According to a new market research report titled “Mobile Edge Computing Market by Component, Application (Location-based Services, Unified Communication, Optimized Local Content Distribution, Data Analytics, Environmental Monitoring), Organization Size, and region – Global Forecast to 2027”, published by Meticulous Research®, the mobile edge computing market is expected to grow at a CAGR of 30.1% from 2020 to 2027 to reach $2.8 billion by 2027.
Mobile edge computing is a network architecture that enables IT and cloud-computing capabilities at the edge of a cellular network. It is mainly used to improve coverage, enhance bandwidth, reduce network congestion, and improve applications by performing related processing tasks closer to the end-user.
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The technology is designed to be implemented at cellular base stations, providing rapid deployment of applications and other customer services. With voluminous rise in data generated from millions of subscribers streaming terabytes of videos, music, and social networking every day, enterprises are facing challenges such as high network load and increasing demand for network bandwidth. To overcome these challenges, enterprises are significantly focused on optimizing their radio access network (RAN). Thus, to enhance user experience and better utilize the bandwidth, the MEC technology is a feasible option.
The growth of the overall mobile edge computing market is primarily attributed to the increasing mobile data traffic along with rising need to enhance quality and rising demand for low-latency processing and real-time automated decision-making solutions. In addition, emergence of autonomous vehicles and connected car infrastructure and emerging MEC application areas of AR/VR are the factors expected to offer prominent growth opportunities in this market. However, lack of required infrastructure and deployment capabilities can obstruct the growth of this market. Besides, vulnerability issues with existing IoT devices offer some challenges for the consistent growth of MEC market.
Rapidly increasing mobile data traffic along with rising need to enhance quality supports mobile edge computing narket growth
With consistently increasing number of interconnected devices, mobile data is exponentially growing, leading to upsurge in the demand for telecommunication and network services. Mobile network operators (MNOs) are persistently facing pressure to deliver quality services to subscribers, as the need for mobile data, including mobile video services is rapidly increasing. For instance, according to Cisco Systems, Inc. global traffic projections globally, mobile data traffic is expected to increase sevenfold between 2017 and 2022 to reach 77.5 Exabyte’s per month by 2022, at a CAGR of 46% between 2017 and 2022.
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Mobile edge computing (MEC) helps to reduce congestion on mobile networks and decrease latency by shifting the load of cloud computing to individual local servers, and enhancing the quality of experience (QoE). Operators are taking leverage of several advanced technologies, such as Network Functions Virtualization (NFV), Virtualized RAN (vRAN), and Software Defined Networking (SDN) which enable them to develop innovative context-aware and value-added services. In order to deliver Quality of Service (QoS) and Quality of Experience (QoE) to the subscribers, the MNOs are immensely adopting the advanced mobile edge computing technology, thereby contributing to the growth of mobile edge computing market during the forecast period.
To provide efficient analysis, Meticulous Research® has segmented the overall mobile edge computing market based on component (software, hardware, services), application (location-based services, unified communication, optimized local content distribution, data analytics, environmental monitoring), organization size (large enterprises, small and medium-sized enterprises (smes)), and geography.
Based on component, the mobile edge computing market is segmented into hardware, software and services. In 2021, the hardware segment accounted for the largest share of the overall edge computing market. owing to the growing investment for 5G deployments across telecommunication industry for improving quality of service is one of the key factors fueling investments in mobile edge computing hardware, including edge gateways and hyper-converged infrastructure. The segment is also expected to register the fastest CAGR during the forecast period due to consistent investments from industry players in incorporating mobile edge computing solutions in their businesses and product or service offerings.
Based on application, the overall mobile edge computing market is segmented into location-based services, video surveillance, unified communication, optimized local content distribution, data analytics and environmental monitoring. In 2021, the location based services application segment accounted for the largest share of the overall edge computing market, owing to the recent developments in positioning technologies, and improved data transmission through cloud computing, and 5G technologies.
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