Multi-access Edge Computing Industry Overview
The global multi-access edge computing market size was valued at USD 1,949.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 47.2% from 2022 to 2030.
The increasing implementation of IoT devices across industries such as manufacturing, IT and telecom, data centers, transportation, and logistics is projected to drive market development. These industries generate vast amounts of data and demand faster decision-making, thus driving the implementation of Multi-access Edge Computing (MEC) technology. MEC implementation also minimizes latency and provides a safer framework for data transfer, further boosting the technology's adoption across businesses.
Gather more insights about the market drivers, restrains and growth of the Global Multi-access Edge Computing Market
Moreover, with the low latency and high throughput provided by MEC applications functioning on 5G networks, the 5G service delivery model provides numerous new B2B solutions by using edge clouds. 5G-enabled MEC also offers advanced end-to-end performance via network slicing, session, security, and service continuity capabilities for ultra-low-latency and reliability, and seamless connectivity. The capacity to crunch enormous volumes of complex telemetry data at the network's edge enables service providers to increase competitive rivalry by enabling new business model modifications. Moreover, the incorporation of 5G with MEC architecture is expected to assist public sector organizations with connectivity and technological solutions, as well as improve initial reaction times.
The MEC market is also benefitting from the rising demand to improve Mixed Reality (MR), Virtual Reality (VR), and Augmented Reality (AR) experiences by increasing bandwidth to develop 5G abilities. In addition, the need to deliver high-quality experiences through a wireless medium has encouraged the integration of 5G and MEC, which is projected to offer the market promising growth prospects over the next few years. Integrating MEC technology with VR/AR has resulted in significant advances in sports and entertainment broadcasting, hence improving users' watching experiences. For example, sports fans may now watch high-quality, real-time footage of live games from a variety of angles due to MEC technology.
MEC has also become crucial in the energy, mining, and utility industries. Offshore mining operations have typically relied on satellite technology as their major form of communication, and also hybrid storage and cloud computing strategies for data processing and transfer, resulting in loss of resources and time. The need for improvement on these fronts has turned end-use businesses into more reliable storage mediums and communications to evaluate massive amounts of data created at remote locations. The use of MEC techniques allows equipment and sensors to be controlled from a distance. Rapid automation of operations using robots and sensors, due to the emergence of Industry 4.0, and the ability to supervise mining activities from distant locations emphasize the need for using multi-access edge technology at scale.
The fusion of edge computing and big data analytics could also offer promising growth prospects to the market. Service providers across sectors such as financial services, manufacturing, energy, and agriculture are increasingly adopting multi-access edge computing to gain better business decision-making capabilities, financial instruments, and competitive intelligence. Big data analytics is being constantly used to build compression-based data reduction to minimize the total volume for better in-network data transfer in data centers and clusters. Furthermore, extraordinary use-cases including MEC integration with unmanned aerial vehicle base stations allow the stabilization of delay in edge nodes to safeguard effective energy-saving capabilities and data analysis.
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- Cloud Computing Market - The global cloud computing market was valued at USD 483.98 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.1% from 2023 to 2030.
- Edge Computing Market - The global edge computing market size was valued at USD 11.24 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 37.9% from 2023 to 2030.
Key Companies profiled:
Some prominent players in the global multi-access edge computing market include
- ADLINK Technology Inc.
- Advantech Co., Ltd.
- FogHorn Systems
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co., Ltd.
- Juniper Networks, Inc.
- SAGUNA
- SMART Embedded Computing
- Vapor IO
- Skyvera
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