Multi-Access Edge Computing Market Outlook: Assessing Long-Term Growth Potential
The global multi-access edge computing market size is anticipated to reach USD 55.41 billion by 2030, growing at a CAGR of 49.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of Over the Top (OTT) media streaming services and rising demand for personalized content are the factors estimated to drive market growth. The rising number of users opting for the OTT video delivery model is projected to encourage mobile networks and telecom companies to improve their existing infrastructure. The MEC architecture brings backend functions closer to the user network, which is anticipated to help Multichannel Video Programming Distributors (MVPDs) meet consumer expectations.
Technology is observing increased adoption across industries such as automotive, IT, telecom, and data center. The retail sector is also projected to experience substantial disruption due to the integration of MEC technology in the near future. The use of MEC technology is projected to minimize data processing time and increase the effectiveness of in-store systems, allowing for better resolution of consumer complaints. Additionally, the implementation of this technology is intended to reduce the burden of external mega sites, providing users with a more seamless in-store experience. MEC integration in network systems reduces the total cost of ownership and creates quick returns on investment as compared to legacy systems, which could encourage smaller retail chains to adopt MEC technology.
Access the Multi-access Edge Computing Market Size, Share & Trends Analysis Report By Solution, By End-use, By Enterprise Size, By Network Type, By Region, And Segment Forecasts, 2024 - 2030
The rise in the adoption of artificial intelligence and machine learning technologies and their incorporation in edge hardware and software solutions are compelling the market leaders to launch new products, catering to everchanging demands from different industry verticals. For instance, in May 2023, Dell Technologies announced the launch of “Dell NativeEdge,” an operations software to help businesses address the complexities of edge deployment and management. The solution offers simplified, secured, and automated edge application deployment.
Multi-access edge computing is projected to improve manufacturing practices, leading to the emergence of a connected automated ecosystem. The emergence of connected ecosystems in vehicles is driving the demand for solutions that can help wireless devices, computing systems, and sensors in connected cars to function together in a coordinated manner, which could favor the adoption of MEC. The technology can be used to provide key safety and operational data and improve safety, efficiency, and value-added services like car finders and smart parking. Additionally, applications such as collision warnings, road hazard mapping systems, congestion detection, and emergency vehicle alerts are attracting people to try out these services, supporting market growth.
The growth of the MEC market is expected to be fueled by the ubiquity of IoT devices and the growing need for real-time analysis of data produced by them. Moreover, as MEC is implemented through virtual machines from the network edge to cloud computing centers, it leads to better resource utilization and helps reduce routing and computing constraints. Using this technology in IoT can help relieve the burden on cloud networks and reduce the consumption of energy, both of which are predicted to provide considerable market opportunities.
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Multi-access Edge Computing Market Highlights
· Based on the solution, the software segment dominated the market in 2022 with a revenue share of 45% in 2022.
· Based on end-use, the IT & telecom segment dominated the market in 2022. The telecom industry is a significant end-user of MEC, as it enables them to provide low-latency and high-bandwidth services to their customers.
· Based on region, North America accounted for the largest market share of more than 40% in 2022 as the region becomes one of the early adopters of the 5G network, and the number of IoT devices is expected to increase significantly.
· The leading players in the multi-access edge computing industry include ADLINK Technology Inc.; Advantech Co., Ltd.; Hewlett Packard Enterprise Development LP; and Huawei Technologies Co., Ltd
Key Companies & Market Share Insights
· Key Multi-access Edge Computing Companies:
· ADLINK Technology Inc.
· Advantech Co., Ltd.
· FogHorn Systems Inc.
· Hewlett Packard Enterprise Development LP
· Huawei Technologies Co., Ltd.
· Juniper Networks, Inc.
· Saguna Network Ltd.
· SMART Embedded Computing
· Vapor IO
· ZephyrTel
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries: from technology to chemicals and materials to energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit. https://www.grandviewresearch.com
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Email: sales@grandviewresearch.com
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