Connect with us

Technology

Edge Computing Market to Grow by USD 19.6 Billion from 2024-2028, Demand for Decentralized Computing Drives Growth, Report on How AI Redefines the Landscape – Technavio

Published

on

NEW YORK, Nov. 11, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global edge computing market  size is estimated to grow by USD 19.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 33.57%  during the forecast period. Rising demand for decentralized computing to reduce latency in decision making is driving market growth, with a trend towards deployment of industry 4.0 infrastructure. However, competition from low-cost centralized and general-purpose computing infrastructure  poses a challenge.Key market players include Aarna Networks Inc., Alphabet Inc., Amazon.com Inc., Arrow Electronics Inc., Capgemini Service SAS, Cisco Systems Inc., ClearBlade Inc., Dell Technologies Inc., EdgeConneX Inc., General Electric Co., Hewlett Packard Enterprise Co., Huawei Investment and Holding Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nokia Corp., NVIDIA Corp., Renesas Electronics Corp., Schneider Electric SE, and Telefonaktiebolaget LM Ericsson.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Industrial manufacturing, Telecom, Mobility, Government, and Others), Component (Hardware, Software, Services, and Edge-managed platforms), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Aarna Networks Inc., Alphabet Inc., Amazon.com Inc., Arrow Electronics Inc., Capgemini Service SAS, Cisco Systems Inc., ClearBlade Inc., Dell Technologies Inc., EdgeConneX Inc., General Electric Co., Hewlett Packard Enterprise Co., Huawei Investment and Holding Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nokia Corp., NVIDIA Corp., Renesas Electronics Corp., Schneider Electric SE, and Telefonaktiebolaget LM Ericsson

Key Market Trends Fueling Growth

Edge computing is a trending IT infrastructure solution that brings data processing closer to the source of data generation. This approach is revolutionizing networking and software development, enabling traffic distribution and service management in various sectors. In healthcare, edge computing powers online consultations and telemedicine, while CDNs and network functions enhance 5G virtualization for game streaming and connected devices. AI edge computing also boosts artificial intelligence applications in healthcare, telecom firms, and manufacturing. Security and compliance are crucial, with edge computing adhering to industry standards. Cloud computing and Industry 4.0 strategies merge with edge computing in smart factories and grids. Digital health strategies, IoT in healthcare, and life sciences applications benefit from edge computing’s low latency and data processing capabilities. Recession or digital developments, edge computing remains flexible and scalable for organizations of all sizes, from small businesses to large enterprises. Edge computing hardware investments offer Capex and Opex savings, making it a cost-effective solution for IoT applications, robotics & automation, smart cities, oil & gas, and IT & telecom industries. 

The Industrial Revolution 4.0, also known as Industry 4.0, signifies the integration of connected automation systems and technologies in the industrial sector. This includes cyber-physical systems, Internet of Things (IoT) devices, cloud computing, and cognitive computing. The implementation of these technologies is predicted to influence the market for edge computing. Industry 4.0 adheres to several fundamental principles, such as machine interconnection, enabling machines and devices to communicate via IoT. Big data collection, gathering extensive data from sensors and instruments for valuable insights. Technical assistance, early problem identification and correction for increased machine uptime and efficiency. Lastly, decentralization, empowering systems to make autonomous decisions, reducing the need for human intervention. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

Edge computing is a growing market that enables data processing and analysis at the source of data generation, closer to the end-user. This approach addresses challenges in IT infrastructures, networking, software development, and traffic distribution for various industries. Healthcare systems, telecom firms, and CDNs benefit from reduced latency for online consultations, network functions, and 5G virtualization. Edge computing also supports game streaming, connected devices, artificial intelligence, and 5G technology in sectors like healthcare, government and defense, manufacturing, and IoT applications. However, edge computing presents new challenges, including security, compliance standards, and infrastructure investments. Capex and Opex for edge computing hardware, infrastructure, and software are crucial considerations for organizations of all sizes, from small businesses to large enterprises. Scalability and flexibility are essential to accommodate digital developments, such as AR and VR tools, IoT devices, and Industry 4.0 initiatives. Multi-CDN designs and network function virtualization are key to addressing service management and traffic distribution. The recession and supply chain disruptions may impact edge computing adoption, but the potential benefits far outweigh the costs. Edge computing is poised to revolutionize industries, from smart factories and smart grids to digital health strategies, life sciences applications, robotics & automation, and smart cities. The Oil & gas industry and IT & telecom industry are also expected to embrace edge computing to optimize their operations.The centralized computing infrastructure, consisting of cloud data centers, supercomputing facilities, and traditional data centers, serves as the backbone for numerous organizations’ global operations. These facilities offer computing and storage capabilities as a service to anywhere in the world, thanks to their virtual accessibility. Notably, many cloud server operators provide cost-effective services on a pay-as-you-go basis, posing a challenge to the expansion of the global edge computing market. This competitive marketplace, populated by various cloud server and data center operators, offers diverse pricing and volume options to cater to the unique requirements of end-users. Despite edge computing and cloud computing serving different purposes, the availability of affordable cloud services may limit the growth of the edge computing market to some extent during the forecast period.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This edge computing market report extensively covers market segmentation by

