The hardware segment is expected to account for largest market share during the forecast year. To know about the assumptions considered for the study, download the pdf brochureīased on component, hardware segment to be a larger contributor to the edge computing market growth during the forecast period Most of the IT managers are facing challenges in finding a suitable solution and cloud vendors that can address the high bandwidth requirements, as well as redundant data reporting The limited storage and computing capability of edge nodes require a well-equipped system between edge and the cloud and with the increasing adoption of multi-cloud infrastructures within the organization, it seems challenging to establish a reliable edge network to handle the network traffic from multiple nodes. There is been a complexity in integrating edge computing applications and platforms with the existing cloud architecture.ting. 5G, with an edge messaging system, enhances application connectivity speed with 5G and delivers instant communication experiences.Ĭhallenges: Complexity in integrating with existing cloud architecture 99% of APIs are centralized in one or two data centers and the businesses need to find ways to bring data streaming edge messaging solutions or design a network for edge which provides distributed access. Opportunities: Advent of 5G network to deliver instant communication experiencesĥG is likely to enable life altering advancements in the near future, which will provide benefits for the deployment of edge computing solutions. The edge infrastructure cost is a restraining factor in the growth of the edge computing market, though, with advancement and continuous R&D, the cost of edge technology is expected to reduce soon. Due to this, various content delivery enterprises are reluctant to move toward the edge just for achieving low latency processing. They would also be required to spend more on making the devices and the entire network secure. Companies looking for complete edge computing solutions would require investing heavily in edge nodes, edge devices, and edge data centers. Edge computing has the capability of reducing data transmission and storage costs through localized processing but investing in edge infrastructure still adds to the CAPEX of companies. Restraints: Initial CAPEX for infrastructureĮnterprises are increasingly moving toward digitalization by adopting emerging technologies to automate and accelerate their business processes efficiently. Furthermore, edge computing also helps in enhancing application performance and business efficiency of enterprises by lowering operation costs, which is achieved by eliminating the costs associated with unnecessary transmission to and storage at centralized data centers or the cloud. Edge computing reduces the latency of such applications through localized processing and enables computation in real time for making faster decisions. Many applications, including remote monitoring of oil and gas fields and manufacturing sites, and content delivery, are also delay-sensitive and require computation in real time. Lower latency leads to a higher data transmission rate. Latency in the computer network refers to the time a data packet takes to travel. In today's business scenario, reducing both service access latency and data sent to the cloud are primary necessities for enterprises using cloud infrastructure. In addition, as the healthcare system has gained a traction through online consultations, a network design requiring high security and low-latency connectivity is developing with it.ĭrivers: Rising demand for low-latency processing and real-time, automated decision-making solutions Edge computing demand has seen a rise in the post-COVID-19 pandemic and will continue to grow further over the next couple of years due to the continued emphasis on developing communications infrastructure. Businesses across many industry verticals have reduced their expenditures or investments in enhancing servers and software to gain considerable cost reductions. The COVID-19 outbreak has increased the use of data centers and edge computing. To know about the assumptions considered for the study, Request for Free Sample Report The pandemic has had a positive impact on the edge computing market. The impact of the COVID-19 pandemic on the market is covered throughout the report. It is projected to reach USD 101.3 billion over the next five years, registering a CAGR of 17.8%. The edge computing market was valued at USD 44.7 billion in 2022.
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