Global Edge Analytics Industry Analysis Report 2023-2028: Market to Thrive Due to Increasing Need for Real-time Insights with Growing Surge for Network Devices in Private Sector

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DUBLIN, Jan. 30, 2024 /PRNewswire/ -- The "Edge Analytics Market - Global Industry Size, Share, Trends, Opportunities and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.

The Edge Analytics Market is thriving on account of the increasing need for real-time insights with growing surge for network devices in private sector. Edge analytics is a type of analytics that analyzes data at non-central parts of the system, such as sensors, switches, and different linked devices.

The rising need for real-time insights, the growing government initiatives in ICT, increasing popularity of Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing technologies along with the growth of IoT devices and rising adaptability for edge analytics is expected to fuel the expansion of edge analytics market.

Edge analytics is becoming the foundational technology model for the small and medium enterprises for managing the increased data prevalence. Many enterprises are adopting edge analytics as a cost-effective solution to bolster the need to process enormous data, dark data in near real-time and providing automated resolution.

With the rapid changes in regulatory frameworks, working habits and customer expectations, technology for real-time analysis is considered to be a growing area of investment for government and institutions as they streamline their operations. Additionally, the growth of the market is on account of the easy availability of IoT based edge analytics tools such as AWS IoT GreenGrass, IBM Watson IoT Edge Analytics, Microsoft Azure IoT Edge, Oracle Edge Analytics (OEA) and many more.

Due to the continuous technological advancements, it has enabled several vendors to integrate traditional manufacturing and operation process in the past years. Technology has become the key enabler of excellence and businesses are rapidly implementing sensors and including smart devices, coupled with edge analytics systems, gradually allowing for speedier data analysis.

The increasing attention to security regulations, rapid expansion in collaboration between national regulatory, and security institutions are further expected to boost the global edge analytics market in the forecast period.

Advent of Internet of Things (IoT) and Proliferation of Massive Amount of Data Through Connected Devices:

• Edge analytics applications widely adopted in public and government institutions for data monitoring and surveillance.
• Integration of edge analytics with IoT for monitoring production systems.
• IoT edge analytics suitable for systems requiring rapid data turnover, collecting large data, and remote deployment.
• Enterprises using IoT-based edge analytics to collect information locally, even in communication irregularities.
• Adoption of IoT edge analytics for real-time feedback in remote locations, like military drone deployment.
• Expected 41.6 billion IoT devices generating 79.4 zettabytes (ZB) of data by 2025.
• IoT proliferation and massive data drive the growth of the edge analytics market globally.

Surge in Demand for Prescriptive & Predictive Analytics in Private Sector:

• Increased demand for prescriptive and predictive analytics in private sectors like consumer electronics, manufacturing, and logistics.
• Prescriptive analytics follows predictive analytics to control potential outcomes for business benefits.
• Prescriptive analytics aids in identifying the best course of action for achieving goals.
• Examples of prescriptive analytics solutions like IBM Decision Optimization.
• High demand for these solutions in enterprises across various industries.
• Utilization of advanced solutions for improving efficiency, risk management, scalability, and agility.
• Rising demand for predictive and prescriptive analytics drives global edge analytics market growth.

Low Latency and High Bandwidth Issues of Data Transfer Driving the Edge Analytics Market:

• Advancements in new technologies and integration into edge computing.
• Increasing data volume from smart devices and internet services affecting data transfer speed.
• Edge analytics processes data with exceptional speed, solving high bandwidth and low latency issues.
• Predicted shift from 10% to 75% data processed at the edge by 2025, reducing reliance on traditional data centers and cloud storage.
• Financial and banking sectors using edge solutions to process algorithms for quicker execution and increased profits.
• Media and entertainment industries leveraging high bandwidth and low latency capabilities for seamless streaming.
• Adoption of edge solutions across various organizations propels the growth of the edge analytics market in the forecast period.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Edge Analytics Market.

• IBM Corporation
• Cisco Systems Inc.
• Dell Inc.
• Equinix Inc.
• Greenwave Systems
• HP Inc.
• Iguazio Ltd
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation

Market Dynamics

Drivers

• Advent of Internet of Things (IoT) and Proliferation of Massive Amount of Data Through Connected Devices
• Surge in Demand for Prescriptive & Predictive Analytics in Private Sector
• Low latency Speeds of Data Transfer

Market Trends & Developments

• Surge in Demand for Edge Analytics in Automotive Industry
• Increase in Demand and Emerging Edge Computing Technology
• Increasing Investment in R&D Programs
• Growing Business needs due to Covid-19 Driving Adoptio

Challenges

• Issues Pertaining to Safety and Security
• Lack of Universally Accepted Standards

Report Scope:

Edge Analytics Market, By Component:

• Solution
• Services

Edge Analytics Market, By Type:

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Diagnostics Analytics

Edge Analytics Market, By Application:

• Marketing
• Sales
• Operations
• Finance
• Human Resources

Edge Analytics Market, By Deployment Mode:

• On-Premises
• On-Cloud

Edge Analytics Market, By End-User:

• Healthcare & Life Sciences
• BFSI
• Retail & Consumer Goods
• Manufacturing
• IT & Telecommunication
• Transportation & Logistics
• Media & Entertainment
• Energy & Utility
• Government & Defense
• Travel & Hospitality
• Other

Edge Analytics Market, By Region:

• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• South America
• Brazil
• Argentina
• Colombia
• Middle East
• UAE
• Saudi Arabia
• South Africa

For more information about this report visit https://www.researchandmarkets.com/r/bb1tf1

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