Edge Analytics Market Industry Insight
Edge analytics refers to the practice of performing data processing and analysis directly on edge devices, such as sensors and IoT gateways, rather than transmitting all of the raw data back to a centralized cloud for analysis. This approach can significantly reduce the amount of data that needs to be transmitted and stored, as well as enable real-time decision making at the edge.
In the Edge Analytics Market Forecast period of 2021–2030, market revenue is anticipated to increase at a CAGR of 31% and reach over $11 billion by 2030.
In order to implement edge analytics, it is important for the edge devices to have sufficient computing power and be pre-loaded with the necessary analytics software. Some popular platforms for implementing edge analytics include Apache Edgent and Kaa. However, it is worth noting that as of now, there are no mature analytic tools like Spark to write some background jobs that perform data processing on collected information from endpoints.
If you are considering implementing edge analytics, it is important to carefully evaluate your options and choose a platform that meets the specific needs of your project.
Top Impacting Factors
The analysis surveys conducted by MRFR on edge analytics and computing, especially as an analytic proposal and as an advance for analyzing information has firmly assisted the market in growing. In the broader sense of the term, edge analytics can also be seen as connecting tasks. The edge analytics market is mainly a substitute for big data Analytics. It proposes the real-time study of data produced on the edge of system devices. These factors have compelled the market to inflate double-digit in the coming years.
Introduction of IoT and propagation of a tremendous amount of information through associated devices and the augmented acceptance of edge analytics market owing to its scalability and expenditure optimizations have surged the development of the global edge analytics market. In fact, concerns over protection and security and lack of unanimously accepted standards are also acting as the rising factors for the global edge analytics market. An edge analytics solution is prepared on the edge of system devices to obtain the real-time analysis of the information produced, prognostic, and prescriptive, as well as for analytic to the data.
Furthermore, edge analytics is also known for helping companies to get advanced data faster by employing highly developed analytics and machine learning at the point of data collection. Also, it further boosts yields, reduces downtime and improves efficiency. It is gaining escalating demand owing to the surfacing, and the flourishing expansion of the Internet of Things (IoT) and the fast-paced growth in the availability of data through connected devices and via real-time intelligence have toweringly motivated the market for the future timeframe.
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Leading Segments
The global level analysis of the global edge analytics market under segmentation is conducted through the component, type, deployment, business application and vertical.
In terms of component segment, the market has included system integration and deployment, consulting services, services, solutions, training, support and maintenance services.
In terms of type segment, the market has included diagnostic analytics, predictive analytics, descriptive analytics and prescriptive analytics.
In terms of deployment, the market has included cloud and on-premise.
In terms of Business Application, the market has included finance, sales, human resource, marketing and operations.
In terms of vertical segment, the market has included Manufacturing, BFSI, healthcare, IT & telecommunication, retail, media & entertainment, government, travel & hospitality and others.
Regional Outlook
The regional analysis of edge analytics market is being studied for regions such as North America, Asia Pacific, Europe and Rest of the World.
It has been observed that North America is probable to acquire the largest share of the market, The significant growth in edge analytics market in North America attributes to the technical advancements and well-established infrastructures in that region. The United States remains a well-known market for Edge Analytics, owing to escalating acceptance of edge analytics among small and medium-scale firms, supported by government regulations and compliance. Additionally, momentous growth of the edge analytics market can be attributed to the high concentration of manufacturing and telecommunication industries that majorly adopt edge analytics services. The demand for edge analytics is directly related to cloud traffic. Due to the enormous increase in cloud traffic, significant growth in the market can be observed.
Whereas Asia-Pacific also might inflate at the fastest rate during the forecast period.
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Top Players
The essential players in edge analytics market are – Analytic Edge (India), Oracle Corporation (U.S.), Cisco Corporation (U.S.), SAS Institute (U.S.), SAP SE (Germany), AGT International Inc. (Switzerland), Apigee Corporation (U.S.), CGI Group Inc. (Canada), Foghorn Systems (U.S.), Prism Tech (U.K.) and among others.
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