ALBANY, New York, June 20, 2019 /PRNewswire/ -- Edge computing is distributed and IT architecture that features decentralized processing power and penetration of mobile computing, and penetration of the Internet of Things (IoT) devices. In edge computing, data is processed by itself local computer than transmitting to the data center. It also allows data stream acceleration, which includes real-time data processing. It allows devices and smart applications to improve the response to data and eliminate the lag time. This technology plays a critical role in technologies such as self-driving cars.
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Technological Advancements Drive the Edge Computing Market
The growing demand for edge computing is on the back of growing IoT, smart cities, smart grids, and smart consumer wearables. Additionally, rising penetration of smartphones coupled with booming augmented reality and virtual reality sector, which is driving the growth of the global edge computing market. Furthermore, rising need for the technology, which reduces the lag time required for data processes to milliseconds. Adoption of this technology has further reduced workload from networks and thus, its market is fuelling growth of the edge computing market. Thus, TMR estimated that the edge computed market stood at a value of US$8,024.5 mn in 2017 and is estimated to reach a value of US$13,313.7 mn by the 2022-end. The market is estimated to expand at a CAGR of 10.7% during the forecast period from 2017 to 2022.
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The technological advancements in edge computing are playing a crucial role in the growth of the edge computing market. Some of the key players, which are focusing on technological advancements, include Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Google Inc, and Hewlett Packard Enterprise Company. Additionally, companies such as Microsoft Corporation and IBM Corp are leading to integrate Artificial Intelligence (AI) in their IoT devices. Growing technological advancements in the edge computing and newer product launch especially in the developing countries are offering opportunities for growth in the coming years. For instance, the February 2019, Amazon Web Services (AWS) Inc. launched two additional edge locations in India across New Delhi and Hyderabad.
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High Adoption of Fast Transmission of Load to Propel Growth
IoT data is increasing substantially due to introduction of products such as smart devices, smart glasses, and smart watches. Edge computing technique aids for processing, collection, and collection of IoT-generated data. Moreover, rise in number of internet users and growing adoption of digital services is leading to increase in the collection of volume of sensitive data of numerous organizations. These factors are boosting growth of the edge computing market owing to increase in data is expected to propel growth of the edge computing market.
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Additionally, edge computing is technology of improving the cloud computing systems by processing data at edge of network and near about the source of data. The edge computing reduces the time for operation and complete process in milliseconds which helps in the reduction of work load on the other networks. Thus, the adoption of the edge computing is higher which is propelling growth of the market. Furthermore, transmission of amount of loads which leads to create the remarkable load on the network. This factor is expected to boost adoption of edge computing over the forecast period. Edge computing technique processes data from source and analyze the data and sends the valuable information; thus, its adoption is higher. These are some factors driving growth of the global edge computing market.
For the study, the edge computing market has been segmented as follows:
- Data Monitoring
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