End-user 1.1 Industrial manufacturing1.2 Telecom1.3 Mobility1.4 Government1.5 OthersComponent 2.1 Hardware2.2 Software2.3 Services2.4 Edge-managed platformsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Industrial manufacturing-  Edge computing plays a crucial role in the automation of industrial manufacturing and process environments, particularly in the context of the Industrial Internet of Things (IIoT), automation hardware, and connected sensors and actuators. Large-scale industrial facilities generate vast amounts of data that require real-time analysis and storage to detect anomalies, prevent machine or equipment failure, monitor system performance, and ensure quality control. Edge computing infrastructure is essential for these applications due to its ability to process data at the local node, reducing latency and improving overall efficiency. The digitalization and automation of manufacturing and process industries, driven by Industry 4.0 infrastructure and practices, are expected to fuel the growth of edge computing. For instance, offshore oil and gas production rigs, which often lack high-bandwidth connections to on-shore cloud computers, can benefit from edge computing architecture to collect and analyze production data and monitor critical processes. Strategic partnerships between vendors and end-users, such as Ford and Google’s six-year agreement on cloud services and the Android operating system, can also influence market growth. Edge computing is the foundation of industrial machine learning and AI networks, enabling faster identification of irregularities and minimizing inefficiencies in automated manufacturing processes. Additionally, edge computing enables local integration between factory data and enterprise resource planning (ERP) systems, reducing the need for constant cloud connectivity and improving system uptime. The increasing focus on event-driven manufacturing operations is driving investments in edge computing solutions to reduce IT costs and improve security, latency, innovation capability, and system integration.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Edge computing is a decentralized IT infrastructure solution that brings processing power and data storage closer to the source of data generation. This approach reduces latency and bandwidth requirements for transferring large amounts of data to the cloud. Networking plays a crucial role in edge computing by enabling efficient traffic distribution and service management. Software development for edge computing requires optimization for resource-constrained devices and low-latency processing. Video conferencing software, healthcare systems, telecom firms, and CDNs are among the industries leveraging edge computing for improved performance and user experience. Network functions like load balancing, firewalls, and VPNs are being virtualized at the edge to enhance security and compliance with industry standards. 5G virtualization and edge computing go hand in hand, enabling real-time processing of data from connected devices, such as those used in gaming, AR/VR tools, and smart factories. AI edge computing is also gaining traction in industries like healthcare, life sciences, and digital health strategies, where real-time analysis of data is essential. The recession and digital developments have accelerated the adoption of edge computing, as organizations seek to reduce reliance on cloud computing and improve their digital infrastructure. The convergence of 5G technology, AI, and IoT in edge computing is expected to drive significant growth in the coming years. However, security and compliance remain key challenges that need to be addressed to fully realize the potential of edge computing.

Market Research Overview

Edge computing is a decentralized IT infrastructure solution that brings computing power closer to the source of data generation. It leverages networking, software development, and traffic distribution to enable real-time data processing and service management. The healthcare system, telecom firms, CDNs, and various industries such as manufacturing, healthcare, life sciences, and smart cities are adopting edge computing to reduce latency, enhance security, and ensure compliance with industry standards. 5G virtualization, game streaming, connected devices, artificial intelligence, and 5G technology are driving the growth of edge computing. The recession and digital developments have accelerated the adoption of edge computing, particularly in small businesses and large enterprises, to optimize Capex and Opex. Edge computing hardware, including sensors and edge devices, is essential for scalability and flexibility. Multi-CDN designs, organization size, employee numbers, and industry-specific applications, such as IoT in healthcare, digital health strategies, and robotics & automation, influence the adoption of edge computing. The infrastructure investments required for edge computing vary depending on the industry and the specific use case. Security and compliance standards are critical considerations for edge computing, particularly in government and defense, oil & gas, and IT & telecom industries. The VOLTA data center, a leading edge computing provider, offers a comprehensive edge computing solution that addresses the unique requirements of various industries, ensuring optimal performance, security, and flexibility.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userIndustrial ManufacturingTelecomMobilityGovernmentOthersComponentHardwareSoftwareServicesEdge-managed PlatformsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/edge-computing-market-to-grow-by-usd-19-6-billion-from-2024-2028–demand-for-decentralized-computing-drives-growth-report-on-how-ai-redefines-the-landscape—technavio-302300778.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

