Edge Computing Market Growth: From USD 14.2 Billion in 2023 to USD 116.6 Billion by 2030
The Edge Computing Market is poised for significant growth, with projections indicating an increase from USD 14.2 billion in 2023 to USD 116.6 billion by 2030, representing a remarkable Compound Annual Growth Rate (CAGR) of 35.1% during this forecast period. This explosive growth can be attributed to various factors, including the rising demand for real-time data processing, the proliferation of Internet of Things (IoT) devices, and the increasing need for efficient data management solutions across multiple industries. Definition and Importance of Edge Computing Edge computing refers to the distributed computing paradigm that brings computation and data storage closer to the location where it is needed. By processing data at the "edge" of the network, rather than relying solely on centralized cloud servers, edge computing reduces latency and bandwidth use, which is crucial for applications requiring real-time responses. This technology is particularly vital in sectors su