Edge Analytics Market: Current Analysis and Forecast (2022-2028)

Edge Analytics Market: Current Analysis and Forecast (2022-2028)

Edge analytics is a method of gathering and analysing data that involves automatic analytical calculation on data collected by a sensor, network switch, or other device as opposed to waiting for the data to be sent back to a centralised data storage.

The edge analytics market is expected to grow at a steady rate of around 24% owing to the increasing internet penetration. The growth of the edge analytics market is being driven by several factors. One of the primary reasons is the increasing amount of data being generated by the proliferation of the Internet of Things (IoT) and other digital technologies. For instance, according to comptia, global IoT spending is expected to hit USD 1.2 trillion in 2022. As more and more devices become connected to the internet, they generate large amounts of data that can be analyzed in real-time at the edge of the network. Moreover, edge analytics allows organizations to process and analyze this data at the point of origin, reducing latency and improving overall performance. Additionally, the growing adoption of cloud computing and the need for faster and more efficient data processing are also fueling the growth of the edge analytics market. The ability to process data at the edge of the network helps reduce the amount of data that needs to be transferred to the cloud, making it more cost-effective and efficient. Finally, the rise of artificial intelligence (AI) and machine learning (ML) is also driving the growth of the edge analytics market, as these technologies rely on real-time data processing to operate effectively.

• Based on component, the market is segmented into solutions and services. The services segment is expected to grow with a significant CAGR. The growth of the segment is mainly attributed to their cost effectiveness. Futhermore the edge analytics services are becoming increasingly popular in industries such as manufacturing, healthcare, transportation, and logistics, where real-time data analysis is critical for optimizing operations and improving efficiency. For example, in manufacturing, edge analytics can be used to monitor equipment and detect potential issues before they cause downtime or other problems which is expected to drive the market during the forecast period.
• On the basis of type, the market is segmented into prescriptive analytics, descriptive analytics, diagnostic analytics, predictive analytics. The predictive analytics segment is expected to dominate the market in 2021 and is expected to maintain this during the forecast period. Real-time data analysis: Edge analytics solutions with predictive features enable organizations to analyze real-time data from a variety of sources, such as sensors, IoT devices, and other data streams, to make accurate predictions about future events or trends. With the increasing demand for real-time data analysis, businesses are turning to edge analytics solutions with predictive features to gain valuable insights into their operations.
• Based on end-users, the market is segmented into BFSI, retail, energy & power, IT, defense and others. The energy and power segment is held a significant market share in 2020 and is expected to grow with a significant market share during the forecast period. In energy & power sector the edge analytics systems are used to track problems in real time which helps organizations to decrease the output delays costs which is expected to drive the market during the forecast period. Furthermore, with the help of edge analytics energy producing companies can determine how much energy could be transmitted or retained for future usage is also expected to drive the market during the forecast period.
• For a better understanding of the market adoption of the edge analytics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. During the forecast period, the North America region is anticipated to lead the edge analytics market and sustain its dominance. This growth can be attributed to the region's expanding manufacturing activities, which are expected to boost the market. Additionally, the increasing usage of edge analytics services in small and medium-sized enterprises (SMEs) is expected to drive market growth. Furthermore, the market is expected to be influenced by the rising trend of cloud implementation.
• Some of the major players operating in the market include Cisco Systems; Inc; Oracle; Analytic Edge; CGI Inc; Dell Inc; Equinix, Inc; Greenwave Systems; IBM; Intel Corporation; Microsoft.