Global Edge Computing Market Size, Share, Opportunities, And Trends By Product Offerings (Hardware, Software, Platform, Solution, Services), By End-User Industry (Energy And Power, Oil And Gas, Automotive, Transportation, Others), And By Geography - Forecasts From 2024 To 2029

The global edge computing market is estimated to be around US$14.352 billion in 2024 and is anticipated to grow to US$62.288 billion by 2029 at a CAGR of 34.12%.

Edge computing is a computing model used to connect and bring computation and data storage closer to the data source. The use of edge computing offers multiple benefits to operators, such as enhancing the network's efficiencies and minimizing latency between the computer and data storage. Edge computing also improves the network's security, increases uptime, and decreases operating costs.

One of the major driving factors for the global edge computing market’s growth is the increasing number of cyber attacks. These attacks have increased significantly in the past few years, increasing the demand for secure networking systems. Edge computing offers cloud security and also improves the device and asset security of the computing network.

Similarly, the increasing development in IT and the technological landscape is also expected to push the demand for edge computing forward. Edge computing offers enhanced efficiencies of the networking system and also reduces the network's latency. With the application of edge computing in the global market, the development of AI and other new technologies is expected to grow rapidly.

Global Edge Computing Market Drivers:

• Increasing cases of cyber-attacks across the globe.

The increasing cases of global cyber-attacks and data breaches are expected to expand the global edge computing market. Cyber-attacks or data breaches are methods through which hackers try to steal, alter, disable, or destroy data and information from networks and digital devices. With the global increase of the internet, the cases of cyber attacks and data breaches have increased in the global market. With the increase in global cyber-attacks, the demand for edge computing is expected to expand.

IT Governance of the United Kingdom stated in its 2023 report that the globe experienced a total of 2,814 incidents of cyber-attacks, which were about 8.214 billion breaches. In 2023, DarkBeam witnessed the highest amount of records breached, with about 3.8 billion breaches, followed by Real Estate Wealth Network of USA, with a total of 1.523 billion breaches.

The agency further stated that by May 2024, the globe witnessed a total of 9,478 public breach incidents. The total known record breached reached about 35.9 billion by May 2024. In January 2024, MOAB witnessed a total of 26 billion breaches, followed by 4.1 billion breaches of Discord.

• Growing IT and Technological advancements in the global market.

The increasing technological advancements in the IT and technology infrastructure are expected to boost the global demand for edge computing. Edge computing helps to reduce latency between the data center and the computing network, offering a fast and seamless transfer of information and data. Similarly, it also increases the network's efficiency and improves its security. The global IT landscape has witnessed the introduction of various new AI and ML solutions that apply edge computing for optimum performance. Various companies like Google, Meta, OpenAI, and IBM have introduced their AI solutions in the global market.

The International Trade Administration of the USA, in its report, stated that India's AI landscape has witnessed massive growth. The nation's AI development is expected to increase in the coming years, majorly with the increase in the cross-sector adoption of the technologies. The nation also introduced multiple policies to boost the development of AI, like the National AI Strategy and the National AI Portal launched by the Government of India. Various sectors of the nation, like healthcare, retail, finance, manufacturing, and agriculture, have also witnessed the introduction of AI, boosting its technological growth.

Global Edge Computing Market Geographical Outlook

• Asia Pacific is anticipated to hold a significant share of the Global Edge Computing Market.

The Asia Pacific region is expected to attain massive growth in the global edge computing market. The Asian Pacific market offers a higher technological development landscape and a developing IT industry in countries like India, China, Japan, and Taiwan. With the increase in the IT industry in the region, the cases of cyber-attacks have also increased. Similarly, with the increase in technological developments like AI and ML, the demand for edge computing is also expected to increase significantly. Various countries in the region, like India, China, Japan, and South Korea, have introduced multiple policies and subsidies to entice new investments in AI and related developments in their respective nations. For instance, Data Centre Dynamics Ltd. Stated that in April 2024, the Japanese Government is planning an investment of about US$470 million (72.4 billion yen), which will be awarded to five companies. The investment aims to develop the nation's AI supercomputer capacity, which will help it reduce its reliance on foreign technologies, especially US technologies.

The Global Edge Computing Market Products Offered by Key Companies:

• Amazon's AWS, or Amazon Web Services, is among the world's most comprehensive adopted cloud services, offering more than 200 fully featured services. The company offers solutions for multiple industries, and its products include analytics, application integration, AI, business applications, cloud financial management, and contact center. The company also offers Edge Computing solutions, which feature improved security and a reliable cloud provider.
• Cisco is a global technology company that provides products and solutions for multiple industries, including healthcare, government, financial services, education, and cities and communities. Cisco's technologies include AI-based technologies, networking, SD-WAN, and securities. In the networking category, the company offers Cloud and data center networking, Cloud-managed networking, and Industrial IoT.

The Global Edge Computing Market Key Developments:

• In May 2024, Tata Communications introduced CloudLyte, the company's fully automated edge platform. It aims to cater to the enterprise's needs and offers multi-access, cloud, and infrastructure-agnostic architecture. The edge computing solution offered by the company aims to deliver improved data processing with storage closer to the endpoint.
• In March 2024, Akamai, a global company that builds, delivers, and secures digital experiences, launched Gecko Edge Computing services in the global market. The company's Generalized Edge computer, or Gecko, allows the operator to build and deploy edge-native applications, targeting latency-sensitive and bandwidth-intensive usage.

The Global Edge Computing market is segmented and analyzed as:

• By Product Offerings
  • Hardware
  • Software
  • Platform
  • Solution
  • Services
• By End-User Industry
  • Energy and Power
  • Oil and Gas
  • Automotive
  • Transportation
  • Others
• By Geography
  • North America
    • U.S.
    • Canada
    • Others
  • South America
    • Brazil
    • Argentina
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Others
  • Asia Pacific
    • Japan
    • China
    • South Korea
    • India
    • Others