Edge Analytics Market

Edge Analytics Market Research, 2030

The global edge analytics market was valued at $5.2 billion in 2020, and is projected to reach $47.4 billion by 2030, growing at a CAGR of 24.9% from 2021 to 2030.

The edge analytics market was positively affected by COVID-19 pandemic and showcased significant growth rate during the period, owing to the remote working trends and unavailability of employees during the period of COVID-19 lockdowns which prompted the need for automation and IoT solutions during the period, aiding towards the growth of edge analytics market during the period

Edge analytics is an approach to data collection and analysis in which an automated analytical computation is performed on data at anedge of a node, network switch or any other network endpoint instead of waiting for the data to be sent back to a centralized data store.

Growth in the internet and cloud penetration is promising great opportunities for the growth of the global edge analytics market in the coming years. In addition, increased demand for automation positively impacts the growth of the market. However, the lack of a skilled workforce to install and operate edge-based solutions limits the market growth. On the contrary, increased efficiency of network nodes is expected to offer remunerative opportunities for the expansion of the edge analytics market size during the forecast period.

The report focuses on growth prospects, restraints, and trends of the global edge analytics market forecast analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the edge analytics industry.

The edge analytics market is segmented into Component, Type, Deployment Model and Industry Vertical.

Segment Review

The edge analytics market is segmented on the basis of component, type, deployment model, industry vertical, and region. On the basis of the component, it is bifurcated into solution and service. On the basis of type, it is classified into descriptive analytics, predictive analytics, and prescriptive analytics. By deployment model, it is categorized into on-premise and cloud. On the basis of industry vertical, it is divided into retail, e-commerce and consumer electronics, energy and utilities, healthcare, transportation and logistics, IT and telecom, manufacturing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

In terms of type, the descriptive analytics segment holds the largest edge analytics market share, owing to the surge in the need for descriptive data to enhance predictive analytical models and determination of new edge analytics deployment across various places including construction, industrial, and public places that is expected to drive the market for historical edge analytics. However, the predictive analytics segment is expected to grow at the highest rate during the forecast period due to high demand for precautionary measures to be taken to avoid dangerous and disastrous situations, which fuel the growth of the edge analytics industry.

By region, the edge analytics market share was dominated by North America in 2020, and is expected to retain its position during the forecast period. Rise in the need for prescriptive analytics and an increase in adoption of edge analytics solutions aid the market growth in North America. However, Asia-Pacific is expected to witness significant growth during the forecast period owing to high demand for edge analytics solutions and growth in the manufacturing industry, which include supply chain connectivity, asset monitoring, workplace safety management, and energy management, such factors are expected to provide positive outlook for edge analytics market analysis during the period of forecast within the Asia-Pacific region.

The key players that operate in the edge analytics market are Cisco system Inc., Dell Technologies Inc., Equinix, Inc., Greenwave Systems, Hewlett Packard Enterprise Development LP, IBM Corporation, Iguazio Ltd., Intel Corporation, Microsoft Corporation and Oracle Corporation.

COVID-19 Impact Analysis

The edge analytics industry size has grown significantly in recent years but due to the outbreak of the COVID-19 pandemic, the market is expected to experience a sharp decline in 2020. To check the spread of the deadly coronavirus, many industries and organizations were shut down. During this period, many organizations switched to adopting edge AI software for complete automation of work for processes and to monitor the workflow smoothly and remotely. These factors have enhanced the vertical growth of the market during the crisis.

Top Impacting Factors

Growth in Adoption of Connected Devices

Organizations across the world have focused on improving efficiency and reducing maintenance of the analytics solutions through effective integration of data collected from connected devices and networking equipment for enhanced real-time incident analysis. Rise in demand for real-time monitoring and prescriptive analytical modeling fuel the demand for data edge analytics solutions, which is anticipated to grow with a healthy rate during the forecast period. This helps in boosting the edge analytics market growth.

Surge in Demand for Prescriptive Analytics

Prescriptive analytics is the extended version of analytical solution that helps in reducing analytical complexity in the network and enhances analytics solutions by forecasting tasks to be taken in advance. Through optimized data analytics, prescriptive analytics first analyzes data collected both from historical and predictive analysis, and generates corrective measures to be taken for better business decisions. Several industries, such as BFSI, healthcare, retail, and others have adopted edge analytics solution for prescriptive analytics models to optimize their business operations through cost effective and result oriented analytics models. These factors are anticipated to fuel the edge analytics market growth.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the edge analytics market analysis from 2020 to 2030 to identify the prevailing edge analytics market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the edge analytics market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global edge analytics market trends, key players, market segments, application areas, and market growth strategies.

 Edge Analytics Market Report Highlights