditions and operating environments at industrial sites, such as anti-electromagnetic interference, anti-dust, anti-explosion, anti-vibration, and anti-current/voltage fluctuations. These companies are making significant efforts in the edge computing market by engaging in partnerships and making frequent product developments.

Initiatives such as the OpenFog Consortium, led by vendors in the market, including Cisco, Intel, Microsoft, and Dell EMC, as well as academic institutions like Princeton University and Purdue University, are driving the development of reference architectures for fog and edge computing deployments.

In January 2022, Verizon and AWS partnered to expand mobile edge computing to 30% more metro area locations in the United States, including Charlotte, Detroit, Los Angeles, and Minneapolis. This partnership aims to minimize the latency and network hops required to connect from an application hosted on the platform to the end user’s device.

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