Edge computing is a revolutionary process to optimize cloud computing systems. It primarily states to the technologies enabling computation to be implemented at the edge of the network. The services are performed on upstream data on behalf of IoT services and downstream data on behalf of cloud services. Edge computing is responsible for supporting data acquisition & control functions, applications closer to the end user and storage of high bandwidth content. Edge sites are positioned as close as possible to the end-users for instance a logical endpoint of a network as part of a more widespread cloud computing architecture. However, the position of an edge for IoT may change according to the service required by the end-users.
Edge computing solves latency challenges and allow enterprises to take better advantage of opportunities leveraging a cloud computing architecture. The computing provides shorter period of open communication channels owing to improved latency allowing extended battery life for battery-powered IoT devices. The computing also facilitates proficient data management as data processing & data filtering can be performed at the edge of the network, offering cleaner data sets for cloud-based data analytics.
According to study, “Europe Edge Computing Market (2018-2023)” the key companies operating in the Europe edge computing market are Cisco Systems, Inc., Google Inc., Microsoft Corporation, IBM Corp., Amazon. The prominent companies keep innovating and investing in research & development (R&D) to present a cost-effective product portfolio. There has been recent mergers & acquisitions (M&A) among the key players, an approach the business entities leverage to increase their reach to the customers.
Based on component type, edge computing market is segmented into solution and services (software and hardware). Based on technology, market is segmented into fog computing and mobile edge computing. Mobile edge computing is emerging as a favorable computing architecture for telecom operators, system integrators and IT platform providers. The computing adds computing capabilities and virtualization to a RAN. Based on type of deployment, market is segmented into cloud deployment and on-premise deployment. Based on organization size, market is segmented into large enterprises and small & medium enterprises. Based on application, market is segmented into connected cars, critical infrastructure monitoring, smart grids, traffic management, augmented reality, assets tracking, environmental monitoring, security & surveillance, and others. In addition, based on end-use industries, market is segmented into energy & utilities, healthcare, manufacturing, government & public sector, media & entertainment, telecom & IT, transportation, retail, and others.
The edge computing market is driven by rise in number of intelligent applications, followed by increase in load on the cloud infrastructure, rise in digital industrialization and assistance for real-time applications. However, higher maintenance costs, lack of technical skills and more local hardware may impact the market. Moreover, numerous frameworks & languages for IoT solution and advent of the 5G network are key opportunities for market.
Based on regions, Europe edge computing market is segmented into EU5 and the rest of EU5. The EU5 would secure the maximum market share as countries like the France and UK are progressing swiftly with smart & connected devices. It is anticipated that future of the market will be bright due to tremendous increase in the number of intelligent applications over the forecast period. It is projected that the market will be reached at US $1.94 billion by 2023, expanding at a CAGR of 29.3%.
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Ankur Gupta, Head Marketing & Communications