The edge computing market is expected to grow at a CAGR of 34.9 percent from 2019 to 2027 to reach $28.07 billion by 2027, according to a report by Research And Markets.
Edge computing is a simple method of managing data near the edge of the network, where the data is being generated, instead of in a centralised data-processing warehouse. Edge computing is changing the way data is being handled, processed, and delivered from millions of devices around the world. This technology is expected to witness significant growth in the upcoming years due to the tremendous increase in the number of intelligent applications.
The growth in the edge computing market is fueled by several factors such as growing load on cloud infrastructure; rising adoption of industrial IoT; and rising demand for low-latency processing and real-time automated decision-making solutions. However, initial capital expenditure associated with the infrastructure is a major restraining factor hindering the growth of this market.
On the basis of application, the smart cities segment commanded the largest share of the overall edge computing market in 2019. Due to the issue of safety related to roadways and other infrastructure, smart cities are implementing edge computing strategies.
The energy and utility segment is projected to grow at a considerable pace throughout the forecast period as it can easily generate a tremendous amount of data in a day, which is pushed back to a centralised cloud platform service to be processed, analysed, and ultimately acted upon. Every utility company is desperately seeking to minimise capital expenditure and simplify ongoing technical management.
North America is expected to maintain its dominance throughout the forecast period as a large number of business enterprises in North America are adopting edge computing technologies to enhance their IT infrastructure and leverage the benefits of new technologies, such as 5G and IoT. This coupled with the presence of majority of the established edge computing players and start-ups have boosted the growth of the overall edge computing market in the North American region.
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