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The Edge Computing Market is expected to reach $169.3 billion by 2031, at a CAGR of 37.4% from 2024 to 2031. Cloud computing refers to the provision of on-demand computing services via the Internet. Its multi-dimensional advantages, including agility, scalability, cost-effectiveness, and potential for business growth, have driven many organizations to adopt cloud strategies. Key factors propelling market growth include the increasing digital transformation across industries, the growing penetration of internet and mobile devices, and the rising use of big data. Future industrial solutions will be cloud-integrated, requiring a robust cloud platform to support their digital business capabilities. The rising adoption of IoT, edge computing, and 5G, along with real-time analytics powered by AI and machine learning (ML), are expected to further increase the utility of cloud technology. However, concerns about information security and privacy may hinder market growth in the coming years.
In light of the COVID-19 pandemic, the adoption of cloud technology is expected to surge in sectors where remote work (WFH) initiatives are critical to maintaining business operations. There has been a significant rise in demand for entertainment and streaming platforms like Netflix, Hulu, Amazon, Disney+, Twitch, YouTube, and Apple TV as more people stay at home. This boom in Video-on-Demand (VoD) services has driven up demand for Infrastructure as a Service (IaaS) to manage increased consumer traffic.
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Enterprises worldwide are expanding their offerings to meet the evolving needs of end-users. For example, in June 2020, Google partnered with Telefónica to launch a cloud region in Spain, and in May 2020, Microsoft introduced its Microsoft Cloud for the healthcare sector to address the challenges posed by COVID-19.
The widespread adoption of cloud-native services and the increasing shift to cloud-based environments, coupled with cost-saving benefits, are prompting companies to move away from traditional data centers (DCs) in favor of cloud solutions.
In recent years, the use of public (shared) cloud services has surged as industries like professional services, telecommunications, and retail increasingly transition from traditional software applications to Software as a Service (SaaS), and from traditional infrastructure to Infrastructure as a Service (IaaS) to enhance customer experience and drive digital transformation (DX) initiatives.
According to the International Data Corporation (IDC) Worldwide Semiannual Public Cloud Services Spending Guide, global spending on public cloud services and infrastructure is set to more than double between 2019 and 2023. With a projected compound annual growth rate (CAGR) of 22.3%, public cloud spending is expected to rise from $229 billion in 2019 to nearly $500 billion by 2023. This indicates strong demand for cloud computing technology in the forecast period.
Thanks to benefits such as integration of digital technologies, faster internet protocols, and enhanced cybersecurity, cloud computing has become a major focus of investment for tech giants. Leading companies like Amazon Web Services, Microsoft Azure, and Google Cloud dominate the global market, while several startups are also vying for a foothold in this highly competitive space. Despite challenges such as COVID-19, the global cloud computing market holds immense potential and is poised for continued growth in the coming years.
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Edge Computing Market Research Summary
| Particulars | Details |
| Number of Pages | 250 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 37.4% |
| Market Size (Value) | $169.3 Billion by 2031 |
| Segments Covered | By Component
By Application
By End-use Industry
|
| Countries Covered | North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), Latin America and the Middle East & Africa |
| Key Companies Profiled | Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Dell Technologies, Inc. (U.S.), Hewlett-Packard Enterprise Company (U.S.), General Electric Company (U.S.), Huawei Technologies Co., Ltd. (China), IBM Corporation (U.S.), Juniper Networks, Inc. (U.S.), Cisco Systems, Inc. (U.S.), FogHorn Systems, Inc. (U.S.), Google LLC (U.S.), Intel Corporation (U.S.), SAP SE (Germany), MachineShop, Inc. (U.S.), and Saguna Networks Ltd. (Israel) |
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