Global 5G Multi-access Edge Computing (MEC) Market Size (2023-2030)

According to the report published by Virtue Market Research in Global 5G Multi-access Edge Computing (MEC) Market was valued at USD 2.14 million and is projected to reach a market size of USD 25.79 million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 42.7%.

Industry Overview:

Multi-access Edge Computing refers to Mobile aspect computing belonging to the household of edge computing, which makes use of cloud computing skills and the IT carrier surroundings by bringing it to shut to the part of the network. The community side can store, process, and analyze the facts alternatively of sending all the data to the cloud for processing in traditional techniques. The information is processed in a community part of the place the client is close. It helps in real-time overall performance and exceptionally excessive bandwidth purposes like Industry four and related cars. The surroundings possess an excessive bandwidth with ultra-low latency and real-time access to RNI (Radio Network Information). MEC allows the software purposes to access correct time facts and neighborhood content material concerning the neighborhood access community conditions. It works on the simple precept of lowering community congestion via processing statistics nearer to the consumer instead of in a centralized cloud. Thus, it presents allotted computing abilities for web hosting unique offerings and applications. Moreover, with the low latency and excessive throughput supplied via MEC purposes functioning on 5G networks, the 5G service delivery model gives several new B2B options by means of the use of area clouds. 5G-enabled MEC additionally provides superior end-to-end overall performance through community slicing, session, security, and carrier continuity competencies for ultra-low latency and reliability, and seamless connectivity. The ability to crunch massive volumes of complicated telemetry records at the network's aspect allows carrier companies to extend aggressive contention by using enabling new commercial enterprise model modifications. Moreover, the incorporation of 5G with the MEC structure is predicted to aid public zone companies with connectivity and technological solutions, as well as enhance preliminary response times.

COVID-19 impact on the 5G Multi-access Edge Computing (MEC) Market 

COVID-19 is an infectious ailment caused by the novel coronavirus. Largely unknown before the outbreak started out in Wuhan (China) in December 2019, COVID-19 modified into an international pandemic in no time. The COVID-19 pandemic has expanded the burden on healthcare structures throughout the globe. Companies scaled up R&D efforts to advance vaccines and drugs in opposition to the virus. The outbreak of the COVID-19 pandemic had a poor effect on nearly all industries around the world. The US and international tech market witnessed a vast slowdown in 2020 due to which, essential countries like the US have decreased their funding in ICT in the first 1/2 of 2020, which is anticipated to negatively affect the increase of the multi-access edge computing market in the forecasting years. Additionally, spending on structures integration offerings and tech consulting witnessed a brief slowdown. Whereas, groups from distinct industries are now recognizing the value and benefits of multi-access part computing that would have helped them for the duration of the pandemic. Therefore, it is projected that numerous enterprise proprietors will start to scale up their digital transformation efforts and will begin aggressively investing in IT and cloud assets in the coming years that will provide rewarding possibilities for the multi-access side computing market.

MARKET DRIVERS:

Increasing adoption of Internet of things devices across many industries is driving the growth of the market

Increasing adoption of Internet of things units throughout many industries is an essential aspect of using the market increase due to the fact that more and more relying on centralized cloud computing and storage solutions. Relocating to the cloud for IT infrastructure poses latency and monetary feasibility problems. Therefore, in many industries, the usage of IoT sensors, actuators, and different IoT devices is scrutinized for area computing solutions, like side nodes, devices, and hyper-localized statistics centers. Edge computing complements the present cloud paradigm by decreasing information processing nearer to the source of the fact, supporting corporations' velocity up decision-making. The 5G provider best affords quite a few new B2B offerings leveraging side clouds. High-level end-to-end performance via internet cutting and provider continuity modes for ultra-low-latency and seamless connectivity and reliability are the principal elements of 5G-enabled multi-access area computing riding the market growth.

Rapid Digitalization is also driving the growth of the market

Industries are swiftly shifting towards digitalization by adopting modern-day technologies to automate and speed up their commercial enterprise strategies efficiently. It may additionally decrease facts transmission and storage charges through localized processing, however investing in edge infrastructure will amplify capital expenditures. Industries searching for whole-aspect computing options would require investing closely in part nodes, different facet devices, and part records centers. They would like to spend extra on making the units and the complete community secure.

MARKET RESTRAINTS:

Difficulty to prevent and monitor security breaches is restraining the growth of the market

Edge computing presents security advantages by decreasing the giant extent of statistics to shield at information centers, but alongside this, there is a situation for protection at every localized factor of the area network. As not each part of the system has the equal built-in protection and authentication competencies that make records extra prone to breaches. In addition, the large quantity of facts is tough to be saved security due to which, protection challenges in area computing are high.

5G MULTI-ACCESS EDGE COMPUTING (MEC) MARKET REPORT COVERAGE:

This research report on the 5G Multi-access Edge Computing (MEC) Market has been segmented and sub-segmented based on By Solution, By End-Use, and Region.

