Edge Analytics Market Outlook
According to the report by Expert Market Research (EMR), the global edge analytics market size reached a value of USD 10.75 billion in 2023. Aided by the accelerating adoption of IoT devices and an increase in data generation from edge devices, the market is projected to further grow at a CAGR of 25.6% between 2024 and 2032 to reach a value of USD 83.31 billion by 2032.
Edge analytics refers to data analysis and processing that is conducted at the edge of a network, typically close to the source of data. This approach allows real-time data processing, reducing latency and bandwidth use, which enhances decision-making processes across various applications. The exponential growth in IoT and smart devices across various sectors such as manufacturing, retail, and healthcare generates vast amounts of data requiring immediate analysis.
The demand for real-time data processing and analytics in decision-making processes to enhance operational efficiency and customer experience is propelling the edge analytics market demand.
Moreover, innovations in artificial intelligence and machine learning, integrated into edge devices, enable sophisticated data analytics directly at the source of data collection. Continuous improvements in cutting-edge technologies such as artificial intelligence and machine learning algorithms have allowed more complex and accurate analytics to be performed on edge devices. Additionally, the rollout of 5G technology has also enhanced the capabilities of edge analytics by increasing the speed and efficiency of data transmission, consequently driving up the edge analytics market share.
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Finance business applications are expected to experience substantial growth in the edge analytics market in the upcoming years, driven by the increasing demand for real-time data analysis. The utilisation of edge analytics by financial institutions, particularly traditional retail financial businesses, can improve customer satisfaction, reduce expenses, and ensure adherence to regulations. Financial institutions are progressively integrating edge analytics to promptly identify fraudulent or high-risk behaviours and take appropriate actions.
Moreover, by utilising edge analytics, energy companies can predict the amount of energy that can be stored or distributed for future use, thereby improving the efficiency of the entire energy supply chain and boosting energy delivery capabilities, leading to the edge analytics market development.
North America currently dominates the market due to its advanced technological infrastructure and early adoption of IoT technologies. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, driven by rapid industrialisation, urbanisation, and the expansion of IoT networks in the region. The rapid digitalisation is countries like India and China is leading to the edge analytics market expansion.
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Edge Analytics Market Segmentation
The market can be divided based on the component, type, business application, deployment model, industry vertical, and region.
Market Breakup by Component
- Solution
- Services
Market Breakup by Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
Market Breakup by Business Application
- Marketing
- Sales
- Operations
- Finance
- Human Resources
Market Breakup by Deployment Model
- On-Premises
- Cloud
Market Breakup by Industry Vertical
- Healthcare
- Energy
- Automation
- Agriculture
- Manufacturing
- Transportation
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global edge analytics market. Some of the major players explored in the report by Expert Market Research are as follows:
- Cisco Systems, Inc
- Oracle Corporation
- SAP SE
- SAS Institute, Inc
- IBM Corporation
- Predixion Software
- Amazon Web Services, Inc.
- Hewlett Packard Enterprise
- Intel Corporation
- Microsoft Corporation
- Others
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