Edge Analytics Market Report Scope and Overview
The SNS Insider report highlights the burgeoning Edge Analytics Market, which was valued at USD 8.4 Billion in 2023. This market is projected to reach a staggering USD 50.7 Billion by 2031, exhibiting a robust CAGR of 25.2% throughout the forecast period 2024-2031.
Businesses today are fiercely competitive, constantly striving to stay ahead of the curve. This relentless pursuit necessitates data-driven decision-making. As technology rapidly advances, businesses actively seek innovative analytical tools to glean valuable insights from their operations, customers, and market trends. To cater to this burgeoning demand, companies are investing heavily in cutting-edge analytical solutions capable of analyzing vast data volumes efficiently and swiftly. These advanced solutions offer real-time insights that empower businesses to make critical decisions and capitalize on lucrative market opportunities.
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Some of the Major Key Players Studied in this Report are:
- Oracle Corporation
- Cisco Systems
- Amazon Web Service
- PTC
- Dell Statistica
- EdgeConneX
- Hewlett Packard Enterprise Development LP
- Databricks
- IBM Corporation
- Intel Corporation
- Microsoft
- Analytic Edge
- SAP HANA
- AGT International Inc
- CGI Group Inc
- Others
Segmentation Analysis
The Edge Analytics Market can be segmented by type. Descriptive analytics dominated the market in 2023, primarily due to its focus on providing a clear picture of past and current events. However, the prescriptive analytics segment is poised for the fastest growth during the forecast period. Prescriptive analytics leverage operational data to generate roadmaps that outline the optimal course of action. For instance, SideTrade utilizes prescriptive analytics to gain a deeper understanding of customer payment behavior. This empowers them to rank clients based on their on-time payment history, ultimately facilitating better cash flow management.
Market Segmentation and Sub-Segmentation Included Are:
By Component
- Solution
- Services
By Deployment Model
- On-premises
- On-cloud
By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
By Business Application
- Marketing
- Sales
- Operations
- Finance
- Human Resources
By Industry
- Healthcare
- Energy
- Automation
- Agriculture
- Manufacturing
- Transportation
- Others
Impact of Global Events
The ongoing Russia-Ukraine war has undoubtedly cast a shadow of economic instability, potentially affecting investment patterns and business confidence. Uncertainty and financial constraints may compel organizations to delay or reduce spending on emerging technologies like edge analytics, hindering market growth. Additionally, the war can create regional disparities within the market. Businesses situated near the conflict zone may experience operational slowdowns or temporary halts, impacting their adoption of edge analytics solutions. Conversely, organizations outside the conflict zone may witness a surge in demand for edge analytics as they seek to enhance operational efficiency and security. Notably, the war can heighten awareness regarding the paramount importance of security and risk management across numerous industries. Edge analytics plays a pivotal role in mitigating security risks by enabling real-time monitoring, threat detection, and proactive responses. As a consequence, the war may lead to increased interest and investment in edge analytics solutions as companies prioritize strengthening their security posture.
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Regional Development
North America currently holds the dominant position in the Edge Analytics Market 2023. This dominance can be attributed to the increasing use of edge analytics by small and medium-sized enterprises (SMEs), a trend actively supported by government regulations.
Additionally, the rapid growth of the edge analytics industry is driving the widespread adoption of these solutions in the industrial and telecommunications sectors. Notably, the insurance industry, encompassing both life insurance and property & liability, is leveraging cloud computing to gain agility, improve operational efficiency, attract new talent, and reduce operating costs. However, the cloud increasingly transcends its role as a mere cost-saving measure, transforming into a valuable business asset for insurance companies.
Recent Developments
In September 2022:IBM joined forces with Bharti Airtel, a leading Indian telecommunications provider, to launch Airtel’s edge computing platform in India. This platform offers secure and open cloud services while addressing data security and sovereignty requirements, ultimately reducing latency.
Key Takeaways
- The Edge Analytics Market is poised for significant growth, driven by the increasing demand for cutting-edge analytical solutions across various industries.
- Prescriptive analytics is expected to register the fastest growth within the market due to its ability to generate actionable insights and optimize operations.
- Businesses must leverage edge analytics to gain real-time insights and make data-driven decisions to stay competitive in today’s dynamic market landscape.
- By understanding the dominant regional trends and upcoming technological advancements, companies can strategically invest in edge analytics solutions to gain a competitive edge.
The future of the Edge Analytics Market appears bright. With the ever-growing volume of data generated at the edge and the increasing demand for real-time insights, the market is projected to exhibit robust growth in the coming years. Advancements in technologies like artificial intelligence (AI) and machine learning (ML) are further expected to fuel market expansion.
Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Edge Analytics Market Segmentation, By Component
- Solution
- Services
- Edge Analytics Market Segmentation, By Deployment Model
- Cloud
- On-Premises
- Edge Analytics Market Segmentation, By Type
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
- Diagnostic analytics
- Edge Analytics Market Segmentation, By Business Application
- Marketing
- Sales
- Operations
- Finance
- Human Resources
- Edge Analytics Market Segmentation, By Industry
- Healthcare
- Energy
- Automation
- Agriculture
- Manufacturing
- Transportation
- Others
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- Competitive Benchmarking
- Market Share Analysis
- Recent Developments
- USE Cases and Best Practices
- Conclusion
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