Market Trends of Mobile Edge Computing Industry
This section covers the major market trends shaping the Mobile Edge Computing Market according to our research experts:
Rising Application of 5G and Industrial IoT Services Among End-user Industries
- Industry 4.0, powered by the Internet of Things (IoT) movement, involves interconnecting various technological platforms and presents the ability to interface with manufacturing equipment located anywhere in the world, from anywhere in the world. With Industry 4.0 transforming industries, from legacy systems to smart components and machines to facilitating digital factories and developing an ecosystem of connected plants and enterprises, MEC platforms find exciting opportunities for deployment.
- IoT in industrial automation is expected to derive maximum benefit from 5G services. The functionality to support this segment is currently being defined in 3GPP, influenced by Industry 4.0 initiatives and industry bodies, such as 5G-ACIA. It will be a 5G-specific segment for local area use cases and private network deployments.
- In the healthcare industry, IoT enables providers to monitor patient health remotely through connected medical solutions, along with real-time data collection and extended access to real-time monitoring and analysis. The healthcare sector is witnessing an increase in the deployment of 5G services. For instance, Samsung Medical Center and Korea's largest telecommunications company, KT Corporation, announced that they have partnered to develop smart patient care, 5G-powered innovative medical practices, and improve hospital operational efficiency.
- Energy and utility companies are driving the pack in actively improving business cases, services, and partnerships around 5G. According to Infosys, 56% of the energy and utility companies are defining use cases for 5G, and 20% have already established their 5G service portfolios along with the ecosystem partners. The company further anticipates that smart cities will create USD 100 billion in utility revenue. As electricity distributors manage poles and wires to all parts of the cities and neighborhoods, they could leverage their assets to offer smart surveillance solutions or smart lighting solutions to communities, law enforcement agencies, and enterprises.
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North America is Expected to Hold Major Share
- North America is home to three major cloud service providers: Amazon Web Services, Microsoft Azure, and Google Cloud. In addition, the region is home to major mobile edge computing market vendors such as Verizon Communications Inc., AT&T Inc., etc., which positively impacts the mobile edge computing market in the region. This region is also considered to be the hub for all major technological innovations, such as 5G, autonomous driving, IoT, blockchain, gaming, and AI, among others.
- Countries like the United States and Canada are known to be early adopters of new technologies. Most new technologies at present are data intensive. They create, process, and transfer large amounts of data, due to which the current infrastructure, consisting of data centers and the cloud, is inching toward its maximum capacity. With the amount of new data generated and used presently, these infrastructures would not be able to support their customers' needs. Of all the parameters involved, latency is going to be the most crucial factor for business.
- Since most companies rely on real-time data access and processing, low latency can disrupt their entire process. This is where edge computing has helped infrastructure developers address the issue. With new technologies maturing, edge computing is expected to have a significant impact.
- Further, mobile edge computing allows consumers and businesses from various sectors to capitalize on the power of a data center in near real-time, unlocking the further potential for fast, low-latency mobile networks to empower transformative technologies for everything from home entertainment and gaming to healthcare and agriculture.
- Various end-users in the region are indulging in partnerships with edge computing providers to develop innovative platforms coupled with advanced technologies such as 5G, IoT, and mobile edge computing. For instance, in January 2022, Vodafone announced a partnership with Proximie, the health technology platform that digitizes operating rooms worldwide to save lives by sharing the world's best clinical practices. Combining technologies such as 5G, IoT, and Edge Computing with Proximie's world-class connected surgical care software, healthcare experts will be able to virtually' scrub in,' record, and interact with operating rooms across the world to help accelerate and improve workforce training and more efficient delivery of high-quality surgical care, at scale.
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