Author: Himanshu Patni
24 March 2023
Edge analytics is a method of gathering and analyzing 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 centralized 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 market is mainly attributed to the growing adoption of IoT devices worldwide. For instance, according to CompTIA, global IoT spending is expected to hit USD 1.2 trillion in 2022. Moreover, growing investments in artificial intelligence and automation are expected to significantly influence the market growth during the analysis time period. As artificial intelligence and automation is used to process the collected data to get computer generated insights. Furthermore, the growing number of smart cities are also expected to significantly influence the market growth during the forecast period. As smart cities use different kinds of sensors that collects various kinds of data which helps in smooth functioning of its stake holders such as governments, ministries etc.
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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. Furthermore 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 2020, and is expected to maintain this during the forecast period. Predictive analysis helps organizations in calculated decision making. It is also used in determining different possible outcomes of different situations.
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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. The North America region is expected to dominate the edge analytics market and is expected to maintain its domination throughout the forecast period. The growth in the region is mainly attributed to the growing manufacturing activities is expected to drive the market in the region during the forecast period. Furthermore, the growing application of the edge analytics services in SME’s is expected to drive the market during the forecast period. Moreover, the increasing trend of cloud implementation is expected to influence the market growth.
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
Global Edge Analytics MarketSegmentation
Market Insight, by Component
Market Insight, by Type
Market Insight, by End-Users
Market Insight, by Region
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