Edge Computing for Business: Cloud’s Next Evolution

Technology remains to be the biggest trend for driving business transformation. One such is cloud adaptation as seen over the past few years. Enterprises have made a remarkable shift in their computing resources by shifting from their data centers to centralized cloud systems. Now, with the growth of powerful devices and capable cellular networks, yet another transformation is underway.  

Edge computing is a new paradigm being explored by businesses all over the world. Building upon the computing capabilities of the past, it is being viewed to bring about transformation in how data is processed. Edge computing pushes the boundary of an otherwise centralized repository of data closer to the systems where it actually will be utilized. This marginally slashes the time and cost involved in processing heaps of data in the cloud or other centralized location.

Companies tend to spend somewhere between $600k-$6 million on cloud management costs, of which a significant proportion, nearly 35% is wasted. Edge computing architecture offers a cost-effective alternative by ensuring optimal utilization of cloud space and reducing overall transmission costs.

As businesses become data-oriented, more than ever before, companies are concerned about data security. Cloud computing data centers are centralized and prone to cyber-attacks and phishing, hence creating a major impediment for businesses in case of any breach. Moving data to edge computing architecture provides it with an additional layer of security by distributing it over a wide range of devices. Bringing the data closer to devices also improves privacy and security by folds than protecting sensitive data moving to and fro from the centralized location.

Not only significantly reduced latency, but harnessing the new edge computing technology will also allow smooth operations amidst network disruptions that otherwise constrict the workflow. Highly accelerated by the pandemic, the remote working culture is a great use case for edge computing applications. It can support a distributed team by providing efficient computing density at much lower data redundancy rates.

Edge computing is garnering massive attention following the growth of IoT and edge devices. Accounting for a nearly $40 billion market in 2021, the edge computing market is expected to reach a valuation of more than $150 billion by 2030. The growing levels of cloud data traffic and the need for data security are further adding to the increasing interest.

To achieve superior results, organizations need to utilize the high processing speeds of the cloud with the performance of the latest edge computing. Furthermore, with projections of the IoT market reaching $1.3 trillion by 2026, IoT-driven edge computing innovation will help businesses gain significant operation return on investment(ROI). With advancements in technologies like 5G, AI, and VR and an overall transition to decentralized Web 3.0, the adoption of edge marketing will only accelerate in the coming years

Currently, just 10% of enterprise data is processed outside of centralized data centers or the cloud. But this figure is anticipated to shoot up to nearly 75% by the next 5 years. Embracing edge computing can prove to be a great value proposition by helping to create technological efficiency, cost, and security. Businesses that will spearhead large-scale adaptation of empowering real-time analysis in edge devices are sure to witness a competitive edge in the market.

In tandem with computing capacities, edge can analyze diverse data to identify trends in real-time and guide market entry strategies for companies. Interpreting high volumes of market intelligence data comprising customer preference data, opportunity forecasts in the market can be highly accelerated by enabling edge computing architecture. Complementing analytics algorithms and AI-ML learning models, edge computing enables quick data processing to provide actionable insights for decision-makers.

Related Blogs

Customer Intelligence
May 15, 2023

Marketing During a Recession: Lessons from Resilient Brands

Currently, economists are anticipating a substantial economic slump, which might have far-reaching effects for both B2B and B2C companies.

Customer Intelligence
May 9, 2023

Beyond Gen Z: The Importance of Advertising to Older Generations

More than 85% of people over the age of 40, don’t feel represented enough in the ads they come across.

Macroeconomics
April 20, 2023

Technology as an enabler of smart retail: A close look at the emerging trends

The global economy's economic trajectory appears to be on a bumpy course for the remainder of this year.

Industry Analysis
April 11, 2023

How Digital Payments Changed the Game: A Look at the Past, Present, and Future

The methods through which a buyer can finish a transaction have been drastically transformed during the last few decades.

Macroeconomics
April 10, 2023

Breaking Down India's Microfinance Industry: A Growth Story

The microfinance industry in India has come a long way since its inception in 1974. 

