IoT Technology is Propelling the Growth of Edge Computing Market
Edge computing is a technique of enhancing cloud computing systems by processing data at the edge of the network, near the source of the data. The key beneficial factor of edge computing is that it reduces the time for operation to milliseconds and reduces load on the network. Transmission of large amounts of loads creates tremendous load on the network. Hence, edge computing processes all data at the edge of its source and analysis the data and sending only valuable information on it, instead of frequently broadcasting data over the network. For example, smart thermostat transmits data only when the temperature rises or falls from the acceptable limits.
One of the major factors that is responsible for the global edge computing market growth is the proliferation of Internet of Things (IoT) technology. Increasing adoption of smartphones, smart watches, and intelligent wearable devices, among others are the major factors driving the demand for IoT technology. For instance, according to Coherent Market Insights analysis, in 2016, over 68% of the global population were mobile phone users, of which around 2.5 billion were smartphone users.
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Advancements in technology and growing adoption of 2G, 3G, and 4G long-term evolution (LTE) wireless networks are in turn, propelling demand for IoT technologies. This is subsequently boosting growth of the global edge computing market. These cellular networks enable connectivity and communications to cyber-crime sensitive activities such as exchange of real-time information, data, and online transactions. The demand for IoT security solutions has increasing, to ensure enhanced security and flexibility of such online communication. According to Internet World Stats, as of June 2017, among the global population of7.5 billion, the total number of Internet users accounted for 3.9 billion.
Furthermore, increasing accessibility to internet and execution of government regulatory policies to increase the penetration of IoT in several verticals like automotive, healthcare, retail, BFSI and so on are expected to favor growth of the market. For instance, in 2017, Brazilian government launched, Internet of Things: an action plan for Brazil, between 2018 and 2022, to enhance their economy and development in four different areas namely, healthcare, agribusiness, smart cities, and manufacturing. This in turn, is expected to boost growth of edge computing market over the forecast period.
However, the challenge of configuration is the major factor expected to restraint growth of the edge computing market. Not changing default password on each edge computing devices and consistently neglecting to update firmware may unintentionally create security holes, which in turn, makes these devices highly susceptible to cyber terrorism.
The global edge computing market has been segmented on the basis of regions into North America, Europe, Asia-Pacific, Latin America, and Middle East, and Africa. The market for edge computing in North America is expected to witness significant growth during the forecast period. This growth is attributed to developing IT infrastructure, which is compatible with 4G LTE and 5G networks. This in turn, propels the adoption of broadband connectivity and increases the number of smartphones subscribers in this region. According to Coherent Market Insights’ analysis, in 2016, over 88% of the U.S. population had access to the Internet, which accounts for around 280 million of the U.S. population. Furthermore, in November 2016, around 78% of the U.S. population were recorded using smartphones. This indicates increasing demand for IoT technology, which in turn, is expected to boost growth of the regional edge computing market.
Edge Computing Market: Competitive Background
Major players operating in the global edge computing market include Microsoft Corporation, IBM Corporation, Cisco Systems Inc., Google Inc., Hewlett Packard Enterprise Company, Intel Corporation, Schneider Electric SE, Nokia Corporation, Huawei Technologies Co. Ltd., and Aricent Inc.
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