Edge Analytics Market Report and Forecast 2023-2028

According to the report the global edge analytics market reached a value of USD 8.57 billion in 2022. Aided by the shift towards decentralised data processing and the mounting volumes of data generated by edge devices, the market is projected to further grow at a CAGR of 15.47% between 2023 and 2028 to reach a value of USD 19.5 billion by 2028.

Edge analytics, at its core, refers to the approach of processing and analysing data at the edge of a network, either closer to or on the data source itself, such as sensors, IoT devices, or other connected devices. It's a paradigm shift from traditional centralised data analysis, ensuring real-time data processing, reduced latency, and data optimisation. With the Internet of Things (IoT) expanding its horizons, edge analytics becomes the cornerstone to manage the deluge of data efficiently, paving the way for actionable, instantaneous insights.

The rapid proliferation of IoT devices underscores the surge in the global edge analytics market development. As devices get smarter and more interconnected, the quantum of data generated is staggering. Centralised data processing models grapple with latency issues, unable to process this data avalanche in real-time. Edge analytics swoops in as the saviour, processing data on-site, slashing response times, and enhancing decision-making processes.

Moreover, industries today operate in a dynamic ecosystem where real-time analytics is not just a luxury but a necessity. Whether it's manufacturing units wanting to predict equipment failures, retailers seeking instant insights into customer preferences, or healthcare professionals monitoring patient health metrics, the need for immediate data analysis is paramount. Edge analytics, with its promise of real-time processing, is thus finding takers across multiple sectors, fuelling its growth trajectory.

Another catalyst shaping the edge analytics market dynamics is the stringent data privacy regulations governing today's digital landscape. Transferring vast amounts of data to central repositories poses security threats and compliance challenges. Edge analytics, by minimising data transfer and processing data locally, enhances security and aligns better with data governance frameworks.

Furthermore, the advent of 5G technology is set to provide a significant boost to the edge analytics market expansion in the forecast period. 5G, with its lightning-fast speeds and reduced latencies, synergises perfectly with edge computing paradigms, ensuring seamless data transfer and analysis. As 5G deployment becomes more widespread, its interplay with edge analytics will become more pronounced, driving the market growth.

The energy sector, particularly renewables, also presents a lucrative avenue for edge analytics market growth. Solar farms, wind turbines, and other renewable sources generate vast amounts of data. Analysing this data at the source helps in real-time monitoring, predicting equipment failures, and optimising energy outputs. As the world pivots towards sustainable energy sources, edge analytics will play a pivotal role in making these sources more efficient.

Market Segmentation

The market can be divided based on component, type, business application, deployment model, industry vertical, and region.

Market Breakup by Component

• Solution
• Services

Market Breakup by Type

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Diagnostic Analytics

Market Breakup by Business Application

• Marketing
• Sales
• Operations
• Finance
• Human Resources

Market Breakup by Deployment Model

• On-Premises
• Cloud

Market Breakup by Industry Vertical

• Healthcare
• Energy
• Automation
• Agriculture
• Manufacturing
• Transportation
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global edge analytics companies. Some of the major key players explored in the report are as follows:

• Cisco Systems, Inc
• Oracle Corporation
• SAP SE
• SAS Institute, Inc
• IBM Corporation
• Predixion Software
• Amazon Web Services, Inc.
• Hewlett Packard Enterprise
• Intel Corporation
• Microsoft Corporation
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.