PSA and NUS launch supply chain living lab facilitating efficient and sustainable supply chain growth

Published

on

By

SINGAPORE, Nov. 25, 2024 /PRNewswire/ — PSA International (PSA) and National University of Singapore (NUS) announced today the launch of the PSA-NUS Supply Chain Living Lab. Recognising the growing need for integrated solutions that extend beyond container handling within ports, PSA has in recent years, expanded its role as a leading global port operator to also encompass complementary services in the broader supply chain sphere. In line with its overall strategy, PSA will be supporting the initiative with funds totalling up to S$10 million.

The PSA-NUS Supply Chain Living Lab will strengthen collaboration between industry and academic expertise to address critical supply chain challenges. The Lab will provide a sandbox to foster the development of community-centric solutions for supply chain optimisation together with industry stakeholders, with a focus on enhancing agility, resilience and sustainability for supply chain operations both regionally and globally.

Mr Ong Kim Pong, Group CEO of PSA International, said, “As we navigate the rapidly evolving landscape of global trade, it has become essential for PSA Group to continually adapt and refine our business strategy. We will continue to look for new areas of expansion whilst enhancing our presence in key locations, and connecting these strategic nodes to form a cohesive and integrated network across the globe. This collaboration with NUS also marks a significant step in our journey towards strengthening PSA’s position as a leading global port operator and supply chain services provider, capable of delivering supply chain efficiency and resilience across the world.”

Professor Tan Eng Chye, NUS President, said, “The establishment of the PSA-NUS Supply Chain Living Lab marks a significant milestone in our collaborative efforts to advance supply chain innovation. This initiative exemplifies the synergy between academia and industry, leveraging our combined strengths to address complex challenges such as optimising logistical efficiency, enhancing data-driven decision-making, and integrating sustainable practices across supply chain operations. By fostering a dynamic ecosystem for research and development, we aim to drive transformative solutions that enhance the resilience and efficiency of supply chain operations, ultimately benefitting communities and economies worldwide.”

The launch of the Supply Chain Living Lab follows the recent groundbreaking of the upcoming PSA Supply Chain Hub (PSCH), which is an integral part of PSA’s strategic expansion of Singapore’s Tuas Port Ecosystem. The state-of-the-art PSCH facility is scheduled to be ready by 2027 and will seamlessly integrate with Singapore’s extensive supply chain ecosystem, offering unparalleled connectivity and supply chain synergies.

Read more at: https://news.nus.edu.sg/psa-and-nus-launch-supply-chain-living-lab/  

View original content to download multimedia:https://www.prnewswire.com/news-releases/psa-and-nus-launch-supply-chain-living-lab-facilitating-efficient-and-sustainable-supply-chain-growth-302315269.html

SOURCE National University of Singapore

Continue Reading

Technology

SPJIMR launches ‘Sashakt’ to empower small business entrepreneurs

Published

on

By

The community-focused initiative aims to provide underprivileged entrepreneurs with the skills to build sustainable businesses.

MUMBAI, India, Nov. 25, 2024 /PRNewswire/ — Bharatiya Vidya Bhavan’s S.P. Jain Institute of Management and Research’s (SPJIMR) Centre for Family Business & Entrepreneurship (CFBE) is pleased to announce the launch of Sashakt, a new community-focused initiative aimed at empowering small business entrepreneurs (SBEs) from underprivileged backgrounds in Mumbai’s Andheri K-West Ward. Beginning in December 2024 and running through March 2025, this programme seeks to provide vital knowledge and skills to help these entrepreneurs build sustainable businesses and strengthen their economic resilience.

Sashakt is tailored for local entrepreneurs aged 25-30 who are operating micro-enterprises. Selected from SPJIMR’s Abhyudaya programme, participants will benefit from free education and mentorship aimed at youth from underserved communities. Over three months, the structured curriculum will provide practical, hands-on learning sessions in Hindi, ensuring accessibility and relevance. Each session will cover essential areas such as financial management, marketing, operations, and leadership, equipping participants with the tools necessary for success.

Faculty and alumni from the SPJIMR network will offer personalised mentorship, supporting participants in overcoming their unique business challenges and taking actionable steps toward growth.

