Edge computing is a distributed
computing paradigm which provides real-time data analysis and decreases the
cost related to data management & operations. It is a network of data
centers that store & process data locally before sending them to cloud or
centers. It optimizes computing to avoid interruptions in sending or receiving
data. It brings data processing nearer to Internet of Things (IoT) sensors to
improve efficiency and reduce latency. IoT and IIoT are examples of edge
computing. IoT includes home appliances, traffic lights, mobile devices, motor
vehicles (trucks & cars), thermostats and smart streetlights. Additionally,
IIoT includes smart power grid technology, automated industrial machines,
magnetic resonance (MR) scanner, wind turbine and undersea blowout preventers.
The key characteristics are
real-time interactions, scalable, geographically distributed, autonomous &
distributed, heterogeneous and contextual & low latency. Some of the
benefits are included cost-effective, secure, faster response and reliable
operations.
According to study, “North
America Edge Computing Market (2018-2023)” the key companies operating
in the North America edge computing market are Cisco Systems Inc., IBM Corp.,
Microsoft Corporation, Google Inc., Amazon. Key players are gradually taking
initiatives for technological advancements. The launch of advanced technology
is anticipated to fuel growth of the market and aid players to gain higher
revenue.
Based on component type, edge
computing market is segmented into edge computing hardware, edge computing
services and edge computing platform. Hardware components include routers and
gateways. Hardware segment holds major share in market owing to enabling
comprehensive edge infrastructure deployment, large-scale deployment of
components for decentralizing storage & computing operations, and reducing
network traffic. Based on application, market is segmented into smart cities,
connected healthcare, smart factories, smart grids, connected vehicles, and
others. In addition, based on end-use industries, market is segmented into
manufacturing sector, IT & telecommunication, healthcare & life
sciences, energy and utility sector, and consumer appliances.
The edge computing market is driven
by growth in adoption of IoT across industries, followed by increase in data
volumes & network traffic, surge in end-use industries, increase in
development of innovative concepts for instance autonomous cars, presence of
large number of edge computing vendors, increase in technology adoption, rise
in gaming & e-commerce industries, increase in average number of digital
devices and rise in demand for low-latency processing & real-time. The IoT
is driven by large volumes of data generated from various activities in our
day-to-day lives. However, problem with standardization & implementation of
the network and lack of skill & understanding may impact the market.
Moreover, lightweight frameworks & systems to increase efficiency of edge
computing solutions and emergence of autonomous vehicles & connected car
infrastructure are key opportunities for market.
Based on regions, North America
edge computing market is segmented into the Canada and United States. USA holds
major share in market owing to rise in utilization of digital infrastructure
and limitation of cloud-based analytics systems in the country. It is
anticipated that future of the market will be bright due to presence of
connectivity networks over the forecast period. It is expected that market will
be reached at US $ 2.43 billion by 2023, expanding at a CAGR of 28.7%.
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