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

News provided by

Jan 30, 2024, 14:30 ET

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

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets