In 2021, the global mobile edge computing market reached a valuation of US$ 732.9 million. The market is poised for remarkable growth, with projections indicating a substantial expansion to US$ 1.9 billion by 2030. This growth is underpinned by an impressive compound annual growth rate (CAGR) of 31.6% during the forecast period spanning from 2021 to 2030.
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Market Dynamics
Mobile edge computing introduces a groundbreaking approach to facilitate cloud computing systems. It revolves around mechanisms that enable computing at the network’s edge, leading to faster and more efficient processing.
Factors Influencing the Market
Several factors drive the expansion of the mobile edge computing market:
- Growing Data Needs: As businesses increasingly rely on cloud computing and storage solutions, the proliferation of IoT has resulted in significant data growth. Businesses are seeking edge computing resources to handle this surge in data efficiently, propelling market growth.
- Autonomous Vehicles: The rising popularity of autonomous vehicles presents a unique opportunity for the edge computing market. Edge computing enhances the effective and precise utilization of data gathered by autonomous vehicles. It enables edge computers to transfer unnecessary data to edge data centers while retaining vital data onboard the vehicle. This accelerates data processing, boosting market growth.
- Initial Investment Challenges: On the flip side, the high initial investment associated with mobile edge computing may restrain market growth during the forecast period.
Impact of COVID-19
The COVID-19 pandemic had a significant impact on several industries, leading to a sharp decline in revenue in the automotive sector. While the automotive industry recorded challenges, the adoption of advanced technology in the healthcare and agriculture segments effectively boosted the growth of the mobile edge computing market.
Regional Analysis
North America takes the lead in the mobile edge computing market, both in terms of revenue and expected dominance throughout the forecast period. The region’s healthcare and agriculture sectors have widely adopted advanced technologies, contributing to this dominance. Furthermore, the increasing number of startups focusing on developing advanced edge-enabled solutions will create ample growth opportunities in the mobile edge computing market.
Key Market Competitors
Prominent companies in the mobile edge computing market include:
- Advantech Co., Ltd. (Taiwan)
- Adlink Technology Inc. (Taiwan)
- Artesyn Embedded Technologies Inc. (California, US)
- Brocade Communications Systems, Inc. (California, US)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- Juniper Networks, Inc. (California, US)
- Nokia Corporation (Espoo, Finland)
- Saguna Networks Ltd. (Israel)
- Vapor IO, Inc. (Texas, US)
- Vasona Networks, Inc. (California, US)
Market Segmentation
The global mobile edge computing market is segmented based on components, industry verticals, and regions:
- Component Type:
- Hardware
- Software Services
- Edge-managed Platforms
- Industry Verticals:
- Healthcare
- Agriculture
- Energy and Utilities
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