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Multi-Access Edge Computing (MEC): Market Insights for 2024
Multi-Access Edge Computing Market Drivers
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According to The Business Research Company's, The multi-access edge computing market size has grown exponentially in recent years. It will grow from $4.13 billion in 2023 to $6.67 billion in 2024 at a compound annual growth rate (CAGR) of 61.3%. The growth in the historic period can be attributed to content delivery optimization, network congestion mitigation, improved user experience, low latency requirements, data analytics and insights..
The multi-access edge computing market size is expected to see exponential growth in the next few years. It will grow to $43.12 billion in 2028 at a compound annual growth rate (CAGR) of 59.5%. The growth in the forecast period can be attributed to smart grids and energy management, network slicing optimization, edge-enabled healthcare solutions, open source mec platforms. Major trends in the forecast period include industry-specific edge solutions, decentralized cloud architectures, edge-to-cloud orchestration, network slicing for customization, edge computing for autonomous systems, integration with iot devices..
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Market Drivers and Trends:
The increase in the number of connected devices is contributing to the growth of the multi-access edge computing market. The connected devices include computing hardware, laptop or desktop, mobile devices that connect with the internet and each other via various wired and wireless networks. The connected devices allow for a wide range of latency and bandwidth. As a result, it employs multi-access edge computing (MEC), which offers ultra-low latency and high bandwidth while allowing applications to make use of real-time radio network data. For instance, in May 2023, as per Dataprot, a Serbia-based cybersecurity solutions company, there were over ten billion active IoT devices in use in 2021, with an anticipated increase to 25.4 billion by 2030. Therefore, an increase in the number of connected devices is expected to promote the growth of the multi-access edge computing industry going forward.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
ADLINK Technology Inc., Advantech Co. Ltd., Nokia Corporation, Cisco Systems Inc., International Business Machines Corporation (IBM Corporation), Huawei Technologies Co. Ltd., Juniper Networks Inc., Saguna Networks Ltd., SpiderCloud Wireless Inc., Vapor IO Inc., FogHorn Systems Inc., Vasona Networks, ZTE Corporation, Microsoft Corporation, Intel Corporation, Hewlett Packard Enterprise Development LP, Dell Technologies Inc., Ericsson AB, Fujitsu Limited, NEC Corporation, Lenovo Group Limited, AT&T Inc., Verizon Communications Inc., Deutsche Telekom AG, Orange S. A., Vodafone Group Plc, Telefonica S. A., China Mobile Communications Corporation, SK Telecom Co. Ltd., KT Corporation, LG Uplus Corp., Samsung Electronics Co. Ltd., Inteliquent Inc., PacketFabric LLC, EdgeConneX Inc., AlefEdge Inc., MobiledgeX Inc., Akamai Technologies Inc., ClearBlade Inc., Adapdix Corporation, Azion Technologies LLC, Phizzle Inc., Rigado LLC, Johnson Controls International plc, Equinix Inc., ADVA Optical Networking SE, Aruba Networks Inc., Avassa Inc., Amazon Web Services Inc., Cloudera Inc., Section. io Inc.
Multi-Access Edge Computing Market 2024 Key Insights:
• The multi-access edge computing market size is expected to see exponential growth in the next few years. It will grow to $43.12 billion in 2028 at a compound annual growth rate (CAGR) of 59.5%.
• Rising Number Of Connected Devices Fuels Growth In Multi-Access Edge Computing Market
• Product Innovations Transforming The Multi-Access Edge Computing Market
• North America was the largest region in the multi-access edge computing market in 2023
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