Study: 90% of industrial enterprises to utilize edge computing by 2022

Industrial enterprises are increasingly turning to edge computing for the shorter latencies, robust security, responsive data collection, and lower costs it offers organizations, according to a new study from Frost & Sullivan. The report looks ahead to 2024 and described edge computing as a "foundational technology" that 90% of industrial enterprises will be using by 2022. According to Frost & Sullivan analysts, edge computing will be key as industrial environments become more hyper-connected in the coming years with a litany of autonomous assets, remote asset monitoring, data extraction from stranded assets, autonomous robotics, autonomous vehicles, and smart factories. The study estimates that the multi-access edge computing market may grow at a compound annual growth rate of 157.4%; it brought in revenue of $64.1 million in 2019 and is slated to bring in $7.23 billion by 2024, according to Frost & Sullivan analysts. "The recent launch of the 5G technology coupled with multi-access edge computing brings computing power close to customers and also allows the emergence of new applications and experiences for them," said Renato Pasquini, information & communication technologies research director at Frost & Sullivan.