Mobile Edge Computing Market Segmented By Hardware, Software, Services Components in Large Enterprises, SMEs
Industry: IT and Telecommunication
Published Date: April-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 312
Report ID: PMRREP33067
The mobile edge computing market is likely to strengthen its hold in the global market at a promising CAGR of 49.7% between 2022 and 2032.
The market is valued at US$ 1 bn in 2022 and is likely to reach US$ 58.4 Bn by 2032. Previously, the market was thriving at a much higher CAGR of 57.4% (2015-2021), resulting in a mobile edge computing market size of US$ 713.2 Mn in 2021.
| Attributes | Details |
|---|---|
|
Mobile Edge Computing Market CAGR (2022-2032) |
49.7% |
|
Mobile Edge Computing Market Value (2022) |
US$ 1 Bn |
|
Mobile Edge Computing Market Value (2032) |
US$ 58.4 Bn |
The increased need for low-latency processing and real-time automated decision-making solutions and the increasing necessity among companies to supply QOE is driving the expansion of the mobile edge computing market.
Furthermore, the rise of autonomous vehicles and connected automobile infrastructure and emerging MEC application areas such as AR/VR provide considerable potential opportunities for the mobile edge computing industry. However, the absence of necessary infrastructure and deployment capabilities limits the market's growth.
The mobile edge computing market has been severely impacted by COVID-19. Furthermore, the risk of a global economic downturn due to the pandemic might significantly reduce IT budgets in the coming months, reducing the potential client base for new 5G technologies.
However, due to the COVID-19 outbreak, 5G smartphones sales and network implementation are expected to stall, thereby impeding the growth of the mobile edge computing industry.
As per the mobile edge computing market study, many nations are delaying the rollout of 5G as a result of COVID, which is expected to impede the growth of the mobile edge computing market directly.
The demand for mobile edge computing is anticipated to grow steadily, owing to industry participants' aggressive investments in creating cutting-edge technologies and giving more effective solutions to consumers.
Market expansion for mobile edge computing is being fuelled by factors such as increasing demand for global cloud infrastructure and an increase in the number of intelligent applications. The growing demand for mobile edge computing solutions is driven by the desire to improve end-user QoE (Quality of Experience) and the demand for ultra-low latency. MEC assists real-time applications with data analysis and processing procedures.
Over the next several years, the 5G network and the advent of various new languages and frameworks for IoT solutions are anticipated to provide significant mobile edge computing market growth prospects.
Due to increased efficiency, lower costs, and the increasing necessity of organisations to provide superior QoE, location-based services are expected to grow at one of the fastest rates of all services in the future years, which would positively impact the mobile edge computing market outlook.
Mobile edge computing needs more local hardware, which leads to an increase in maintenance costs, which could hinder the market's expected expansion. Despite being relatively safe, edge computing also demands continual updating and monitoring because cyber-attacks are getting increasingly complex.
There is also a scarcity of skilled labour to handle the highly complicated technologies. The mobile edge computing market share's expansion could be hampered by a lack of deployment capability and infrastructure.
Mobile data is expanding quickly as the number of connected devices grows, increasing the demand for telecommunication and network services. As the demand for mobile data, especially mobile video services, grows, mobile network operators (MNOs) are under constant pressure to supply high-quality services to consumers.
The drive for next-generation networks in numerous end-use industries highlights the increasing market potential of computation and resources that can revolutionise real-time organisations. The mobile edge computing (MEC) industry comprises an IT service environment and sophisticated cloud computing capabilities that process data closer to the end-user.
The market for mobile edge computing is being driven by the demand for low-latency networks, localised data, and improved IoT. Mobile edge computing has helped improve the quality of experience (QoE) in a variety of industries, including entertainment, manufacturing, and transportation.
