5G network rollout drives the growth of the global multi-access edge computing market.
NEW CASTLE, Del., Dec. 11, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Multi-Access Edge Computing Market by Component (Hardware, Software and Services) and End User (IT & Telecom, Manufacturing, Retail, Healthcare, Automotive, Smart Cities, Smart Homes and Smart Buildings, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″ According to the report, the global generated $2.8 billion in 2022 and is estimated to reach $102 billion by 2032, exhibiting a CAGR of 43.6% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Surge in 5G network rollout drive the market growth. In addition, rise in adoption of IoT primarily drive the growth of the market. However, infrastructure costs and deployment challenges and concerns about security and privacy are primarily is expected to hamper the growth of the market. Furthermore, industry 4.0 and smart manufacturing is expected to create lucrative growth opportunities for the market.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2.8 Billion |
|
Market Size in 2032 |
$102 Billion |
|
CAGR |
43.6 % |
|
No. of Pages in Report |
312 |
|
Segments covered |
Component, End User and Region. |
|
Drivers |
5G network rollout Rise in adoption of IoT |
|
Opportunities |
Industry 4.0 and smart manufacturing |
|
Restraints |
Infrastructure Costs and Deployment Challenges Concerns about Security and Privacy |
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COVID-19 scenario-
Many different industries were significantly impacted by the Covid-19 pandemic, including the industry for multi access edge computing (MEC). At the edge of the network, closer to the end users, MEC technology allows low-latency computing and data processing. However the MEC market also experiencing difficulties as an outcome of the Covid-19 pandemic. The implementation and adoption of MEC solutions hampered by lower investments, supply chain interruptions, and economic concerns.
The need for telemedicine, online learning, remote work, and other digital services increased during the pandemic. The increase in digital activities resulted in a strain on network infrastructure and a greater demand for edge computing solutions that are reliable as well as efficient.
By enabling more rapid data processing, lowering network congestion, and enhancing user experience generally, MEC is important in addressing these increased needs. Real-time apps and remote collaboration tools, services like video conferencing, and virtual classrooms are significantly easier to deploy because of the technology.
The Software segment to rule the market
By component, the software segment held the major share in 2022, garnering nearly half of the global multi-access edge computing market revenue, owing to the effective use of edge computing resources, improves application performance, and helps in providing end users with high-bandwidth, low-latency services propels the market growth significantly. The services segment would also showcase the fastest CAGR of 46.0% during the forecast period, owing to improve operational efficiency, develop all new applications, and provide end consumers with quicker, more customized services in a variety of industries, such as manufacturing, transportation, telecommunications, and healthcare.
The Automotive segment to dominate by 2032
By end user, the IT and telecom segment accounted for more than one-fifth of the global multi-access edge computing market share in 2022, and is expected to rule the boost by 2032, owing to offer an economical and effective means of establishing connections and developing engagement with a wide-ranging audience. The automotive segment would also display the fastest CAGR of 48.6% throughout the forecast period, owing to the growing deployment of autonomous driving technology and the integration of cutting-edge technologies like machine learning and artificial intelligence (AI) are significant advancements.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, holding more than one-third of the global multi-access edge computing market revenue in 2022, and is projected to retain its dominance by 2032, owing to the growing need for applications requiring extremely low latency and real-time data processing is crucial for sectors like autonomous vehicles, smart cities, and augmented reality (AR)/virtual reality (VR) aiding the growth of the multi-access edge computing market. The Asia-Pacific region would also portray the fastest CAGR of 48.0% during the forecast period, owing to the growing use of 5G technology as well as the rapid growth of IoT devices and applications which is expected to fuel the market growth in Asia-Pacific.
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Leading Market Players
Hewlett Packard Enterprise Development LP
Juniper Networks, Inc.
Huawei Technologies Co., Ltd.
Adlink Technology Inc.
IBM
Intel Corporation
Advantech Co., Ltd.
Vapor Io.
Nokia
Saguna
The report analyzes these key players in the global multi-access edge computing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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