Market Analysis
March 21, 2023

The Rise of Tier 2 Cities in Indian E-Commerce: What Businesses Need to Know

Last year, three out of every five orders placed through e-commerce platforms were transported to purchasers in Tier 2 cities and beyond.

Macroeconomics
March 16, 2023

India's goal of becoming a USD 5 Trillion economy ahead of IMF's forecasts: A closer look

The government of India has recently indicated that the country intends to attain a USD 5 trillion GDP by 2025

Industry Analysis
March 2, 2023

Understanding the Changing Face of India's Credit Landscape: How India's Youth are Driving Credit Boom

India is now witnessing one of the most vibrant consumption-led growth periods as seen in recent times.

Industry Analysis
March 1, 2023

Navigating Uncertainty: How Business Interruption Insurance Can help MSMEs

Here’s why insurance crucial for enterprises so crucial for small and medium-sized enterprises. 

Customer Intelligence
February 15, 2023

Maximizing Profits: Using Customer Data to Drive Offline Retail Sales

The retail sector is seeing the undercurrents of change as consumers' buying preferences continue to shift quickly.

Customer Intelligence
February 6, 2023

The Future of Customer Experience: Harnessing the Power of Customer Intelligence

Customer behavior and tastes are currently driving industry changes.

Industry Analysis
January 31, 2023

Sustainable Digitization: The Secret to SME Success in the Digital Age

SMEs find it extremely difficult to remain competitive in the fast-paced digital environment of today.

Industry Analysis
January 30, 2023

The State of Cybersecurity in India

Ranking 4th among APAC countries and Top 10 In Global Cybersecurity Index 2020 Rankings, India has been immensely vocal about its cybersecurity ambitions.

Market Analysis
January 17, 2023

Energy Market Dynamics: How Renewable Energy is Changing the Game

One of the fastest growing and most complicated markets, energy markets are of major significance in the global economy.

Technology
January 12, 2023

Adaptive AI for business: Unlocking new opportunities and driving growth

Adaptive AI is a type of AI that can change its behavior and decision-making processes based on new information and changing circumstances.

Macroeconomics
January 6, 2023

India’s growth Trajectory in 2023: Can it dodge the looming global downturn?

2022 marked the highest inflation rate in some of the most advanced economies in the world.

Macroeconomics
December 26, 2022

Market Highlights : Looking back at the major disruptions in 2022

This year has been described as a year of change. There has been a wave of disruption and turbulence that has earmarked certain trends that are going to influence the sectors in the days to come.

Market Intelligence
December 22, 2022

Market Intelligence: Harness the power to drive Business Growth and Success

Companies that use market intelligence are twice as likely to outperform their competitors. Research shows that market leaders view analytics as a major differentiator.

Business Transformation
December 19, 2022

Business intelligence in action: How insight can drive decision-making in different industries

Business Intelligence (BI) augments an organization’s capability in decision-making and drives business growth.

Business Transformation
December 16, 2022

Maximize Your Business Potential: How Business Intelligence Can Transform Your Business

Business intelligence (BI) refers to the collection, analysis, and interpretation of data about a company's operations, markets, and competitors.

Industry Analysis
December 14, 2022

Visualizing Banking's New Frontier: How the Industry is Transforming to Meet the Needs of the Future

The banking industry is undergoing a period of rapid change, driven by advancements in technology and changing customer expectations.

Macroeconomics
December 5, 2022

India Assumes G20 Presidency: Startups at the Forefront of Key Agenda

India assumed its first-ever G20 Presidency on 1st December 2022 and will be hosting 200 events in 32 different sectors across 50 cities until the next G20 Summit to be held in New Delhi in September 2023.

Macroeconomics
November 30, 2022

Asia’s Foreign Direct Investments: Understanding the Trend

Foreign Investment channeled into Asia has reached a record high exceeding $600 billion in 2021.

Market Analysis
November 25, 2022

The Sustainability Market: A paradigm shift

In line with the United Nations’ Sustainable Development Goals 2030 and COP 27, as the countries pace up to meet the deadlines, similar trends are readily observed in the startup ecosystem.

