According to IMARC Group’s latest report, titled “Edge Computing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global edge computing market size reached US$ 11.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.4 Billion by 2028, exhibiting a growth rate (CAGR) of 25.4% during 2023-2028.
Edge computing refers to distributed computing paradigm that helps reduce the workload on the cloud by storing crucial data nearer to its source or destination to improve the response time. It improves the efficiency of cloud computing systems by decreasing network traffic and communication bandwidth between cloud servers and user devices. It also facilitates data acquisition, mobile signature analysis, and data caching while minimizing latency and enhancing overall process efficiency. It combines networking architecture, software, and hardware solutions to cover use cases in various organizations. As a result, edge computing is widely adopted in several organizations to boost productivity, performance, and profitability across the globe.
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Market Trends
The market is primarily driven by the rapid growth of the internet of things (IoT), the rising demand for connected devices, and increasing applications of real-time computing. In addition, the widespread integration of edge computing solutions with IoT-enabled devices is contributing to market growth. These solutions allow efficient processing, handling, and management of large volumes of data and improve internet connectivity for data transmission through the cloud. Moreover, the emergence of 4G and 5G connections, support for real-time applications, and integration of industry 4.0 to promote operational agility by using technologies bringing uniformity to the cyber and physical systems represent other major growth-inducing factors. Besides this, the expanding telecom industry and the growing implementation of multi-access edge computing (MEC) for improving application performance and mitigating network congestion are creating a favorable market outlook.
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