Data generation is reaching new heights in today’s rapidly changing digital landscape. However, traditional cloud computing models are struggling to keep up with the rising demand, resulting in slower and more inefficient data processing.
Edge computing emerges as a solution, providing a distributed computing model that moves computation and data storage closer to the source, lowering latency, and increasing overall performance.
According to a recent report by Markets and Markets, the global edge computing market is projected to grow by USD 111.3 billion by 2028, recording a Compound Annual Growth Rate (CAGR) of 15.7%.
This significant growth highlights the critical role edge computing is expected to play in the coming years. This article examines the trends and projections for edge computing for 2024, highlighting important factors that will influence the development of this game-changing technology.
What is Edge Computing?
Edge computing is a distributed computing framework that brings enterprise applications closer to data sources, such as IoT devices or local edge servers. This proximity to data at its source can deliver strong business benefits, including faster insights, improved response times, and better bandwidth availability.
Edge Computing Trends and Predictions for 2024
As organizations grapple with the challenges posed by increasing data volumes, staying abreast of the latest trends in edge computing becomes crucial for maintaining a competitive edge.
- More Focus on Security and Privacy
As data breaches become more sophisticated and costly, organizations are increasingly recognizing the importance of robust security measures. According to IBM’s “Cost of a Data Breach Report 2023,” the global average cost of a data breach in 2023 was USD 4.45 million.
In response to this threat, 51% of firms plan to increase cybersecurity spending in the current year. In 2024, edge computing trends will see a heightened focus on security and privacy.
To enhance security, edge computing solutions will incorporate improved encryption algorithms, secure booting mechanisms, and hardware-based security features.
Encryption algorithms will secure data in transit and at rest, while secure booting mechanisms will ensure that only trusted firmware is executed on edge devices. Hardware-based security features, such as Trusted Platform Modules (TPMs), will provide a more robust security foundation for edge devices.
- Edge to Cloud Interoperability
Recognizing that edge and cloud computing are complementary rather than competing technologies, organizations will focus on achieving seamless interoperability between the two.
By minimizing data silos, interoperability will enable better data-driven decisions, allowing organizations to manage data seamlessly across both edge and cloud environments.
This integration will be critical to unlocking the full potential of edge and cloud computing and providing a robust computing experience.
- Increased Adoption of 5G
The adoption of 5G networks has been on the rise, offering low latency, high bandwidth, and high-speed data transfer. According to Ericsson’s “Mobility Report,” global 5G mobile subscriptions are projected to reach 1.5 billion by the end of 2023.
In 2024, the increased adoption of 5G is expected to usher in new edge computing use cases, overcoming previous connectivity limitations.
The combination of 5G and edge computing will lead to enhanced digital experiences and improved performance. Regardless of whether data is housed in a centralized on-premises, public, or private cloud data center, enterprises will be able to reduce costs and offer new connected experiences thanks to 5G’s faster and more efficient data transfer capabilities.
- Surge in Edge Containers
A paradigm shift in infrastructure technology has been witnessed with the transition from virtual machines (VMs) to edge containers. Edge containers, representing decentralized computing, minimize latency, save bandwidth, and enhance the digital experience.
In 2024, a significant trend will be the surge in the adoption of edge containers, allowing organizations to deploy applications to multiple locations to meet regional demands.
By moving critical components of applications to the network’s edge, organizations can achieve lower network costs and improved response times. The deployment of edge containers to various locations facilitates the distribution of traffic to the nearest container using a single IP address, optimizing resource utilization.
- Edge-as-a-Service (EaaS)
Edge-as-a-Service (EaaS) model offers edge computing resources to end users on a subscription basis, allowing organizations to scale their edge computing resources without significant investments in costly infrastructure.
EaaS manages large-scale cross-node edge resources, fostering edge autonomy, edge-to-edge collaboration, and resource elasticity.
In addition to scalability, EaaS facilitates various functionalities, including asset discovery, tracking edge devices, management of edge devices from a remote location, predictive analysis, automation of operations, and software lifecycle management.
In 2024, EaaS is poised to open up new possibilities, empowering organizations to realize the full benefits of edge computing without the upfront costs associated with building and maintaining edge infrastructure.
Conclusion
As the digital landscape continues to evolve, edge computing stands out as a transformative technology, that addresses the challenges posed by the increasing volume of data. The trends and predictions for 2024 highlight the industry’s focus on enhancing security, achieving interoperability between edge and cloud environments, leveraging the potential of 5G, adopting edge containers, and embracing the innovative Edge-as-a-Service model. Organizations that stay informed and embrace these trends will be well-positioned to harness the power of edge computing and drive innovation in the years to come.