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

Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

Published

on

By

Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

View original content to download multimedia:https://www.prnewswire.com/news-releases/typeform-delivers-new-solutions-to-empower-b2c-businesses-to-better-engage-customers-302305917.html

SOURCE Typeform S.L.

Continue Reading

Technology

Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

Published

on

By

EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

View original content to download multimedia:https://www.prweb.com/releases/electronic-drives-and-controls-celebrates-impressive-growth-and-strong-demand-for-industrial-automation-solutions-302305739.html

SOURCE Electronic Drives and Controls, Inc. (EDC)

Continue Reading

Technology

Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

Published

on

By

Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

View original content to download multimedia:https://www.prnewswire.com/news-releases/allstate-financial-services-selects-covr-to-provide-life-insurance-long-term-care-and-disability-insurance-solutions-302306004.html

SOURCE Covr Financial Technologies

Continue Reading

Trending