Global Mobile Edge Computing (MEC) Market: Snapshot
Stiff competition characterizes the global mobile edge computing (MEC) market. Keen players wanting to succeed in the cut-throat environment are working on more effective solutions in response to the different requirement of companies. They are pouring money into engineering cutting edge technologies so as to beat competition. Big names in the industry are expending energy on developing highly advanced hardware and software solutions to capture greater market share. Such trends are responsible for making the global mobile edge computing (MEC) market highly dynamic in nature.
Some of the key growth drivers in the global mobile edge computing (MEC) market are the increasing demand for low latency computing and improved quality of experience (QoE), increasing network traffic and data explosion and low energy consumption technique.
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Advancements in Connected and Smart Technologies to Drive Sales across the Global Mobile Edge Computing Market
The growing use of cloud applications across industrial and business domains has given an impetus to the growth of the global mobile edge computing market. The architecture of mobile edge computing has evolved over the past decade to become a more utilitarian framework for end-uses and applications. The domain of cloud computing has become increasingly important for the masses in all leading industries such as defense, aerospace, oil and gas, cybersecurity, and manufacturing. Besides, cellular applications of the cloud have also given an impetus to the popularity of mobile edge computing. Therefore, the total volume of revenues flowing into the global mobile edge computing market is set to increase by leaps and bounds.
- The COVID-19 pandemic unlocked several opportunities for vendors operating in the field of mobile edge computing. The application of MEC in relevant areas such as computational offloading, mobile big data analytics, content delivery, and collaborative computing has further escalated demand within the global market. These technologies have come in handy during the pandemic situation, and have created new opportunities for market growth and expansion. Besides, several other smart technologies are also functioning at the back of improvements in mobile edge computing. This is a resilient driver of demand within the mobile edge computing market.
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Emerging Economies to Power Growth due to Penetration of Smartphones
From a geographical standpoint, Europe accounts for a leading share in the global mobile edge computing (MEC) market. In 2016, its market accounted for a share of 43.5%. This is mainly on the back of growing uptake of mobile edge computing on account of increasing monthly data usage and the rising adoption of devices having Internet of Things (IoT). In the next few years, the Europe mobile edge computing (MEC) market is predicted to register a CAGR of 42.8%.
North America is another crucial market for mobile edge computing (MEC), which is being fuelled by the U.S. North America is home to most of the hardware and software vendors and is expected to remain a key contributor in the next couple of years as well.
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