Industry Analysis
November 24, 2022

Mobile Commerce: Becoming the Ever-Growing Part of the E-commerce Equation

Mobile Commerce or M-commerce is emerging as one of the most contending subsets of the E-commerce market.

Sustainability
November 22, 2022

Developments at COP 27

The world is presently seeing the largest reallocation of capital in its history.

Marketing
November 17, 2022

Sensory Marketing: Decoding a Robust Branding Strategy

Sensory marketing, a subset of psychological marketing is all about appealing to one or more of your customer's five senses to uniquely position your brand or product, thus successfully driving their behavior, judgment, or perceptions

Industry Analysis
November 16, 2022

5G: Setting the Stage for the Next Generation of Digital Transformation

Valued at more than $5 billion in 2020, the global 5G technology market is growing at a CAGR of nearly 66% and is forecasted to reach a whopping $800 billion by 2030

Industry Analysis
November 9, 2022

Generative AI: How Technology Disruptor Is Redefining Capabilities

The buzz behind Artificial Intelligence isn’t something new, but recently a category of AI- Generative AI has been making headlines.

Industry Analysis
November 5, 2022

Gearing up for COP27

United Nations Climate Change Conference more commonly referred to as the Conference of the Parties of the UNFCCC

Market Analysis
October 26, 2022

Net-Zero Emission Innovation : The Transition Checklist

Companies are readily seeking to envision a strategic

Consumer Insights
October 25, 2022

Understanding the Dynamically Changing Nature of Consumers

The Covid-19 pandemic has been instrumental to change

Market Insights
October 18, 2022

The Circular Economy - How is Asia Transitioning

In this era of stupendous globalization,

Market Insights
October 18, 2022

Digitalization in Asia - The Competitive Advantage

Using digital technology is no longer meant for just driving solutions

Industry Analysis
September 15, 2022

How Blockchain is Transforming the Banking & Finance Sector

The buzz around the term ‘blockchain’ gained gargantuan momentum in recent years.

Industry Analysis
September 15, 2022

Fintechs : The New Age Disruptors Challenging Traditional Banking

Fintech is an umbrella term for describing all sorts of

Industry Analysis
September 15, 2022

The Future of Banking : How are Banks Reinventing Themselves

The history of banking dates back to around 2000 BCE

Macroeconomics
August 23, 2022

Turbulence Ahead : A Year of Hiking Interest Rates

The global economy is currently at an unprecedented level

Macroeconomics
August 22, 2022

The APAC Story : Changing centre of gravity of the global economy.

Including more than 20 countries, home to nearly 60%

Industry Analysis
August 17, 2022

The $10 Trillion Sustainability Centric Market How ready are you to capture the opportunity?

In recent years, there has been a trend in the emergence

Macroeconomics
August 16, 2022

Internationalisation of Indian Rupee - What does it hold?

In the wake of global market fluctuations and geo-political tensions

Macroeconomics
August 10, 2022

Inflation on the rise: What does it mean for economic growth?

Two years ago, countries worldwide were concerned to overcome the pandemic

Industry Analysis
August 3, 2022

Business in the Metaverse

Metaverse- a term that first came up in Neal Stephenson’s 1992 science fiction novel - Snow Crash - which described life-like avatars meeting in realistic 3-D buildings and other virtual reality environments - is currently the favourite term of marketers.

Industry Analysis
July 13, 2022

The Protein Challenge: New entrant in the market- Alternate Protein & its Indian Context

Following the Covid-19 crisis, the alternative protein industry has seen a significant boost. The alternative protein market is anticipated to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027.

Competitiveness
June 1, 2022

Reaching to the Moon: How is UAE transforming itself as a future nation?

Historically being counted in the oil-country category, the United Arab Emirates (UAE) has been dramatically making its transition into being energy-focused yet finely attuned to technology.

Follow us

Knometrix Market Intelligence
Knometrix Market Intelligence
Knometrix Market Intelligence
Knometrix Market Intelligence