- In recent years, there has been concerted effort by all industry players to move their organizations to a centralized cloud empowered by virtualization. This effort advanced the vision of reducing time to market to achieve minimum total cost of ownership (TCO). The massive demand for cloud computing has led providers such as Google Inc. and Amazon Web Services (AWS) to build huge centralized clouds that are specifically designed for maximum efficiency.
- The 5G edge cloud network and services market is anticipated to grow significantly in the coming years. The growth of the market can be attributed to several factors such as rising demand for real-time and low-latency processing, automated decision-making solutions, growing adoption of IoT (Internet of Things) across sectors, and a requirement to deal with the rapidly increasing network traffic and data volumes.
- Data is progressively being produced at the user’s end with the advent of new and advanced technologies including autonomous cars, drones, augmented and virtual reality (AR/VR), and IoT with smart cities. These use cases highly demand real-time communication and processing between circulated endpoints. The points are expected to create the need for efficient management at the network edge.
- Furthermore, the need for lightweight systems & frameworks and the rise of connected car infrastructure & autonomous vehicles to augment the productivity of 5G edge computing solutions is anticipated to generate wide range of opportunities for edge computing vendors.
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Global 5G Edge Cloud Network and Services Market: Dynamics
Global 5G Edge Cloud Network and Services Market: Key Drivers
- Substantial increase in number of smartphones across the globe is expected to encourage consumers and enterprises to procure 5G technology services. This procurement of 5G technology is anticipated to drive the market over the coming years.
- Increasing usage of wireless communication & networking technologies and continuous increase in number of subscribers is projected to create opportunities for growth of the 5G edge cloud network and services market.
- 5G technology innovation has the potential to enhance networking speed by approximately 10 times compared to the speed of 4G technology.
- Some profitable 5G-enabled use cases include autonomous driving, Artificial Intelligence (AI), ultra-HD video, Augmented Reality (AR), and Virtual Reality (VR). Increasing demand for Internet of Things (IoT) and advanced 5G applications, among other advancements, are expected to drive the 5G edge cloud network and services market over the coming years.
- However, the 5G edge cloud network and services market faces several challenges that include large capital expenditure (CAPEX) and high initial cost of deployment. These factors might hinder the market across the globe.
Impact of COVID-19 on the Global 5G Edge Cloud Network and Services Market
The outbreak of COVID-19 has accelerated the growth of 5G edge cloud network and services owing to increasing demand for real-time and low-latency processing and programmed decision-making solutions. During this pandemic, associated data and edge computing centers are playing an important role for enterprises. Network-enabled technologies such as edge computing, IoT, and 5G technology are working to reduce operational risks related to COVID-19 and meet consumer expectations.
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North America to account for Major Share of the Global 5G Edge Cloud Network and Services Market
- In terms of region, the global 5G edge cloud network and services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to dominate the 5G edge cloud network and services market due to strong presence of well-established networking solutions and service providers. These service providers are actively investing in research and development (R&D) of 5G technology.
- The market in Europe is projected to showcase highest growth rate during the forecasted timeframe. Technological advancements in 5G technology for smart transportation and automotive sector plays a significant role in boosting the implementation of 5G edge cloud network and services in European countries.
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Key players operating in the global 5G Edge cloud network and services market include:
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co. Ltd.
- Dell Inc.
- IBM Corporation
- Amazon Web Services Inc.
- FogHorn Systems
- Capgemini Engineering
- GE Digital
- Litmus Automation
- Saguna Networks
- Sierra Wireless
- Digi International
- Juniper Networks
- Edge Intelligence
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