5G Multi-access Edge Computing (MEC) Market - By Solution:

• Hardware

• Software

• Services

Based on the Solution, the availability of multiple IoT units inner a MEC-based ecosystem reduces the requirement for specialized software that operates and features in accordance with the MEC architecture. The demand for software successful in providing multi-level load balancing, content material synchronization, and dispensed processing is boosting the increase of the software segment. Furthermore, answer providers such as Verizon have begun to provide software development kits to their customers, enabling in-house groups to create packages that are tailored to the needs and goals of the firm. The hardware phase obtained more than 30% income share in 2022. The ubiquity of linked devices and the elevated demand for real-time decision-making is encouraging the adoption of multiplied statistics facilities and servers. Companies have begun to provide superior Telecommunications Computing Architecture (TCA) hardware structures for humans and enterprises. Companies are supplying compact, cost-effective, and customizable products to meet the wants of the person to make certain serviceability, availability, and reliability.

5G Multi-access Edge Computing (MEC) Market - By End-Use:

• IT & Telecom

• Smart Cities, Smart Homes, & Smart Buildings

• Datacenters

• Energy & Utilities

• Automotive

• Others (Healthcare, Agriculture)

Based on the End-Use, the telecom and IT phase captured a revenue share of greater than 30% in 2022. The industrial purposes of 5G-enabled shipping systems grant clients ultra-low latency and extraordinarily excessive bandwidth for high-quality evaluation and records transfer, which is predicted to motivate corporations to undertake MEC practices. Furthermore, IT software and hardware corporations are developing new low-power options for IoT networks and structures that are predicted to decorate income and open up new income streams. For instance, AT&T Inc. gives MEC-based services, products, and options to its customers, personalized to their unique needs. The MEC architecture helps extend flexibility in data center deployment. As a result, the data center section accounted for an outstanding market share in 2022. Moreover, evolving data center deployment traits are encouraging community operators to take an extra agile method to grow dispensed architectures and infrastructures. Microdata centers based on MECs are supposed to promote a paradigm shift in information middle deployment techniques. The potential of the technological know-how to create facts facilities that are linked with a range of small and medium devices, such as wearables, cellular phones, gateways, and IoT devices, is in all likelihood to promote market growth.

5G Multi-access Edge Computing (MEC) Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, North America emerged as the market chief with extra than 43% revenue share in 2022.The speedy adoption of 5G is projected to force the want for multi-access side computing options in the coming years. Additionally, the growing facts core installations due to cloud adoption allowed the solution providers to include area computing and 5G, thereby improving the market increase of the region. Increased information middle deployments have stimulated several companies to shape alliances and collaborate to enhance side computing skills in their answer and product portfolios. The Asia Pacific captured a sizable income share in 2022. Companies in the location are turning to options that combine cloud computing with edge computing skills to decorate MEC structures for business services. Key telecom businesses such as China Unicom (Hong Kong) Limited, China Mobile Limited, China Telecom Corporation Limited, and SK Telecom Co., Ltd. in South Korea, have begun installing regional part centers. These corporations are working on MEC pilot initiatives and are involved in constructing large-scale edge-cloud networks. Such initiatives via main market players are favoring the increase of the regional market.Biometrics, face recognition, fee reduction, and interactive gaming in backhaul investments are some of the different necessary purposes of MEC in vital real-time applications that are pushing its wide-scale adoption in the Asia Pacific regional market.

5G Multi-access Edge Computing (MEC) Market Share -  By Company

Companies like

1. Nokia Corporation

2. Huawei Corporation

3. Advantech Co Ltd,

4. Juniper Networks Inc.,

5. Brocade Communications Systems Inc.,

6. Adlink Technology Inc

7. Saguna Networks Ltd

8. IBM Corporation

9. Intel Corporation

10. Artesyn Embedded Technologies Inc.,

And others are playing an essential role in the market. Mergers and acquisitions in the enterprise have enabled players to diversify and decorate their carrier services. For example, Amazon Web Services partnered with Vodafone. Vodafone would initially provide low-latency MEC services to users across the region.These businesses are increasing extensively due to ongoing product innovation supported by way of the rapid uptake of modern technologies. In order to feature in the market area effectively, rising companies in the region are focusing on vertical integration of their operations. They are additionally working with familiar manufacturers to enhance their global company presence. Large groups are spending on R&D things to do to create revolutionary items and amplify the utility areas for their products. In addition, the corporations have used other techniques to develop such as mergers and acquisitions.

NOTABLE HAPPENINGS IN THE 5G MULTI-ACCESS EDGE COMPUTING(MEC) MARKET IN THE RECENT PAST:

Collaboration - In Nov 2022, Colorbar, Honda, and Verizon collaborated to test how new connected safety technology uses 5G and mobile edge computing solutions to ensure fast, reliable communication between road infrastructure and vehicles to reduce road collisions.