The global Edge Computing Market is projected to grow from USD 3.6 billion in 2020 to USD 15.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period. Factors responsible for driving the growth of the edge computing market are the growing adoption of Internet of Things (IoT) across industries; rising demand for low-latency processing and real-time, automated decision-making solutions; and need for surmounting exponentially increasing data volumes and network traffic.
Smart Cities segment to hold the largest market size during the forecast period
With the increasing push toward Smart City initiatives, countries across the world are implementing edge computing solutions to enhance building security, home automation, parking and traffic management, and city asset management. Edge computing empowers IoT deployments in smart cities with low-latency and high bandwidth connectivity.
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Platform segment to grow at the highest CAGR during the forecast period
The platform segment is expected to grow at a higher CAGR during the forecast period, owing to its computing enhancement capabilities. With an increase in edge devices and data centers, companies require software capable of controlling operations of edge devices and data centers, within the network infrastructure, and improving their operational feasibility. The platform helps connect nodes in an edge infrastructure and enables easy flow of data across the networks.
The edge computing market comprises major solution providers, such as the study includes an in-depth competitive analysis of these key players in the edge computing market with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most dominating strategies adopted by the major players from 2017 to 2020, which helped these organizations strengthen their offerings and broaden their customer base.
Cisco (US) is among the leaders in the edge computing market with a prominent geographic presence. It has adopted various organic and inorganic growth strategies and continues to enhance its expertise in edge computing through technology acquisitions, collaborations, and partnerships. For instance, in February 2019, Cisco partnered with Verizon, an American telecommunications company. Verizon’s Virtual Network Services (VNS) supports Cisco’s Software-Defined Wide-Area Network (SD-WAN) portfolio using Cisco’s intent-based networking capabilities to leverage the performance of 5G using network services, such as network slicing and mobile edge computing.
HPE (US) has a strong foothold in the edge computing market with its mobility and IoT solutions and the Edgeline portfolio. The company has alliances with many technology, and sales and delivery companies to offer its customers with more enhanced and extended services. In June 2019, it entered into a partnership with AT&T, an American multinational conglomerate. Both companies work together to create Multi-access Edge Computing (MEC) systems. These MEC systems help clients manage the data produced from connected systems and devices.
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Cisco (US) & Schneider Electric (France) announced a partnership in January 2020 on edge computing solution. The partnership supports the growing challenges associated with edge computing, such as greater numbers of distributed systems deployed in environments not optimized for IT, which are often unstaffed, placing new physical and cyber security demands on the solution.
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