The global multi-access edge computing market was valued at USD 1.1 million in 2020 and is projected to reach USD 15.2 million by 2028, expanding at a CAGR of 38.3 % during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing trend among organizations to incorporate cloud-based computing at the edge of mobile networks.
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Multi-access edge computing (MEC) moves the functioning of services and traffic from the centralized cloud to the network edge and customers. The network edge processes, analyzes, and stores the data instead of sending the whole data to the cloud.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing tendency among communication service providers to opt for virtualized, software authorized network model, with a cloud-based solution is expected to drive the market.
- Mobile networks with 5G services offer numerous B2B services through edge computing. This factor boosts the market.
- The ability to reduce huge volumes of data into simple telemetry data at the edge of network allows new business models to improve and hence permits service providers to increase the level of competition in the market.
- Rising demand for improved virtual reality and augmented reality (VR/AR) experience, by prolonging bandwidth and enhancing 5G capabilities, is fueling the multi-access edge computing market.
- Merging multi-access edge computing with AR or VR has led to development in broadcasting of entertainment and sports, thus improving the viewing experience.
Market Segment Insights:
The software segment held a major share of more than 50% of the total revenue in 2019
Based on solutions, the global multi-access edge computing market is segregated as hardware, software, and services. The software segment is expected to expand at a robust CAGR during the forecast period. Presence of numerous IoT devices in MEC-based system fulfills the need to have software that works according to multi-access edge computing. Moreover, companies such as Verizon have started providing software developer kits to consumers, which allows them to develop programs according to company requirements.
The hardware segment held more than 30% share of the total revenue in 2019. Increasing requirement of real-time decision making and connected devices is encouraging the adoption of enhanced data servers. Companies have started providing advanced telecommunications computing architecture (TCA) hardware for individuals and enterprises. These hardware platforms are compact, cost-efficient, and customizable according to consumers requirements. Moreover, they are accessible, reliable, and can easily be serviced.
The IT & telecom segment is expected to expand at a rapid pace during the forecast period
On the basis of end-users, the global multi-access edge computing market is fragmented as datacenters, IT & telecom, automotive, energy & utilities, smart cities, smart homes & smart buildings, and others. The IT & telecom segment held a major share of the total revenue in 2019. IT software and hardware companies are developing low-power products for IoT systems and networks, which are anticipated to propel the sales in the IT & telecom segment. For example, AT & T Inc. has started offering MEC-based products, solutions, and services to consumers according to their requirements.
The market in North America held a major share of around 45% of the total revenue in 2019
In terms of regions, the global multi-access edge computing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Growth of the market in North America is attributed to acceleration of 5G deployment, which is projected to increase the demand for multi-access edge computing during the forecast period. Increasing number of datacenter connections have allowed solution providers to combine multi-access edge computing and 5G, which is driving the regional market. Growing datacenter deployments have increased partnerships and collaborations between companies to improve edge computing abilities in their products.
Competitive Analysis
Key players in the global multi-access edge computing market include Microsoft Corporation, ADLINK Technology Inc., Advantech Co, Ltd., Hewlett Packard Enterprise Development LP, Saguna Networks Ltd, and FogHorn Systems. Companies worldwide are collaborating with each other to improve their services. New entrants and startups are concentrating on establishing themselves as key players by launching advanced solutions and technologies. For example, Vapor IO and Saguna Networks, Ltd. are engaged in R&D activities in the field of edge
cloud computing.
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