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Edge computing is a part of a distributed computing topology that is focused on bringing computing and data processing as close to the source of data. It is a revolutionary method to optimize cloud computing systems. The edge computing has various applications in industries such as BFSI, manufacturing, IT & telecom, among others.
The rising Internet of Things (IoT) penetration, growing smart city projects, and the advent of technological advancement are expected to boost the demand for edge computing solutions. Key players in this market are focusing on new product launches to improve customer experience. For instance, in June 2020, Amazon Web Services (AWS), Inc. launched its edge computing and data transfer device – “Snowcone”. It is a small, ultra-portable, rugged, and secure device designed to speed up the data processing time. However, the high deployment cost and security and privacy concerns are anticipated to hinder the market growth.
The COVID-19 is expected to have a positive impact on this market. Workforces across organizations are embracing digital methods owing to the COVID-19 pandemic. This has boosted the demand for edge computing capabilities by organizations. For instance, in June 2020, Infosys Limited launched a cloud and edge-based solutions – “Return to Workplace”. This solution offers a safe workstation to their employees amid the COVID-19 pandemic. The inclination towards the digital transformation among organizations provides exponential growth opportunities for the market players.
Key Market Driver -
• Growing adoption of IoT across industry verticals • Increase in number of smart and intelligent applications is driving the market growth
Key Market Restraint -
• Information security and privacy concerns associated with edge computing proving to be inhibiting factor for market growth
In edge computing market, various service providers are focused on offering enhanced and advanced edge computing solutions to gain a competitive edge. Key players are also focused on R&D investments in edge computing to cater to the rising demand from the consumers. Also, the rising preference of customers towards Wi-Fi, GPRS, and 5G enabled edge computing solutions is expected to present growth opportunities for new market entrants. Also, the rising demand for connected devices such as laptop, PCs, smartphone, and tablet across the world is expected to drive the market.
Some of the key players in this market are Amazon Web Services (AWS), Inc., Telefonaktiebolaget LM Ericsson, Cisco Systems, Inc., General Electric Company, Intel Corporation, Huawei Technologies Co. Ltd., Microsoft Corporation, IBM Corporation, Oracle Corporation, Dell Technologies, and others.
North America is expected to dominate the market in terms of revenue share during the forecast period. The rising adoption of connected devices such as smartphones, tablets, iPad, and others have generated a high demand for edge computing solutions. Key players in this region are focused on launching edge computing solutions to gain a competitive edge in the market. For instance, in May 2020, IBM Corporation and Red Hat, Inc. launched its new edge computing solutions for various enterprises in the 5G era. The solution includes IBM Edge Application Manager, IBM Telco Network Cloud Manager, and others in a bid to help organizations to increase their transition to edge computing.
Asia Pacific is expected to exhibit healthy growth in the market, owing to the presence of key market players such as ADLINK Technology Inc., Huawei Technologies Co., Ltd., Samsung, and others. These key market players are focused on a new product development strategy to enhance the product portfolio. For instance, in March 2017, Huawei Technologies Co., Ltd. launched the edge computing IoT (EC-IoT) solution to enable industry digital transformation and enhance the customer experience. Also, the advent of 5G technology in the region is expected to boost market growth.
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