Edge computing global spend to hit $250 billion by 2024, says IDC

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Global spending on edge computing will hit $250 billion (£193.2bn) by 2024, according to IDC, led by a future of ‘extraordinary value and opportunity.’

According to IDC’s nascent Worldwide Edge Spending Guide, the market as defined will see a CAGR of 12.5% between the 2019 and 2024 forecast period.

Of that figure, the services market – taking into account professional and provisioned services – will account for almost half (46.2%) of all edge spending by 2024. Hardware is the second largest bucket, at 32.2%, compared with edge-related software (21.6%).

The US and Western Europe will be the predominant geographic leaders in this space, the report predicted. For the Americas, EMEA, and Asia Pacific regions, IDC said spend would be at 45%, 27.9%, and 27.2% respectively. In terms of industries, discrete manufacturing and professional services are the two biggest hitters, while retail is predicted a sharp rise by the end of the forecast period.

With regard to the potential impact of Covid-19, IDC said edge market suppliers were poised to experience ‘sustained growth throughout the forecast from enterprise and service provider investments.’

“Edge products and services are powering the next wave of digital transformation,” said Dave McCarthy, IDC research director for edge strategies. “With the ability to place infrastructure and applications close to where data is generated and consumed, organisations of all types are looking to edge technology as a method of improving business agility and creating new customer experiences.”

Elsewhere, IDC said that the wider cloud ecosystem – including public cloud services, dedicated cloud, enterprise private cloud infrastructure, provider build and support and mixed deployment models – could top $1 trillion by 2024, aided by the acceleration impact of the Covid-19 pandemic.

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