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Global Edge Computing Market to Grow at a CAGR of 32% during 2020-2024

Strategic Insights

— 1 min read

The global edge computing market is expected to grow significantly, reaching USD 12,110.95 million by 2024, up from USD 2,967.55 million in 2019. The market is driven by the growing demand for decentralized computing, which is expected to be a major trend driving the growth of the market. The advent of integrated Industry 4.0 with IoT is also a prime reason driving the market growth during the next few years.

Key Takeaways:

  • The edge computing market is expected to grow at a CAGR of 32% during the forecast period 2020-2024.
  • The market will reach USD 12,110.95 million by 2024, up from USD 2,967.55 million in 2019.
  • The growing demand for decentralized computing is expected to drive the growth of the market.
  • The industrial manufacturing segment is expected to witness the fastest growth in the market during the forecast period.
  • Cisco Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., Huawei Investment & Holding Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nokia Corp., NVIDIA Corp., and Schneider Electric SE are some of the major market participants.
  • The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
  • The increasing demand for decentralized computing has been instrumental in driving the growth of the market.
  • However, the competition from low-cost centralized and general-purpose computing infrastructure might hamper market growth.

Statistics:

  • The edge computing market size is expected to grow from USD 2,967.55 million in 2019 to USD 12,110.95 million by 2024.
  • The market is expected to grow at a CAGR of 32% during the forecast period 2020-2024.
  • The industrial manufacturing segment is expected to dominate the market, accounting for the largest share.
  • North America is expected to hold the highest market share in the global edge computing market.
  • The market is expected to witness significant growth due to the increasing adoption of Industry 4.0 and IoT.
  • The market is expected to be driven by the growing demand for decentralized computing.

Sources:

  • Technavio, "Global Edge Computing Market 2020-2024"
  • https://www.businesswire.com/news/home/20200728005645/en/
  • BusinessWire, "Technavio Analyzes the Global Edge Computing Market 2020-2024"
  • Technavio, "Request Latest Free Sample Report on COVID-19 Impact"

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