Edge Computing Market Size, Share, Growth Analysis, By Component(Hardware (Edge Servers {Edge Compute Nodes, Edge Storage devices}, Edge Gateways {Industrial Edge Gateways, IoT Edge Gateways), By Organization Size(Large Enterprises, and Small and Medium-Sized Enterprises (SMEs)), By Application(Real-time Data Processing & Analytics (Stream Processing, Complex Event Processing (CEP), Data Fusion), Predictive Maintenance & Optimization (Predictive Maintenance), By Vertical(Manufacturing (Quality Control, Process Optimization, Remote Equipment Monitoring, Condition-based Monitoring), By Region - Industry Forecast 2024-2031

Edge Computing Market size was valued at USD 11.25 billion in 2022 and is poised to grow from USD 15.42 billion in 2023 to USD 192.40 billion by 2031, growing at a CAGR of 37.09% in the forecast period (2024-2031). 

The widespread usage and adoption of IoT is leading to overload on cloud foundation and is the driving factor of the market. The rising adoption of edge computing in different industries is also driving the market. Due to the COVID-19 pandemic there is seen a surge in the adoption of edge computing and data centres. The rise in the investment by the government will also boost the market. The rising emphasis on developing communication infrastructure is also driving the market. Additionally, the healthcare system is continuously advancing like adoption of online consultation which requires high security and fast connectivity will further increases the market’s adaption. The increase in the adoption of the edge computing technology by the telecom industry provides opportunity for the market. The different companies are collaborating with each other for rapid technological advancements, service offerings and increasing adoption of edge computing market. 

Based on SkyQuest’s analysis, the edge computing has been used in advanced combat aircraft, F-35. With the help of sensors on each platform, they can access and fuse data with other F-35 aircrafts and can distribute a single picture of data across the planes. This happens automatically with the use of multifunction advanced data link (MADL). 

However, the edge computing market faces certain challenges as well. Ensuring data privacy and security at the edge is a crucial concern, as decentralized computing can potentially expose data to various vulnerabilities. In addition, the deployment and management of edge computing infrastructure across geographically distributed locations can be complex and require robust network connectivity.