The advent of Internet of Things (IoT) and proliferation of massive amount of data through connected devices are factors expected to drive the Global Edge Analytics Market during the forecast period 2024-2028.
According to TechSci Research report, “Edge Analytics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F”, the Global Edge Analytics Market is anticipated to register robust growth during the forecast period 2024-2028. The Global Edge Analytics Market is driving on account of the increasing need for real-time insights with the growing surge for network devices in the private sector. As digitalization takes hold, technology has emerged as the primary enabler of excellence. As a result, businesses are increasingly becoming mobile, and customers are increasingly adopting edge analytics systems, owing to the rising popularity of emerging technologies like cloud computing and artificial intelligence (AI). Moreover, the proliferation of massive amount of data through connected devices and the increasing use of data accumulated from disparate systems in Industrial operations and corporate decision-making are further allowing end users to use edge analytics solutions, such as predictive analytics and diagnostics analytics to analyze the data. Furthermore, edge analytics support businesses in keeping track of edge devices, enhancing security, scalability, and cost-optimization capabilities with real-time risk analysis, and connecting regulators and industry to accurately predict failures in advance while safeguarding consumer interests. The need for effective edge analytics solutions and services is rising as a result of rising security regulations awareness and the quick growth of collaboration between national regulatory and security authorities are leading to growth of the Global Edge Analytics Market.
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The global edge analytics market is segmented into component, type, application, deployment mode, end-user, and region. Based on component, the solution segment is expected to dominate in the global edge analytics market. The high growth of this segment is attributed to the increasing use of such solutions in the real-time analysis by varied authorities. The applications of edge analytics are gaining popularity and has become possible due to the availability of large amount of data. Predictive text, smart assistants, search engine results, text classifications, text extraction, text summarization, real-time analytic benefits, etc., are allowing more enterprises to adopt and implement edge analytics solutions to improve the business outcomes. Furthermore, the services segments are also becoming an important entity for building AI chatbot, sentimental analysis, entity recognition, extract information using edge based integrated models in various industries like stocks, laws, finance, healthcare, and marketing, thus, leading to the high adoption of solution segment enabling the growth of edge analytics market.
On the bases of type segment, prescriptive analytics segment is expected to dominate in the global edge analytics market. Prescriptive analytics models are used to integrate operations and data to give a roadmap that describes what to do and how to execute it right for the first time. Prescriptive analytics evaluates data gathered from both historical and anticipated analysis and creates corrective actions to be implemented for better business decisions. Several sectors, including healthcare, retail and others have implemented edge analytics solutions for prescriptive analytics models to enhance their business operations via cost-effective and result-oriented analytics models with great efficiency and productivity. Furthermore, the prescriptive analytics solutions use optimization technology to solve complex challenges with millions of decision variables, constraints, and tradeoffs. Such advantages are propelling the higher adoption of prescriptive tools and are expected to fuel market demand for edge analytics products and solutions.
By deployment type, the on-premises segment holds the largest share in the edge analytics market in the forecast period as many industries are still relying on the IT infrastructure setup. On the contrary, cloud segment is rising with the massive growth as the operational cost saving and the throughout single platform management benefits of cloud center is helping customers to get relief from high latency and huge data burden on physical data centers. Due to this, it is now important to guarantee that the devices work effectively and safely after deployment. Additionally, users must maintain firmware and software upgrades, monitor device health, protect access to these devices, and resolve problems remotely. These advantages are leading to growth in the on-premises deployment segment.
Key market players in the global edge analytics market:
- IBM Corporation
- Cisco Systems Inc.
- Dell Inc.
- Equinix Inc.
- Greenwave Systems
- HP Inc.
- Iguazio Ltd
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
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“North America is estimated to hold the largest market share in the global edge analytics market, owing to the increasing adoption of advance next-generation technologies along with the strict regulations and increasing technological advancements in the United States and Canada. However, the edge analytics market in Asia Pacific has also experienced significant growth during the forecast period. This is due to the presence of established service vendors such as IBM Corporation, Cisco Systems Inc, Microsoft Corporation and many more that are focusing on offering advanced edge analytics solutions to improve efficiency, productivity, and real-time analysis. Additionally, it is anticipated that the growing government rules and regulations to optimize technological resources such as edge computing for better deployment and the increasing penetration of artificial intelligence (AI), IoT and Machine Learning (ML) enabled technologies are enabling edge analytics applications. Furthermore, the need for adequate accuracy with better risk management reforms for managing risks, cost reduction of data storages, and minimizing bandwidth issues for autonomous vehicles, smart grid, cloud gaming and in-hospital patient monitoring is anticipated to fuel market expansion in North America.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Edge Analytics Market Segmented By Component (Solution and Services), By Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics and Diagnostics Analytics), By Application (Marketing, Sales, Operations, Finance, Human Resources), By Deployment Mode (On-Premises and On-Cloud), By End-User (Healthcare & Life Sciences, BFSI, Retail & Consumer Goods, Manufacturing, IT & Telecommunication, Transportation & Logistics, Media & Entertainment, Energy & Utility, Government & Defence, Travel & Hospitality and Other), By Region, Competition, Forecast & Opportunities” has evaluated the future growth potential of global edge analytics market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global edge analytics market.
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