Mobile Edge Computing Market Size, Share, Growth Analysis, By Solution(Hardware, Software, Services), By End Use(IT & Telecom, Smart Cities, Smart Homes, & Smart Buildings), By Organization size(Large Enterprises, SMEs), By Verticals(Manufacturing, Energy, Utilities, Government), By Application(Location-based Services, Unified Communication, Optimized Local Content Distribution, Data Analytics), By Region - Industry Forecast 2024-2031

Mobile Edge Computing Market size was valued at USD 0.67 billion in 2019 and is poised to grow from USD 1 billion in 2023 to USD 37.87 billion by 2031, growing at a CAGR of 49.7% in the forecast period (2024-2031).

Mobile edge computing (MEC) also called multi access edge computing is a type of edge computing that expands its capabilities by bringing cloud computing to the network's edge. MEC permits operations to take place in base stations, central offices, and other aggregation points on the network, as opposed to traditional cloud computing, which takes place on remote servers located far from the user and device. MEC improves the quality of experience (QoE) for end users by offloading cloud computing workloads to specific local servers. This helps reduce congestion on mobile networks and decrease latency.

Drone detection and video analysis are some applications that make use of mobile edge computing. These applications include augmented reality (AR), enterprise mixed reality (MR), and virtual reality (VR), as well as multiplayer and cloud gaming. MEC has grown to be essential in the mining, energy, and utility sectors as well. Offshore mining operations have traditionally used satellite technology as their primary method of communication, as well as hybrid storage and cloud computing strategies for data processing and transfer, which has resulted in a loss of resources and time. End-use businesses are now more dependable storage and communication systems to analyse massive amounts of data created at remote locations as a result of the need for improvement on these fronts. Edge computing and big data analytics combined may provide the market with promising growth opportunities. Multi-access edge computing is being used more and more by service providers across industries, including financial services, manufacturing, energy, and agriculture, to improve their ability to make business decisions, access financial instruments, and gather competitive intelligence.

US Mobile Edge Computing Market  is poised to grow at a sustainable CAGR for the next forecast year.