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The internet of things (IoT) and edge computing are two interconnected technologies reshaping industries by facilitating real-time data processing and decision-making closer to where the data is generated. IoT encompasses a network of devices, sensors, and systems that communicate and share data over the internet. These devices span from smart home appliances and health-monitoring wearables to industrial machinery and connected vehicles. Given the vast data generated by IoT devices, efficient processing is crucial to derive actionable insights promptly. This is where Edge Computing becomes pivotal.
Edge computing processes data at or near its source instead of routing it to centralized cloud servers. This approach minimizes latency, bolsters data security, and optimizes bandwidth by transmitting only essential data to the cloud for deeper analysis. Such advantages are especially beneficial in sectors like manufacturing, healthcare, transportation, and retail, where swift decisions hinge on real-time data from IoT devices.
For instance, in autonomous vehicles and smart manufacturing, edge-based real-time data processing is vital for immediate responses, safeguarding safety and enhancing operational efficiency. Collectively, IoT and edge computing are transforming business operations, fostering quicker, more adaptive systems adept at navigating real-world, time-sensitive scenarios.
For instance, according to the Eclipse Foundation, in 2023, 64% of individuals implemented IoT solutions, a rise from 53% in 2022. Furthermore, 23% expressed intentions to deploy within the next 12-24 months, while under 5% had no plans for IoT deployment.
In 2023, the cloud service orchestration segment accounted for over 32% of the market share and is expected to exceed USD 39 billion by 2032.
North America market accounted for over 38% of the market share in 2023 and is expected to exceed USD 47 billion by 2032, with the U.S. leading due to its dominance in cloud technology and strong IT infrastructure.
The market size of integration platform as a service reached USD 9.1 billion in 2023 and is projected to grow at a CAGR of over 34.6% between 2024 and 2032, led by the widespread adoption of hybrid and multi-cloud infrastructures.
Major players include Boomi, Inc., Salesforce, Informatica, Microsoft Corporation, Oracle Corporation, IBM Corporation, and Workato.
The BFSI segment held around 27% of the market share in 2023 due to its data-driven nature, requiring real-time processing, integration, and analysis across multiple systems.