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IN THE NEWSAugust 2021- Verizon and Microsoft announced a partnership to offer on-premise 5G edge cloud computing for businesses. The solution is aimed at enabling ultra-low latency needed for deploying real-time enterprise applications.
June 2021- Cisco launched a new portfolio of 5G-based Catalyst industrial routers to bring reliable connectivity to any IoT edge use case for running connected operations securely.
The global 5G edge cloud network and services market is estimated to garner a hefty amount of revenue and grow at a remarkable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing need to manage mobile devices, applications and communication among enterprises to maintain seamless connectivity across geographies. Along with this, increasing number of smartphones in use is also expected to encourage consumers and businesses to procure 5G technology, which in turn is predicted to drive significant market growth in the upcoming years. In 2019, more than 5.5 billion people in the world used smartphones, which increased up to approximately 6 billion by the end of 2020. By 2025, about 7.2 billion people globally are calculated to be smartphone users. Furthermore, rising demand for advanced 5G applications in autonomous driving, AR/VR, artificial intelligence and internet of things (IoT) is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by end use industry into transportation, manufacturing, automotive, energy, healthcare, government & defense, and others, out of which, the manufacturing segment is anticipated to hold the largest share in the global 5G edge cloud network and services market. This can be accounted to the escalating usage of IoT sensors across factory floors, and increase in adoption of industrial automation systems in factories. Apart from these, rising implementation of edge computing with smart manufacturing platforms for effectively maintaining high-capacity data centers for storage is also predicted to propel market growth in the future. Additionally, on the basis of enterprise size, the large enterprises segment is assessed to grab the largest share during the forecast period owing to the growing implementation of edge computing and cloud in large businesses to improve operational efficiency.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global 5G edge cloud network and services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to witness noteworthy growth over the forecast period on the back of the growing investments by governments for the deployment of 5G technology in the public sector. It is evaluated that by the end of 2021, there will be approximately 36 million 5G subscriptions in western Europe, and about 3 million subscriptions in the central and eastern Europe. In addition, advancements in 5G technology in the automotive and smart transportation sectors is also expected to drive market growth in the region in the coming years. Moreover, the market in North America is predicted to acquire the largest share during the forecast period ascribing to the early adoption of technology, and strong presence of well-established networking service providers in the region.
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The global 5G edge cloud network and services market is further classified on the basis of region as follows:
Our in-depth analysis of the global 5G edge cloud network and services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing need to manage mobile devices, applications and communication among enterprises, and increasing number of smartphones in use.
The market is anticipated to attain a remarkable CAGR over the forecast period, i.e., 2022 – 2030.
High initial cost of deploying 5G edge cloud network is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing investments by governments for the deployment of 5G technology in the public sector.
The major players in the market are Dell Inc., IBM Corporation, Amazon Web Services Inc., Cisco Systems, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by solution, enterprise size, end use industry, and by region.
The manufacturing segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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