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The Edge Analytics Market is thriving on account of the increasing need for real-time insights with growing surge for network devices in private sector. Edge analytics is a type of analytics that analyzes data at non-central parts of the system, such as sensors, switches, and different linked devices. The rising need for real-time insights, the growing government initiatives in ICT, increasing popularity of Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing technologies along with the growth of IoT devices and rising adaptability for edge analytics is expected to fuel the expansion of edge analytics market. Edge analytics is becoming the foundational technology model for the small and medium enterprises for managing the increased data prevalence. Many enterprises are adopting edge analytics as a cost-effective solution to bolster the need to process enormous data, dark data in near real-time and providing automated resolution. With the rapid changes in regulatory frameworks, working habits and customer expectations, technology for real-time analysis is considered to be a growing area of investment for government and institutions as they streamline their operations. Additionally, the growth of the market is on account of the easy availability of IoT based edge analytics tools such as AWS IoT GreenGrass, IBM Watson IoT Edge Analytics, Microsoft Azure IoT Edge, Oracle Edge Analytics (OEA) and many more. Due to the continuous technological advancements, it has enabled several vendors to integrate traditional manufacturing and operation process in the past years. Technology has become the key enabler of excellence and businesses are rapidly implementing sensors and including smart devices, coupled with edge analytics systems, gradually allowing for speedier data analysis. The increasing attention to security regulations, rapid expansion in collaboration between national regulatory, and security institutions are further expected to boost the global edge analytics market in the forecast period.
Advent of Internet of Things (IoT) and Proliferation of Massive Amount of Data Through Connected Devices
The massive adoption of edge analytics applications in the public as well as in the government institutions for data monitoring, surveillance, and other use case concerns have spurred the growth in edge analytics market globally. With the advent of IoT, businesses are integrating edge analytics with IoT and using them to monitor their production systems. IoT edge analytics is best suited for systems that require rapid data turnover to drive functionality, IoT systems that collect large amounts of data, and IoT devices that function off-network for remote deployment and data security reasons. Moreover, the enterprises of varied countries are integrating IoT based edge analytics solutions to collect the information locally without missing anything due to irregularity in communication links and reduction in the bandwidth cost. For instance, to address the challenge of deploying military drones in remote locations, government, security forces and other enterprises are adapting IoT edge analytics to get the real-time feedback effectively, allowing near-real solutions ensure a safe mission. This integration is technically helping drones reach the outside world via satellite communication. Furthermore, according to the International Data Corporation (IDC), there will be around 41.6 billion IoT devices in 2025, which are capable of generating 79.4 zettabytes (ZB) of data. Thus, the advent of IoT and proliferation of massive amount of data through connected devices are further allowing the implementation of edge analytics solutions, supporting the growth of the edge analytics market globally.
Surge in Demand for Prescriptive & Predictive Analytics in Private Sector
The increased demand for prescriptive as well as predictive analytics in the private sector such as consumer electronics, manufacturing, logistics is likely to drive the expansion of the edge analytics market over the forecast period. Predictive and prescriptive analytics are going and growing together like a bird of a feather. Post the prediction of potential outcomes, the enterprises use prescriptive analytics to help control those outcomes, which are beneficial to the business in the longer run. It aids businesses identify the best course of action so that enterprises can achieve business goals like cost reduction, customer satisfaction, profitability, etc. For instance, prescriptive analytics solution like IBM Decision Optimization, is enabling accurate decision-making for complex problems by providing tools for building and deploying optimization models that are mathematical representations of business problems. As a result, these solutions are high in demand by the enterprises and are becoming more integrated into the private sector. Furthermore, the enterprises are exponentially concerned more for utilizing such enormous benefits of advanced solutions for removing underperforming channels, increasing their efficiency, managing risk management, building repeatable and scalable process and achieving higher agility. Thus, the rising demand for predictive and prescriptive analytics solutions is expected to grow the edge analytics market globally in the forecast period.
Low Latency and High Bandwidth Issues of Data Transfer Driving the Edge Analytics Market
The recent advancements in new technologies along with integration into the edge-computing world, has opened many possibilities for economic and societal growth for many organizations. As the increasing volume of data, with the adoption of numerous smart devices and internet services, are slowing down the requests and reducing the speed of processing significantly. Edge analytics is one of the trending emerging solutions which is offering the ability to process the data with exceptional speeds and are enabling enhanced experience at the user end, providing the flexibility for high bandwidth and low latency issues during the data transfer. For instance, as per the study, only 10% of the data generation have been created and processed by the edge in 2022. Further, it is predicted that nearly 75% of the data will be on edge by 2025, leaving the traditional data centers and cloud storage. Industries within financial and banking sectors are adopting edge solutions to process the banking algorithms, executing the process quicker, and increasing overall profits significantly. Furthermore, service providers such as media & entertainments industries are leveraging the benefits of high bandwidth and low latency capabilities to ensure a seamless streaming experience for viewers, thus enabling the adoption of edge solutions in various organizations and is propelling the growth of edge analytics market in the forecast period.
Market Segmentation
The global edge analytics market is segmented into component, type, application, deployment mode, end-user, and region. Based on component, the market is segmented into solution and services. Based on type, the market is bifurcated into descriptive analytics, predictive analytics, prescriptive analytics and diagnostics analytics. Based on application, the market is categorized into marketing, sales, operations, finance, and human resources. By deployment mode type, the market is divided into on-premises and on-cloud. The end-user segment is further categorized into healthcare & life sciences, BFSI, retail & consumer goods, manufacturing, IT & telecommunication, transportation & logistics, media & entertainment, energy & utility, government & defence, travel & hospitality and others.
Market Player
Major market players in the global edge analytics market are IBM Corporation, Cisco Systems, Inc., Dell Inc., Equinix, Inc., Greenwave Systems, Hp Inc., Iguazio Ltd, Intel Corporation, Microsoft Corporation, Oracle Corporation.
Report Scope:
In this report, the global edge analytics market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Edge Analytics Market, By Component:
- Solution
- Services
Edge Analytics Market, By Type:
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostics Analytics
Edge Analytics Market, By Application:
- Marketing
- Sales
- Operations
- Finance
- Human Resources
Edge Analytics Market, By Deployment Mode:
- On-Premises
- On-Cloud
Edge Analytics Market, By End-User:
- Healthcare & Life Sciences
- BFSI
- Retail & Consumer Goods
- Manufacturing
- IT & Telecommunication
- Transportation & Logistics
- Media & Entertainment
- Energy & Utility
- Government & Defense
- Travel & Hospitality
- Other
Edge Analytics Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Middle East
- UAE
- Saudi Arabia
- South Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Edge Analytics Market.
Available Customizations:
Global Edge Analytics Market report with the given market data, the publisher offers customizations according to a company's specific needs.
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Table of Contents
Companies Mentioned
- IBM Corporation
- Cisco Systems Inc.
- Dell Inc.
- Equinix Inc.
- Greenwave Systems
- HP Inc.
- Iguazio Ltd
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 188 |
| Published | September 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 10.2 Billion |
| Forecasted Market Value ( USD | $ 45.28 Billion |
| Compound Annual Growth Rate | 28.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
