The global edge computing market size is all set to experience dynamic expansion on account of the promising growth of edge computing startups around the world, according to Fortune Business Insights‘ latest report titled “Edge Computing market size, share & industry analysis, By Component (Hardware, Software, Services), By Enterprise Size (SMEs, Large Enterprise), By Vertical (BFSI, Transportation, Healthcare, Manufacturing, Semiconductor, Government, IT & Telecommunication, Retail, Others) and regional forecast 2021-2028”.
Businesses across the globe are expressing their desire for advanced solutions to optimize and automate their processes and augment the performance of cloud systems. To meet this escalating demand, several startups have emerged that are specializing in edge and cloud computing technologies.
For example, France-based artificial intelligence (AI) specialist, Cartesiam, has developed NanoEdge AI that enables machine learning on microcontrollers attached to objects connected through the Internet of Things (IoT) at the edge. US-based Cato Networks, to take another example, specializes in providing solutions to connect remote offices, cloud resources, mobile users, and data centers into a secure software-defined WAN (SD-WAN) at the edge.
Many more such edge computing startups specializing in niche domains are currently operating in major technology hubs and are broadening the horizons of this market.
Edge Computing to Aid Digital Transformation of Businesses amid COVID-19: The COVID-19 pandemic outbreak may turn out to be a boon for the edge computing market growth as the pandemic has triggered an unprecedented remote working trend around the globe, pushing organizations to adopt virtual communication and data-sharing solutions. Edge technologies can prove to be instrumental in this current crisis as the increased bandwidth and AI close to the data source boosts processing power and speed, providing quick access to data, especially for managers. This holds great significance in the present scenario because it allows businesses to take informed decisions based on real-time collection and analysis of data.
A recent survey by IBM revealed that 91% of the respondents expected their companies to adopt edge computing systems in the next five years, while 84% believed that edge applications will accelerate operational efficiency and responsiveness. Thus, the coronavirus pandemic is an historic opportunity for players in this market to deepen the presence of edge computing in the business world.
North America to Lead the Market Underpinned by the Strong Presence of Tech Giants: North America is expected to occupy a commanding position in the edge computing market share for the foreseeable future owing to the strong presence and operations of technology bigwigs such as Google and Amazon in the US. Additionally, organizations in the region are rapidly adopting digital solutions to enhance their efficiency, productivity, and security, which bode well for this market.
Asia Pacific is anticipated to present excellent growth opportunities for market companies on account of the meteoric rise in smartphone adoption in the region’s developing economies. Besides this, companies such as Huawei are emerging as leaders in 5G technologies, thus generating incredible opportunities for the market.