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Global Multi-Access Edge Computing Market Size study, by Component, by End User and Regional Forecasts 2022-2032

Global Multi-Access Edge Computing Market Size study, by Component, by...

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Global Multi-Access Edge Computing Market Size study, by Component, by End User and Regional Forecasts 2022-2032
Global Multi-Access Edge Computing Market...
Report Code
RO9/103/2256

Publish Date
13/Aug/2024

Pages
200
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Global Multi-Access Edge Computing (MEC) Market is valued at approximately USD 4.02 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 43.6% over the forecast period 2024-2032. Multi-Access Edge Computing (MEC) is a vital element of edge computing that has gained substantial popularity as businesses look to harness the unparalleled potential of edge computing for low-latency, real-time data processing. The MEC market has rapidly expanded due to the increasing demand to process data closer to its source, which minimizes latency and improves reaction times. This demand is significantly driven by the proliferation of Industry 4.0, 5G, and IoT networks. The market has witnessed increased edge deployments across various industries, with the development of 5G networks being a crucial factor.

The surge in 5G network rollout and the rising adoption of IoT are primary drivers for the growth of the MEC market. However, infrastructure costs and deployment challenges, coupled with concerns about security and privacy, hinder market growth. Nevertheless, the advancement of Industry 4.0 and smart manufacturing presents lucrative opportunities for market growth during the forecast period.

The high bandwidth and low latency characteristics of 5G have significantly enhanced the efficiency of MEC. Telecom providers are investing in MEC to support applications such as autonomous vehicles, augmented reality (AR), and virtual reality (VR). Moreover, the expansion of IoT, with billions of devices requiring real-time data processing, has fueled the growth of MEC. MEC facilitates rapid decision-making at the edge, thereby boosting the effectiveness of IoT applications in industries like logistics, smart cities, and healthcare. However, the increasing deployments of MEC have underscored the importance of security and privacy. Businesses are investing in robust security solutions to protect sensitive data and edge devices, with data sovereignty and privacy compliance being particularly crucial in sectors such as finance and healthcare.

The key regions considered for the global Multi-Access Edge Computing (MEC) Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the MEC market in 2023, a trend expected to continue throughout the forecast period due to the growing need for applications requiring extremely low latency and real-time data processing in sectors like autonomous vehicles, smart cities, and AR/VR. Conversely, Asia Pacific is anticipated to witness significant growth during the forecast period, driven by the adoption of 5G technology and the rapid expansion of IoT devices and applications in the region.

Major market players included in this report are:
Juniper Networks, Inc.
IBM
ADLINK Technology Inc.
Advantech Co., Ltd.
Hewlett Packard Enterprise Development LP
Huawei Technologies Co., Ltd.
Nokia
SAGUNA
Vapor IO.
Intel Corporation
The detailed segments and sub-segment of the market are explained below:
By Component
Hardware
Software
Services
By End User
IT and Telecom
Manufacturing
Retail
Healthcare
Automotive
Smart Cities, Smart Homes, and Smart Buildings
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

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