Reportocean.com have announced the addition of a new report titled "Global Edge Computing Market and Forecast to 2025"
Delhi, Delhi/NCR -- (SBWIRE) -- 11/21/2019 -- Based on the latest insights in the report title "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" by Report Ocean, the Market is estimated to reach USD 16,556.6 million by 2025 growing at a CAGR of 32.8%.
Edge computing refers to the process of allowing data from IoT devices at the edge of network for analysis, this process start before being sent to a data center or cloud. It got a boost owing to exponential rise in adoption of IoT devices, which connect to the internet for either collecting data from the cloud or delivering it back. Also, it is networking philosophy that is focused upon connecting computing services and data sources through closely connected sources to reduce bandwidth usage and latency. Computation at the edge of the network reduces the distance between communication between server and client. Companies are supporting the adoption of this technology to gain real-time insights and enhance operations. Hence, continued transition towards the adoption of edge computing and related technology, it is also expected to influence IT strategies of major companies.
The global edge computing market was valued at $ 1,734.8 million in 2017 and is projected to reach $ 16,556.6 million by 2025, growing at a CAGR of 32.8% from 2018 to 2025.
With increasing usage of smart cameras, toasters, thermostats, printers and others in various premises that include offices and households, Statista estimated that over 75 billion IoT devices will be installed by 2025 globally, which require a significant amount of edge computation to connect smoothly.
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Top impacting driving factors
Trends of the edge computing industry trends are included in the market research report determine the overall market attractiveness. Major impacting market factors highlight the market opportunities, some of the important market factors are surge in load on the cloud infrastructure and increase in number of smart and intelligent applications. Also, edge computing supports the real-time application in processing and analyzing the collected information and data. Additionally, various frameworks, advent of the 5G Network, support for IoT solutions in various from smartphones to autonomous vehicles and large-scale IoT are expected to support major market opportunities for the market growth in the forecast period. However, higher maintenance costs and availability of local hardware are expected to hinder the edge computing market growth.
BFSI will lead the Global Edge Computing Market
Banking and Financial and Services Industry (BFSI) is the largest end-user of edge computing. Rising adoption of digital banking initiatives, and increased application of advanced platforms, such as payment through mobile and wearable technology and usage of blockchain are supporting the demand for edge computing solutions in the BFSI sector.
5G Network—An advent for the Edge Computing Market
The continuous 5G network developments and its evolution is expected to provide major market opportunities. Numerous connected devices are expected to exhibit substantial increase. Also, the 5G networks and connected device are expected to create data burden on data centers and result in higher demand for bandwidth. Hence, all these factors cumulatively are estimated to create major growth opportunities for the market.
Asia-Pacific to Witness Highest Growth Rate in the Global Edge Computing Market
Asia-Pacific is pioneering in development of cloud services. APAC is the major market for edge computing, owing to availability of skilled professionals at cheap prices. APAC is majorly populated, which demand the major cloud traffic. As increasing cloud penetration in the region will influence the shifting of edge computing from cloud computing. Also, the government participation in the region have shown high inclination toward storing the data.
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