The edge computing market size is expected to be valued at $13.9 billion in 2023 and is expected to grow at a CAGR of 16.6% over the forecast period The increasing adoption of the internet of things (IoT) and 5G technology is expected to bode well for market growth over the forecast period. Furthermore, investments by telecom companies for the modernization of networks are anticipated to drive market growth over the next few years.

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Edge computing has applications in many use cases such as smart grids, self-driving cars, AI, machine learning, augmented reality, virtual reality, video conferencing, cloud gaming and others. These use cases are emerging in nature and have immense potential for growth and hence are expected to contribute to the growth of edge computing market.

The rapid surge of IoT devices has resulted in generation of huge volume of data that requires real-time processing and analysis. Edge computing empowers IoT devices to conduct localized data processing and analysis, effectively reducing latency and minimizing network bandwidth demands, thereby driving the market demand and growth.