Mobile Edge Computing Market Size, Share, Growth, and Industry Analysis, by Type (Hardware, Software, Service), By Application (Media & Entertainment, Retail, IT & Telecom, Healthcare, BFSI, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Mobile Edge Computing Market Report Overview

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The global mobile edge computing market size was USD 250.9 million in 2021 and is projected to touch USD 3278.09 million by 2031, exhibiting a CAGR of 28.9% during the forecast period.

Mobile edge computing is a network architecture concept that enables cloud computing capabilities and an IT service environment at the cellular networks and, more broadly, any network's edge. MEC works on the premise that by running applications and related processing tasks closer to the cellular customer, network congestion is reduced and applications perform better. Cellular MEC technology is intended for use in cellular base stations or other edge nodes, allowing for the flexible and rapid deployment of new applications and services for customers. MEC, which combines information technology and telecommunications networking elements, also enables cellular operators to open their radio access network to authorized third parties such as application developers and content providers.

It provides a highly distributed computing environment for deploying applications and services, as well as storing and processing content close to mobile users. By utilizing this technology, a cellular operator can efficiently deploy new services for specific customers or classes of customers. The technology also reduces the core network's signal load and can host applications and services at a lower cost. It also collects data such as storage, network bandwidth, and CPU utilization for each third-party application or service deployed. Close proximity to cellular subscribers and real-time RAN information can benefit application developers and content providers.

COVID-19 Impact: The Need to Stay Connected During a Pandemic Accelerated Market Growth.

The global COVID-19 pandemic has been unprecedented and staggering, with the mobile edge computing market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic was one of the most tragic events of the last century. When a tiny virus brought the entire world to a halt, every aspect of human life began to suffer as a result. A virus that affects the respiratory systems of living organisms has an indirect impact on the global economy. Many industries have literally ceased to exist. Many people were fighting for their lives. However, some industries may be able to mitigate the severity of the downturn. The mobile edge computing market was one of those that survived the pandemic. In fact, it aided other sectors such as health, education, and entertainment in a variety of ways.

LATEST TRENDS

"Introduction of New Applications Lead to a Halt in the Market Growth"

Since the MEC architecture was only recently proposed, very few applications have adopted it. Computational offloading, content delivery, mobile big data analytics, edge video caching, collaborative computing, connected cars, smart venues, smart enterprises, healthcare, smart grids, and indoor positioning are some of the notable applications in mobile edge computing. Some MEC-enabled applications have only recently become available, such as active device location tracking, which allows operators to track active terminal equipment independent of Global Positioning System devices. The current trends in this sector are the introduction of new applications based on mobile edge computing.

Mobile Edge Computing Market Segmentation

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• By Type

Based on type; the market is divided into Hardware, Software, Service

Hardware is the leading part of this segment.

• By Application

Based on application; the market is divided into Media & Entertainment, Retail, IT & Telecom, Healthcare, BFSI, and Others

Telecom is the leading part of the application segment.

DRIVING FACTORS

"Improved Speed Boost the Market Growth"

Mobile edge computing moves compute away from an enterprise's core data center and closer to endpoint devices where data is generated, resulting in several key benefits. Improved speed with lower latency is one of them. Industrial and manufacturing autonomy, in order to function safely, IoT deployments and medical use cases all require machines to analyze data and return instructions almost instantly. Edge computing, by definition and design, eliminates the need to move data from endpoints to the cloud and back. Reducing travel time shortens the entire process; this time savings can be measured in seconds and, in some cases, milliseconds.

"High Security Level Accelerate a Market Growth"

The world is entering the age of hyper connectivity, in which devices, data, and information systems constantly communicate with one another, sharing data between and among numerous applications designed to do everything from protect our homes to run oil rigs. As the application grows in scope, so do security concerns. Because it keeps data close to the edge and thus away from centralized servers, mobile edge computing can provide enhanced security and privacy protections. Edge devices are still vulnerable to hacking, especially if they are not adequately secured. However, edge devices only store a limited amount of data and frequently do not contain complete data sets that hackers could exploit.

RESTRAINING FACTORS

"High Cost of the Product Hinder the Market Growth"

Although the product has many positive features that keep it at the top of the technology market, some of them are still holding it back. One of the primary disadvantages of using it is that it necessitates more storage space. Aside from that, its cost is very high, and it requires advanced infrastructure, which contributes to the slow growth of the mobile edge computing market. As technology advances, it is expected that global research and development will overcome this in the near future

Mobile Edge Computing Market Regional Insights

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"North America to Lead Market Owing to Digitalization"

Due to the presence of numerous players who provide MEC technology in this region, North America is the region with the greatest potential for the growth of mobile edge computing. The increasing number of players and end users are the primary drivers of its expansion. There is research and development going on, and the application is extensive in comparison to other geographical regions. In addition, the sector is attempting to develop more applications, which will lead to an increase in mobile edge computing market share in the north American region during the forecast period.

KEY INDUSTRY PLAYERS

"Prominent Players in the Market to Boost Market Growth"

The information in this market was gathered from a variety of sources. Trade journals, statistics from professional associations, university studies, and government reports are just a few examples. In addition to these primary sources, information is gathered from producers, distributors, sellers, retailers, micro-experts, and other market participants. The report includes information about industry participants and their local activities. Partnerships, technological advancements, acquisitions, mergers, and industrial facility expansion, to name a few data collection and reporting methods.

List of Market Players Profiled

• Adlink Technology (Taiwan)
• Advantech (Taiwan)
• Artesyn Embedded Technologies (U.S.)
• Brocade Communications Systems (U.S.)
• Huawei Technologies (China)
• Juniper Networks (U.S.)
• Nokia (Finland)
• Saguna Networks (Israel)
• Vasona Networks (U.S.)

REPORT COVERAGE

The study includes a comprehensive examination of the market's current state, including raw materials, technology, and equipment, as well as supply and demand, production capacity, and industry chain analysis. This study assesses the market potential as well as the market risks associated with the emergence of specific categories. The influence of key market drivers and restraints on market growth is also assessed. The performance of major firms is evaluated over time, and their effects on market dynamics are investigated.