Multi-Access Edge Computing Market Size, Share, Growth Analysis, By Solution(Hardware, Software, and Services), By End–Use(IT & Telecom, Smart Cities, Smart Homes, & Smart Buildings), By Region - Industry Forecast 2024-2031

Global Multi-Access Edge Computing Market size was valued at USD 2.5 billion in 2022 and is poised to grow from USD 3.73 billion in 2023 to USD 91.04 billion by 2031, growing at a CAGR of 49.10% during the forecast period (2024-2031).

Multi-access Edge Computing (MEC) is a subset of edge computing that leverages cloud computing capabilities and the IT service environment by bringing it closer to the edge of the network. Instead of sending all data to the cloud for processing, MEC allows data to be stored, processed, and analyzed at the network edge, where the end-user is located. This approach enables real-time performance and supports high-bandwidth applications such as Industry 4.0 and connected cars.

MEC operates in an environment with high bandwidth and ultra-low latency, providing real-time access to Radio Network Information (RNI). By accessing accurate time information and local content regarding the local access network conditions, software applications can optimize performance and responsiveness. The core principle of MEC is to reduce network congestion by processing data closer to the end-user, enhancing distributed computing capabilities for hosting various services and applications.

MEC complements traditional cloud computing by facilitating data processing closer to the data source, enabling organizations to make faster decisions. The integration of MEC with 5G technology offers exciting new possibilities for business-to-business (B2B) services, taking advantage of edge clouds for enhanced performance and seamless connectivity. Web slicing and service continuity modes in 5G-enabled MEC ensure ultra-low latency and reliable connectivity, driving the growth of the market. Overall, MEC plays a crucial role in enabling real-time, high-performance applications and services at the network edge, revolutionizing the way data is processed and delivered to end-users.

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