| Attributes | Mobile Edge Computing Market |
|---|---|
|
CAGR (2022-2032) |
49.7% |
|
Market Value (2026) |
US$ 42.3 Bn |
|
Growth Factor |
Mobile data is expanding quickly as the number of connected devices grows, resulting in an increase in demand for telecommunication and network services. |
|
Opportunity |
5G network, as well as the advent of various new languages and frameworks for IoT solutions, to provide significant market growth prospects. |
|
Key Trends |
MNOs are rapidly implementing MEC technology to provide subscribers with high-quality service (QoS) . |
| Attributes | Software-Defined Networking Market |
|---|---|
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CAGR (2022-2032) |
19% |
|
Market Value (2026) |
US$ 32.7 Bn |
|
Growth Factor |
CSP investment in SDN technology to automate network infrastructure, a considerable reduction in CAPEX and OPEX, and increased demand for cloud services are the primary growth drivers for the SDN industry. |
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Opportunity |
The growing adoption of IoT technology necessitates the creation of a network to connect these devices. |
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Key Trends |
For all stakeholders in the software-defined networking business, efficiently changing existing technologies and traditional infrastructure is a huge undertaking. |
| Attributes | Edge Computing Market |
|---|---|
|
CAGR (2022-2032) |
19% |
|
Market Value (2026) |
US$ 87.3 Bn |
|
Growth Factor |
Because of the expansion of IoT, enterprises are increasingly relying on centralised cloud computing and storage solutions to manage their data. |
|
Opportunity |
Edge computing in autonomous vehicles can improve the accuracy and speed with which data is processed, allowing edge data centres to offload non-critical data while keeping crucial data in the vehicle. |
The expansion of the mobile edge computing industry is fueled by rising data traffic, the desire for low latency computing, and better Quality of Experience (QoE).
Furthermore, the proliferation of smartphones in emerging countries such as India and China is fueling the expansion of the mobile edge computing market as demand for real-time access and social media grows, as does the focus on delivering high bandwidth and low latency.
However, the mobile edge computing market expansion is constrained by a lack of essential infrastructure and deployment capabilities, considerations such as regulatory and legal framework, and privacy and security concerns.
In addition, new revenue streams for service providers and chances for businesses in upcoming mobile edge computing application areas of AV/VR are expected to provide significant market prospects.
Component, application, organisation size, industry vertical, and region are all mobile edge computing market segments. It is divided into two types of components: solutions and services. Location-based services, video surveillance, unified communication, optimal local content distribution, data analytics, and environmental monitoring are the different types of applications.
It is divided into two categories based on the company's size--small and medium businesses and large businesses. BFSI, retail & e-commerce, manufacturing, government & defence, energy & utilities, IT & telecom, education, healthcare, and others are the industry verticals.
The mobile edge computing market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America.
The hardware category accounted for the highest share of the mobile edge computing market in 2020, based on components. One of the primary causes driving investments in mobile edge computing technology include edge gateways and hyper-converged infrastructure and rising investment in 5G installations across the telecommunications industry to improve service quality.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
49.1% |
|
United Kingdom |
35% |
|
China |
61.3% |
|
Japan |
60.5% |
|
South Korea |
62% |
North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa held the largest proportion of the worldwide mobile edge computing market in 2020, followed by Europe, Asia Pacific, Latin America, and the Middle East, and Africa.
However, AsiaPacific is predicted to rise during the forecast period as a result of growing investments in telecoms sectors, government projects to promote digitization, huge investments in IoT & cloud technologies, and widespread visibility of smart devices in emerging economies such as India and China.
The mobile edge computing market is competitive, and it appears to be moderately concentrated, with only a few major competitors. In terms of mobile edge computing market share, several of the players are projected to dominate. New firms are growing their market presence and expanding their commercial footprint throughout emerging markets as a result of the increased network bandwidth provided by 5G services.
Companies are gaining a considerable competitive edge as a result of technological improvements, and the industry is also seeing a number of alliances and mergers. A persistent challenge has been posed by larger market participants in other industries, including as Verizon, Singtel, and Vodafone, who are attempting to gain a fresh foothold or make a grand entry into the mobile edge computing industry.
Nokia claims to have released the first commercial service enablement platform' (SEP) for Open RAN deployments in February 2021. One of the move's significant advances, according to the company, was combining the RAN Intelligent Controller (RIC) with multi-access edge computing (MEC) and integrating them to run on a single platform.
The RIC brings programmability to the RAN, allowing for the incorporation of AI or machine learning, for example, whereas mobile edge computing is the invention that essentially created a place at the edge for non-mobile applications.
June 2020 - In collaboration with Ericsson, Vodafone Germany has launched a 5G network in a box solution. Vodafone Redbox may be used both indoors and outdoors, and it can be used to make use of Vodafone's mobile communications network.
| Attributes | Details |
|---|---|
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Forecast period |
2022-2032 |
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Historical data available for |
2015-2021 |
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Market analysis |
USD Bn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
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The mobile edge computing market is expected to rise at a growth rate of 49.7% throughout the forecast period.
The U.S. mobile edge computing market is the largest with a forecasted valuation of US$ 18.4 Bn by 2032.
Hardware is the leading segment by component with a growth rate of 51.2% through the forecast period.
The mobile edge computing market is projected to reach a market valuation of US$ 58.4 Bn by 2032.
The IT & Telecom mobile edge computing industry vertical is projected to rise at a rate of 51.8% through the forecast period.
