CHICAGO, Aug. 4, 2020 /PRNewswire/ -- According to a new market research report "Edge Computing Market by Component (Hardware, Platform, and Services), Application (Smart Cities, IIoT, Content Delivery, Remote Monitoring, AR and VR), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Edge Computing Market size is expected to grow from USD 3.6 billion in 2020 to USD 15.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period.
The key factors driving the Edge Computing Market include growing adoption of Internet of Things (IoT) across industries; rising demand for low-latency processing and real-time, automated decision-making solutions; and need for surmounting exponentially increasing data volumes and network traffic.
Smart Cities segment to hold the largest market size during the forecast period
With the increasing push toward Smart City initiatives, countries across the world are implementing edge computing solutions to enhance building security, home automation, parking and traffic management, and city asset management. Edge computing empowers IoT deployments in smart cities with low-latency and high bandwidth connectivity.
Platform segment to grow at the highest CAGR during the forecast period
The platform segment is expected to grow at a higher CAGR during the forecast period, owing to its computing enhancement capabilities. With an increase in edge devices and data centers, companies require software capable of controlling operations of edge devices and data centers, within the network infrastructure, and improving their operational feasibility. The platform helps connect nodes in an edge infrastructure and enables easy flow of data across the networks.
North America to account for the largest market size during the forecast period
North America houses some of the major edge computing vendors, such as Cisco, IBM, HPE, Dell Technologies, FogHorn Systems, MachineShop, and Axellio. These players have their headquarters, direct sales offices, and large number of data centers in the region to cater to the North American client base. Many companies in the region are adopting edge computing to enhance their Information Technology (IT) infrastructure and leverage the benefits of new technologies, such as 5G and IoT, which has further added to the high adoption of edge computing solutions in North America.
Edge AI Software Market by Component (Solutions and Services), Data Source, Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry), Vertical, and Region - Global Forecast to 2023
Edge Analytics Market by Component (Solutions and Services), Analytics Type, Business Application (Marketing, Sales, Operations, Finance, and Human Resources), Deployment, Vertical, and Region - Global Forecast to 2021
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.