Retail Edge Computing Market Overview:
The edge computing market is likely to witness outstanding growth in the future. Growing adoption of edge computing for automated operations and enhanced safety measures would boost the market size. Market Research Future (MRFR) confirms that the global edge computing market value is expected to escalate from USD 36.35 BN in 2022 to USD 168.6 BN by 2030, growing at a 24.51% CAGR throughout the assessment period (2022-2030).
The Retail Edge Computing market Vertical is projected to grow from USD XX Billion in 2023 to USD XX Billion by 2032, exhibiting a compound annual growth rate (CAGR) of XX% during the forecast period (2023 - 2032).
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Key Players:
Key Companies in the Retail Edge Computing market include,
- Cisco
- AWS
- Dell Technologies
- HPE
- Huawei
- IBM
- Intel
Edge computing brings the power of computation and data storage, creating tremendous opportunities across industries. It enables better data control, faster insights & actions, and continuous operations while reducing operational costs. Moreover, this technology provides an autonomous management offering to address the scale and variability needs. It also helps communication companies upgrade their networks and deliver new services at the edge.
The use of IoT devices is predominantly growing among businesses that are increasingly depending on storage solutions and centralized cloud computing and are using IoT actuators, sensors, and other devices. Also, the rising need for low-latency processing and network traffic and data volumes substantiate the edge computing market revenues.
However, the multiple benefits of IoT and the rising use of connected technologies & smart devices also generate extensive big data. As a result, companies seek edge computing solutions, such as hyper-localized data centers, devices, and edge nodes. Furthermore, the growing demand for real-time, automated decision-making solutions allows the market to garner substantial traction.
In today's digital landscape, Edge computing is becoming increasingly important for retailers to deal with real-time data processing and analysis at the collection source rather than in a centralized location. Using edge computing in retail environments helps optimize store operations and improve customer experiences by supporting new technologies such as self-checkout and augmented reality (AR) systems.
The integration of retail and edge computing leads to real-time data analysis that enables more personalized & seamless shopping experiences for customers and cost reduction & increased revenue for retailers. Edge computing offers significant advantages to the retail industry, aligning with modern AI trends in the retail industry. With the help of edge computing, retail organizations can effectively utilize AI to meet their business needs.
Retailers are increasingly realizing the advantages of edge computing in delivering a better customer experience. To keep up with the ever-increasing customer expectations, retailers are investing in employing edge computing solutions in their stores. These solutions enable retailers to deliver unique in-store experiences to customers by creating smart-store architecture that supports advanced capabilities, like IoT and computer vision and automating tasks for peak efficiency.
There are many leading retail edge computing solutions providers, including AWS, Google, Dell Technologies, HPE, Edgeworx, Sunlight.io, Huawei, and VMware. At the beginning of this year, VMware announced the 'VMware Explore 2023' program, hosting technology users & leaders in the new multi-cloud space, enterprise applications, cloud architecture & infrastructure, and networking & security.
At the VMware Explore 2023 held in Las Vegas during Aug. 21 – 24, 2023, the company launched an edge cloud orchestrator, retail edge solution, and edge managed connectivity service. New VMware Edge orchestration capabilities help customers deploy, manage, and secure edge-native applications & infrastructure at scale, allowing orchestrating and managing multiple edge services. VMware Edge managed connectivity service enables wireless service providers to deliver private 4G/5G services to enterprises.
VMware Retail Edge is a single software-defined platform delivering critical business outcomes and enabling customers to simply and more cost-effectively build, run, manage, connect, and protect their business services across their retail stores. Newly launched VMware Retail Edge is a platform for store innovation & optimization, support customer engagement, loss prevention, and point-of-sale (PoS) transformation.
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The solution brings agility, ease of management, and better VMware Edge Compute Stack security to retail store environments. Using the new VMware Retail Edge solution, store operators can reduce in-store infrastructure costs and management. It remotely deploys and maintains applications on demand and accelerates the deployment of next-generation AI apps.
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