Multi-access Edge Computing Market to Grow at Steady Rate till 2028

Posted on 2022-05-16 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, May 16, 2022 — /EPR Network/ —

Multi-access Edge Computing Industry Overview

The global multi-access edge computing market size was valued at USD 1.56 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) exceeding 42% from 2021 to 2028.

The growing adoption of IoT devices across several industries is expected to drive market growth. The need for faster decision-making in industries such as IT and telecom, manufacturing, transportation and logistics, and datacenters, owing to the generation of the vast amount of data, is encouraging the adoption of multi-access edge computing (MEC) technology. Furthermore, the adoption of MEC offers a safer environment for data transfer and reduces latency, which is further promoting the wide-scale adoption of the technology in enterprises.

Gather more insights about the market drivers, restrains and growth of the Global Multi-access Edge Computing Market

In addition to the high throughput and low latency offered by MEC applications running on 5G networks, the 5G service delivery model offers several new B2B services by leveraging edge clouds. High-level end-to-end performance via network slicing, security, session, and service continuity modes for ultra-low-latency and seamless connectivity, and reliability are the main features of 5G enabled multi-access edge computing, that is driving the market forward. The ability to crunch large volumes to sophisticated telemetry data at the edge of the network facilitates new business model upgrades and hence allows service providers to enhance competitive rivalry. Furthermore, the integration of 5G with MEC architecture could enhance the first response and is expected to help public sector organizations with connectivity and technology solutions.

The need to optimize the Augmented Reality/Virtual Reality (AR/VR) experience by extending bandwidth to enhance 5G capabilities is driving the MEC market growth. Furthermore, the need to deliver high-quality Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) experiences via wireless medium has enabled the integration of MEC and 5G. Such integration is expected to offer attractive growth prospects over the next few years. Combining MEC infrastructure with VR/AR has led to major improvements in the broadcasting of sports and entertainment, thus enhancing users’ viewing experience. For instance, sports enthusiasts can now enjoy real-time, high-quality footage of live matches from different angles, all of which are facilitated by using multi-access edge computing techniques.

Furthermore, multi-access edge computing has gained utmost importance in the mining and energy and utility industries. Offshore mining facilities traditionally used satellite communications as their primary communications medium along with cloud computing and hybrid storage methodologies for data transfer and processing, which resulted in the loss of time and resources. Such loss of resources has led the end-use industries to engage in efficient communications and storage mediums to analyze large quantities of data usually generated at remote locations. The adoption of MEC techniques offers the opportunity to control devices and sensors from a distance. Rapid automation of processes using several sensors and robots, due to the advent of Industry 4.0, and the ability to control mining processes at distant locations further emphasizes the need to use the multi-access edge technology at scale.

The fusion of Big Data analytics and edge computing offers attractive growth prospects to the market. The rising adoption of multi-access edge computing amongst service providers is providing an impetus to the market growth, owing to increasing demand from manufacturing, financial services, agriculture, energy sectors to develop financial instruments, business decision tools, and competitive intelligence. Big Data analytics is being continuously used to develop a compression-based data reduction to reduce the overall volume for easier handling of in-network data movement in data centers and clusters. Moreover, impressive use-cases such as MEC integration with unmanned aerial vehicle base stations (UAV-BSs) enable the stabilization of delay in edge nodes to ensure efficient data analysis and energy-saving capabilities.

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