Edge Computing Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2027
The Edge computing market size is expected to grow from USD 44.7 billion in 2022 to USD 101.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period.
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Services help organizations in effective integration and implementation of edge computing hardware and software
The services segment of edge computing is expected to have a promising future due to various integration of edge computing solutions. Services help organizations in building successful customer relationships by continuously supporting them through their business tenure. The growing need for integrating edge software, which is appropriate to their business needs.
By infusing edge computing in IIoT processes, companies could achieve improved network communication and cooperative coordination with the cloud connected to the system.
The Industrial Internet of Things (IIOT) is expected to have a higher CAGR during the forecast period. Edge computing is one of the core components of the industrial internet of things. It plays an important role in accelerating the journey towards industry 4.0 adoption. For a device deployed in an IIoT environment, an edge computing platform must be integrated with different resources from the data center to the cloud. IIoT represents a wide variety of IoT applications in the industrial sector, including smart robotics, remote diagnosis, asset optimization, connected manufacturing and product integration, and smart construction.
Computing with other enterprise business applications to drive the growth of edge computing services. These services offered by vendors help users select the best edge computing
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The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as AWS, Cisco, Dell Technologies, Google and HPE have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the Edge Computing market.
Cisco is one of the leading players in the edge computing market. However, the company faces stiff competition from other players. The company’s strong dependence on suppliers and contract manufacturers can impact the company’s performance in the global market. The changing economic and business conditions of the countries can impact the company’s product sales. The company has a strong foothold in the edge computing market. The company is continuously investing in R&D for growth and innovation and has a strong geographic presence. Cisco is offering edge computing deployments in emerging markets such as India, China, and Brazil and focuses on organic and in-organic growth factors as well .
HPE is one of the leading players in the edge computing market. However, it faces stiff competition from other global players operating in the market. The company faced challenges in entering new product segment with its present business structure. The shortage of skilled workforce poses a threat for the HPE’s steady growth of profit. The company has a strong global presence in the edge computing market and has a diversified product portfolio with customized solutions. HPE has a strong distribution network and partner ecosystem, which is expanding its business in emerging markets. The company is continuously focusing on innovating products and automation of activities to deliver high quality products. The company is highly focusing organic and in-organic growth strategies to accelerate innovation through hybrid cloud solutions.
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