How Big is The Mobile Edge Computing (MEC)?
IMARC Group, a leading market research company, has recently releases report titled “Mobile Edge Computing (MEC) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global mobile edge computing (MEC) market share, size, trends, and growth forecasts. The global mobile edge computing (MEC) market size reached US$ 642.2 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,771.9 Million by 2028, exhibiting a growth rate (CAGR) of 26.4% during 2023-2028.
What is Mobile Edge Computing (MEC)?
Mobile edge computing (MEC) represents an emerging technology that strives to advance infrastructure-based cloud resources, such as storage, computation, and bandwidth, to the edge of the cellular network. It establishes the network perimeter by utilizing various access points, including switches, hotspots, routers, Wi-Fi, servers, and controllers. MEC is widely used in video surveillance, unified communication, location-based services, data analytics, and environmental monitoring. It provides more scalable performance, reduces network load, distributes computing resources across the network, and quickens data transmission. MEC also reduces network congestion, latency, and improves device performance. As a result, this technology finds widespread applications across several sectors, such as telecommunications, energy, retail, and healthcare.
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Mobile Edge Computing (MEC) Market Trends and Drivers:
The escalating demand for this technology, as it enables telecommunication businesses to minimize their reliance on the cloud and assist in processing large volumes of data induced by devices, is among the primary factors driving the mobile edge computing (MEC) market. Besides this, the elevating requirement for this solution in various industrial verticals to provide low latency computing, improve quality of experience (QoE), and enhance operational efficiency is further augmenting the market growth. Moreover, the growing popularity of MEC artificial intelligence (AI), the internet of things (IoT), and federated learning (FL) to improve response time, reduce power consumption, and enhance performance by offering higher bandwidth is also catalyzing the global market. Apart from this, the increasing need for managing massive data traffic, on account of the high proliferation of smartphones and interconnected devices, is acting as another significant growth-inducing factor. Furthermore, the extensive research and development (R&D) activities for the development of new hardware and the expanding product applications in augmented and virtual reality (AR/VR) are anticipated to propel the mobile edge computing (MEC) market over the forecasted period.
Mobile Edge Computing (MEC) Market Report Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- ADLINK Technology Inc.
- Advantech Co. Ltd.
- Artesyn Embedded Technologies (Advanced Energy Industries Inc.)
- AT&T Inc.
- Cisco Systems Inc.
- Huawei Technologies Co. Ltd.
- Intel Corporation
- International Business Machines Corporation
- Nokia Corporation
- Saguna Networks Ltd. (COMSovereign Holding Corp)
- Telefonaktiebolaget LM Ericsson
- Vapor IO Inc.
- Vodafone Group Plc.
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Software
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Application:
- Location-based Services
- Video Surveillance
- Unified Communication
- Optimized Local Content Distribution
- Data Analytics
- Environmental Monitoring
By Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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