Surge in number of intelligent applications and the need for assistance in real-time applications propel the growth of the global edge computing market
PORTLAND, Oregon, May 14, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Edge Computing Market By Component (Services and Solution), Application (Connected Cars, Smart Grids, Critical Infrastructure Monitoring, Traffic Management, Environmental Monitoring, Augmented Reality, Assets Tracking, Security and Surveillance, and Others), Organization Size (Small & Medium Enterprises, and Large Enterprises), and Industry Vertical (Energy and Utilities, Government and Public Sector, Healthcare, Manufacturing, Media and Entertainment, Transportation, Retail, Telecom and IT, and Others): Global Opportunity Analysis And Industry Forecast, 2018–2025". According to the report, the global edge computing market generated $1.73 billion in 2017 and is expected to attain $16.55 billion by 2025, registering a CAGR of 32.8% during the forecast period, 2018-2025.
Rise in number of intelligent applications, increasing load on cloud infrastructure, and the demand of assistance for real-time applications drive the growth of the global edge computing market. Additionally, the advent of 5G network and the development of numerous frameworks and languages for IoT solution is set to provide lucrative opportunities for emerging market players in the near future. However, the market growth is significantly hampered by the availability of local hardware and overall higher maintenance costs.
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Solutions segment to continue its dominance in the near future
By component, the solutions segment occupied almost 90% of the overall market share in 2017 and is expected to maintain its dominance through 2025. The software in edge computing solution allows users to run local compute, messaging & data caching in a secure way for connected devices. However, the services segment is poised to grow at the highest CAGR of 35.6% during the forecast period, owing to a growing need to manage analytical data throughout its lifespan.
Connected car segment to grow at the fastest rate during the forecast period
By application, the connected cars segment is projected to register the highest CAGR of 35.9% from 2018 to 2025, due to the increasing need to deliver real time infotainment and other services in cars. However, the security and surveillance segment is expected to continue its stronghold over the industry and generate almost one-fifth of the global revenue by 2025, on account of enabling real time threat detection and reducing network latency.
Asia Pacific to register the fastest growth through 2025
Regionally, Asia-Pacific is projected to register the highest CAGR of 35.1% during the forecast period, due to the strong penetration of mobile devices, and cellular technologies in emerging economies such as China and India. However, North America was the largest market in 2017, capturing almost two-fifths of the market share and is expected to dominate the market through 2025.
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Key market players
The key players analyzed in the report include Amazon Web Services (AWS), AT&T Inc., Cisco Systems Inc., Dell Inc., Fujitsu Limited, Huawei Technologies Co. Ltd., IBM Corporation, Hewlett Packard Enterprise (HPE), Microsoft Corporation, Nokia Corporation, and others. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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The rise in investment in quantum technology and increase in demand for high performance computing for data analysis are expected to offer growth in the upcoming years. Also, the emergence of on- premise quantum computers for commercial use is anticipated to offer lucrative opportunities for the enterprise quantum computing market.
The cloud computing technologies are of different types, namely Private cloud, Public cloud, Hybrid Cloud and community cloud. Private clouds cannot be accessed by anyone other than the authorized person and are the ones used by organizations for their personal information records. Public cloud can be accessible to all the devices using a virtual cloud. Hybrid cloud is the combination of Private and Public cloud.
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SOURCE Allied Market Research