ALBANY, New York, November 24, 2017 (Newswire.com) - The global market for edge computing presents a consolidated picture with a few established companies accounting for a considerable share in it. In order to further bolster their positions, they are coming up with more effective solutions to cater to the different requirements in the market. To that end they are expending money into research and development of highly advanced hardware and software solutions. This has served to up competition and make the market dynamic in nature.
Some of the prominent names operating in the global edge computing market are Microsoft Corporation, IBM Corporation, Cisco Systems Inc., Google Inc., Hewlett Packard Enterprise Company, Intel Corp, Schneider Electric SE, Nokia Corporation, Huawei Technologies Co. Ltd., and Aricent Inc.
A report by Transparency Market Research forecasts the global edge computing market to attain a value of US$13.31 bn by 2022-end from US$8.02 bn in 2017 by registering a solid CAGR of 10.7% therein.
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What are the advantages of edge computing serving to up their demand?
Boosting the uptake of edge computing is the challenges posed by the excessive use of traditional cloud computing architecture. Sending the data produced by Internet of Things (IoT) across long routes to be processed in cloud data centers can be cumbersome. It is dependent on proper connectivity and can be affected by network latency which results backlog of data. Edge computing in which data analytics and compute is carried out in the devices themselves, lessens dependence on the cloud, helps to better manage the massive deluge of data being generated by the IoT, and reduces latency for critical application.
As a result of such advantages of edge computing, many sectors such as financial services and manufacturing, where even latencies of milliseconds can be untenable, are eyeing it. The oil and gas sector too, where enormous volumes of data – most of which could be inconsequential – is produced by thousands of sensors in a rig is starting to leverage it big time. The data is processed at the source with edge computing, so that in the end only relevant bits are transferred. Thus edge computing system reduces the data traversing the network. All these is expected to provide a major boost to the market.
Which component of edge computing accounts for maximum share?
Based upon component, the global edge computing market can be segmented into hardware, software, and services. Of them, the segment of hardware dominates with maximum share. Currently, it accounts for a substantial 54.3% share in the market. It is expected to clock a CAGR of 10% from 2017 to 2022, to become worth US$7.02 bn by 2022-end. The hardware segment is likely to display a year-on-year growth of US$533.6 mn over the forecast period, which is larger than any other component segment.
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What are the key geographic regions contributing to the edge computing market?
North America, Latin America, Europe, Japan, Asia Pacific except Japan, and the Middle East and Africa are some of the key regions in the global edge computing market. At present, North America holds a sway over the overall market share on account of shale gas exploration. Rising at a CAGR of 10.3% over the forecast period, the market in North America is projected to attain a value of US$5,696.6 mn by 2022-end. In terms of growth rate, however, Japan is likely to outshine all others by clocking a CAGR of 16.4% over the forecast period. In fact, the rest of Asia Pacific market too is expected make gigantic strides because of cost-effectiveness of edge computing.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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Source: Transparency Market Research