The edge-computing market is to be worth about US$7 billion by 2024
The edge-computing market was estimated to be worth US$1.272 billion in 2018. However, it is now projected to attain a worth of US$6.959 billion by 2024. Therefore, it may grow at a compound annual rate of approximately 34% over those 5 years.
Edge computing can be used to faciliate applications or process data in the internet of things (IoT), artificial intelligence, and machine learning. It may also come to play a role in the industrial IoT, and also in the emerging 5G industry. This is thought to be due to the fact that increasing volumes of data will reach devices from cell towers with increasing speed, and will need to be managed accordingly.
Edge computing is also thought necessary to deliver smart cities, a concept that is gathering weight in Europe and the US and may spread to other regions in the near future. However, it is also projected that edge will become important for consumers who use mobile banking or payments, and to the institutions who provide the apps on which it is done.
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