Edge Computing Market Outlook and Opportunities in Grooming Regions with Forecast 2024
The Internet of Things (IoT) is a vast concept that includes much more than just solely connecting devices to the internet and the cloud. It is about automating business and production processes, generating new business insights, and accelerating innovation cycles. The profound nature of IoT implementation is difficult to comprehend as the technology can encompass almost everything from factories operating with little staff to virtual reality augmented repairs and medical procedures, to smarter cities.
The various applications of IoT involve multiple connected devices, one which is expected to showcase no sign of slowing down anytime soon. However, the ability for storing and migrating the generated data is becoming problematic for enterprises. In order to optimize the captured data, processing, transmission, processing, and the storage of what can amount to petabytes of data every single month, the data is needed to be both processed and analyzed at the very edge of the Wide Area Network (WAN). This is where Edge Computing enters, a practice that can involve the single collection, parsing, and forwarding of denatured forms of data to rich analytics that comprise localized event processing and actions and machine learning.
Realizing the potential growth and value, the Market Research Future (MRFR) team conducted an in-depth study of the global edge computing market. The recently published study report revealed that the market is expected to grow at a striking compound annual growth rate of 27.3% during the forecast period. The valuation is expected to reach more USD 9,200 Million by the end of the forecast period in 2024.
Over the years, we have noticed how computing workloads have been migrating; initially from on-premises data centers to the cloud. Now, from cloud-based data centers to edge locations, where it is closer to the source of the data being processed. The aim of edge computing includes the need to boost the performance and reliability of applications and services and aids enterprises to address cost, bandwidth and latency issues across a wide range of IoT applications.
The growth of the market can be attributed to a number of factors like the boom of the Internet of Things (IoT), advancements in computing technology, and the development of robust internet infrastructure. Other key factors like the potential growth of IoT technology and the increasing concerns in regards to data security are projected to hold an important role in giving shape to the global market of edge computing. It is also identified that the fast-paced adoption of advanced technologies like fog computing and data analytic tools can have a positive influence on the growth of the market.
However, amidst these positive sides, edge computing remains behind the vulnerable clouds of cyber malignancy. This poses to be a major challenge for both developers and users and can be a huge factor restraining the growth of the market during the forecast period.
Divided into regions like North America, Europe, Asia Pacific, and the Middle East and Africa, the global presence of edge computing is expected to expand and further strengthen in the forthcoming years. Due to technological advancements and the presence of various leading market players, the North America and Europe market stand first and second, respectively, in the global standings. Some of the key players include Microsoft Corporation, SAP SE, General Electric, Intel Corporation, and Amazon Inc. The adoption rate of cloud technology, as well as IoT, is strikingly high in these regions as companies or enterprises are willing to evolve with the ongoing trends and edge past their competition.
The Asia Pacific region is expected to grow with the highest CAGR during the forecast period. This is due to the increasing number of real-time applications of edge computing. China holds a significant portion of the market in Asia and contributes majorly to the overall region.
April 3rd, 2019, Pixeom, a startup specializing in software-defined edge computing platform for enterprises, announced that it has raised funding of $15 million from National Grid Partners, Intel Capital, and Samsung Catalyst Fund to expand its go-to-market capacity and for investing in product development.
March 15th, 2019, SK Telecom, a pioneering South Korean mobile carrier, announced the launch of its new 5G Mobile Edge Computing Open Platform. The platform will open up to both enterprise customers and third-party developers.
South Korean mobile carrier SK Telecom has launched its 5G Mobile Edge Computing Open Platform, which it will open up to third-party developers and enterprise customers.
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For More Information, Visit: https://www.marketresearchfuture.com/reports/edge-computing-market-3239