Industrial Edge Computing Market Size (2024 - 2029)

Industrial Edge Computing Market Analysis

The Industrial Edge Computing Market size is estimated at USD 49.75 billion in 2024, and is expected to reach USD 93.62 billion by 2029, growing at a CAGR of 13.48% during the forecast period (2024-2029).

The need for edge computing is growing among businesses because they understand the tremendous potential of edge computing in transforming the manufacturing industry. Edge computing enables organizations to leverage the power of IT and OT convergence, real-time data processing, and advanced analytics to drive efficiencies, reduce costs, and improve business outcomes in manufacturing.

• The increasing trend of factory automation, usage of IoTs, and the application of connected devices across various end-user industries such as automobile and logistics are creating a demand for the market.
• The industrial edge allows organizations to conserve network bandwidth by reducing the data sent to the cloud. Organizations can also minimize cloud computing and storage costs by processing data locally. When computing and storage are decentralized, there's less risk that data will be compromised or a cyberattack will take down the entire network.
• The industrial edge also combines IT with operational technology (OT), allowing complex data analysis and significant operation improvements. Real-time, event-driven interactions between OT and business systems help maximize industrial automation's value.
• Industrial edge computing also provides cost-reduction benefits. Transferring large data sets of temporary or unimportant data to a centralized cloud is cost-prohibitive, so keeping such data at the edge and discarding it after use lowers the cost. Edge computing also makes tracking individual devices or equipment implementation on a shop floor easy. This data will assist the manufacturer in optimizing equipment performance while decreasing costs and hazardous circumstances.
• Few organizations can afford to establish redundant high-end servers, storage, and networking equipment in remote locations. Instead, they may install required applications on commodity servers that don't have redundant components (such as power supplies and hard drives). Worse still, edge locations may not contain a server room or other environmentally controlled space for IT equipment. The lack of adequate power, redundancy, cooling, or ventilation can be a challenge for the industry.

Industrial Edge Computing Industry Segmentation

Industrial edge computing (IEC) is a subset of edge computing that uses high-speed data analytics within a localized, on-site system to help address all types of industrial manufacturing challenges.

The industrial edge computing market is segmented by component (hardware, software, and services), end user (manufacturing, oil and gas, mining), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

The market sizes and forecasts are provided in terms of value USD for all the above segments.