According to a recent report by Million Insights, the Global Edge Computing market size is predicted to value at USD 3.24 billion by the 2025.
This growth would be largely driven by the growing quantity of web users and implementation of digital services. Other reasons include the onset of intelligent devices such as smart watches and smart glasses.
Edge Computing model processes data generated by IoT devices, instead of transferring it to a central processing unit. This increases the response time helping businesses accumulate, evaluate and stack real time data generated by IoT devices.
The report also hints towards the possible expansion of edge computing industry to edge computing-as-a-service, due to the increasing consummation of data services. Per the report, the edge market is forecasted to grow at a CAGR of 41.0%.
This rising popularity of edge based computing model will present a good opportunity for market players to capitalize for research and development in the market.
The changing business landscape requires faster delivery time with considerable reduction in costs and automation, which in turn drives edge computing market growth. Businesses can obtain real time insights from the data generated by the IoT devices which will improve their decision-making efficiency, eventually maximizing profits.
However, the report identifies data privacy and security as the major road blockers that can hamper the growth of the edge market.
Edge computing application can be found in various sectors across different industry segments like production, telecommunications, healthcare and finance.
Amongst the regions with maximum edge computing market share, APAC was the leader with a massively growing market. India, China and Singapore were the leading countries amongst APAC. This was due to the advanced infrastructure and growing investments.
Amazon Web Services, General Electric SE, Cisco Systems, HP Enterprises, IBM and Huawei Technologies were the key edge market players.