Edge Analytics Market Projected To Hit USD 11 Billion at a 31% CAGR by 2030 - Report by Market Research Future (MRFR)
Growing Demand for Predictive Analytics to Boost Edge Analytics Market Growth
New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Edge Analytics Market: By Component, By Type, By Deployment, By Business Application and By Vertical –Global Forecast 2030”, the market is predicted to thrive substantially during the assessment era from 2021 to 2030 at a healthy CAGR of approximately 31% to attain a valuation of around USD 11 Billion by the end of 2030.
Edge Analytics Market Competitive Analysis
Eminent industry players profiled in the global edge analytics market report include
- Cisco Corporation (U.S.)
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- SAS Institute (U.S.)
- Apigee Corporation (U.S.)
- AGT International Inc. (Switzerland)
- Foghorn Systems (U.S.)
- CGI Group Inc. (Canada)
- Analytic Edge (India),
- Prism Tech (U.K.)
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Edge Analytics Market Report Scope:
| Report Metrics | Details |
| Edge Analytics Market Size by 2030 | USD 11 Billion (2030) |
| Market Growth during 2022-2030 | 31% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Low latency speeds of data transfer, advent of internet of things, and a growing ecosystem of connected devices are major drivers of the global edge analytics market. |
Drivers
Growing Demand for Predictive Analytics to Boost Market Growth
The growing popularity of predictive analytics & real-time analytics in different industries to offer better product offerings & customer service and experience will boost market growth over the forecast period.
Opportunities
Technological Advances to offer Robust Opportunities
Technological advances coupled with adaptation of IoT will offer robust opportunities for the market in the forecast period. The usage of IoT today has gone up and due to this the demand for edge analytics too has increased.
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Restraints and Challenges
Dearth of Skilled Workforce to act as Market Restraint
The dearth of skilled workforce for installing and operating edge-based solutions, lack of standardization, and concerns about the security & safety of entities may act as market restraints over the forecast period.
Market Segmentation
The global edge analytics market is bifurcated based on verticals, business application, deployment, type, and component.
By component, solution will lead the market over the forecast period.
By type, prescriptive analytics will domineer the market over the forecast period.
By deployment, cloud will spearhead the market over the forecast period.
By business application, the market is segmented into finance & human resource, operations, sales, and marketing.
By verticals, retail will have the lions share in the market over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic is having a significant impact on the technology sector, hurting the supply of raw materials, the electronics value chain, and raising inflation risk for goods. Significantly, the disruption has hastened remote work with a quick focus on assessing and de-risking the entire value chain.
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Regional Analysis
North America to Lead Edge Analytics Market
The highest market share for edge analytics is held by North America. With the growing acceptance of the edge analytics across all the small and medium-sized businesses sponsored by the government, North America continues to be a strong market for edge analytics. The large concentration of manufacturing & telecommunication industries using edge analytics can be credited with the market's expansion. The demand for edge analytics is related to cloud traffic, and as cloud traffic has significantly increased, the market has experienced tremendous growth. Companies in North America are changing how they use cloud computing. By employing distributed edge computing architecture, the cost of operating the cloud can be decreased. Due to the rising use of edge analytics via SMEs, which is encouraged by government norms and regulations, North America is expected to lead the market. Also, the industrial & telecommunications sectors' extensive use of edge analytics solutions may be fueled by the rapidly expanding edge analytics market. Insurance companies are increasingly seeing the cloud as a business asset, even though both life insurance & property & liability insurance have used cloud computing to foster agility, boost operational efficiency, draw in new talent, and lower operating costs. Because of the growing acceptance of the edge analytics amid small and medium-sized businesses, supported by governmental laws and compliance, the United States continues to be a significant market for edge analytics.
The growing use of edge analytics services by the manufacturing and telecommunications sectors, which account for a considerable portion of the market's growth, is another factor. Cloud traffic is directly tied to the need for edge analytics. The market has experienced substantial growth as a result of the enormous increase in cloud traffic. The way North American insurance businesses use cloud computing is evolving. Although both life and property insurers have used the cloud to boost operational effectiveness, recruit new talent, and lower operating costs, there is a growing trend among insurers to regard the cloud like a business asset. Using the distributed edge computing architecture can drastically lower the cost of cloud operations by allowing edge devices to work together to complete important tasks that a cloud device cannot complete on its own. This reduces reliance on the cloud. Also, there has been a considerable advancement in sensor technology in the area. The edge-to-cloud paradigm in fact can be built by fusing hardware cost reductions with sensor technology advances. In an unstable cloud environment, sensors with the processing units can aid in taking important actions and afterwards synchronize with the cloud.
APAC to Have Admirable Growth in Edge Analytics Market
Over the anticipated period, market growth is anticipated to be fastest in the Asia Pacific region. Multinational manufacturers are heavily invested in the market to enhance the availability of edge analytics services and assure timely and affordable analysis, the real-time event management, & data queuing up in accordance with the necessary standards. This region, which includes Japan, China, South Korea, and India, offers market participants lucrative roles. The rise in demand for digital transport services and remote monitoring is also a major driver of the market.
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Industry Updates
February 2023- The health of large commercial and industrial water meters will be evaluated in a pilot study with Sugar Land, Texas, according to Olea Edge AnalyticsTM, a provider of both intelligent solutions & services for water utility business.
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