Sashakt aims to:

Create a supportive learning environment for entrepreneurs from underprivileged communitiesProvide access to resources and mentorship to help participants expand their businessesEnhance participants’ financial literacy, business acumen, and operational efficiencyFoster local economic resilience through community engagement and education

“As a community-focused institution, SPJIMR believes in the power of education to uplift and transform lives,” said Prof. Varun Nagaraj, Dean of SPJIMR. “With Sashakt, we are equipping local entrepreneurs with the knowledge and skills they need to grow their businesses and make meaningful contributions to their communities.”

“Each year, CFBE empowers hundreds of entrepreneurs and family business leaders across India through programmes that blend cutting-edge business education with practical mentorship. Sashakt extends our mission to the grassroots level, equipping local business owners with the skills and support needed to drive sustainable economic growth within their communities,” said Prof. Tulsi Jayakumar, Executive Director of the CFBE at SPJIMR and Chairperson, Post Graduate Programme in Family Managed Business.

Visit CFBE Sashakt for more information.

Photo: https://mma.prnewswire.com/media/2566457/SPJIMR_Sashakt_Underprivileged_Entrepreneurs.jpg
Logo: https://mma.prnewswire.com/media/2566483/SPJIMR_Logo.jpg

 

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/spjimr-launches-sashakt-to-empower-small-business-entrepreneurs-302315272.html

Continue Reading

Technology

Persistent Wins Coveted 2024 ISG Star of Excellence™ Overall Award for Superior Customer Experience

Published

on

By

Also wins awards for Universal ITO, Most Adaptable Partner, and Outstanding Service in the Americas Region based on the voice of customers

SANTA CLARA, Calif. and PUNE, India, Nov. 25, 2024 /PRNewswire/ — Persistent Systems (BSE: 533179) and (NSE: PERSISTENT), a global pioneer in Digital Engineering and Enterprise Modernization, has been recognized with the prestigious 2024 ISG Star of Excellence™ Overall Award for superior customer experience, presented by Information Services Group, a leading global technology research and advisory firm. In addition, the Company has received Star of Excellence awards in the categories of Most Adaptable Partner, Universal Information Technology Outsourcing (ITO), and for Outstanding Service in the Americas Region.

ISG’s Star of Excellence Awards rank providers on the quality of their services based on direct feedback from enterprise customers in the areas of business continuity and flexibility, collaboration and transparency, execution and delivery, governance and compliance, innovation and thought leadership, and people and cultural fit.

These accolades demonstrate client trust, underscoring Persistent’s unwavering commitment to delivering exceptional value that surpasses client expectations and fuels long-term relationships. Persistent was the only provider to win in four categories.

Persistent’s notable achievements are exemplified by its outstanding customer experience (CX) score in the research program of 87.9, significantly surpassing the industry benchmark of 72.7. This score showcases Persistent’s success in building strong client relationships and its commitment to customer satisfaction.

Sandeep Kalra, CEO and Executive Director, Persistent

“At Persistent, our AI-led, platform-driven services strategy is centered on anticipating client needs, exceeding their expectations, and gaining their trust. The ISG Star of Excellence Awards, based on the Voice of Customer, validate this commitment, highlighting our deep understanding of client goals and proactive approach to developing innovative solutions that fulfill evolving requirements. Our primary goal is to drive client success and foster business growth. We are honored by this acknowledgment from ISG, which reflects the enduring partnerships we build with our clients by reimagining businesses across industries.”

Jan Erik Aase, Partner and Principal Analyst – Global Head of ISG Provider Lens

“Congratulations to Persistent Systems for earning top honors in the ISG Star of Excellence™ program 2024, including the prestigious Overall Award. They have received exceptional customer satisfaction across CX pillars, technologies, regions, and industries. Having been a finalist for this award last year, Persistent Systems continued with its focus on customer-centricity and experience to secure the top spot in 2024. This accomplishment not only reflects their adaptability and innovation but also demonstrates their stamina in consistently delighting customers and exceeding expectations. In 2024, as client expectations rise in the age of AI, organizations seek partners who elevate relationships into true collaborations. Persistent Systems has risen to this challenge, achieving the highest satisfaction in the ‘People and Cultural Fit’ CX pillar and earning recognition as the ‘Most Adaptable Partner’ by clients. These accolades highlight Persistent Systems’ ability to foster deep, value-driven partnerships and deliver unparalleled client experiences.”

About ISG:

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit http://www.isg-one.com/.

About Persistent

Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

Logo: https://mma.prnewswire.com/media/1022385/Persistent_Systems_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/persistent-wins-coveted-2024-isg-star-of-excellence-overall-award-for-superior-customer-experience-302315280.html

Continue Reading

Trending