Edge Analytics Market, By Component (Solutions, Services), Type (Descriptive, Predictive, Prescriptive, Diagnostic), Deployment (Cloud, On Premise), Business Application (Sales, Marketing, HR, Operations, Finance) and Vertical –Global Forecast 2023
— Edge Analytics Market Synopsis:
Edge Analytics market, although in its embryonic stage, is still witnessing an outstanding growth over the past couple of years. This growth attributes to the omnipotent IoT (Internet of Things) technology that is empowering the business to grow exponentially with the help of connected technologies & smart devices. However, the multiple benefits of IoT also bring the extensive amount of big data.
The scalar size and the speed the data gets accumulated at, bring more challenges, increasing complexities of managing the big data. Edge Analytics is the answer for the challenges of managing the data. It not only processes and analyzes subsets of all the data collected but also extends accessibility to insights of Big Data. The transmitted results help business take faster decisions to capture more growth.
Owing to the vital role Edge Analytics Market play, contributing to the growth of the businesses, its market is growing pervasively with the rapid pace. Market proliferation of connected & smart devices and the massive amount of data they generate, escalates the market on the global platform. Similarly, growing businesses augments the market demand for Edge Analytics.
Recognizing the traction the market is witnessing currently; Market Research Future (MRFR) has recently published a study report giving out the complete market insight up till 2023. According to MRFR, the global Edge Analytics market will reach to USD ~11 Billion by 2023, posting a massive 31% of CAGR during the assessment period 2017 – 2023.
In addition, to the factors fostering the market growth include technological advancements and the augmenting uptake of Edge Analytics. On the other hand, factors such as safety and security concerns brought about due to the Edge Analytics still being in the nascent stage, coupled with the reluctance of the market players for investments inhibits the market growth.
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Major Key Players:
The Global Edge Analytics Market is driven by some of the eminent players like Oracle Corporation (US), Cisco Corporation (US), SAP SE (Germany), Apigee Corporation (US), SAS Institute (US), AGT International Inc. (Switzerland), CGI Group Inc. (Canada), Foghorn Systems (US), Prism Tech (UK) and Analytic Edge (India). Acknowledging their seminal work, MRFR profiles them in its analysis & finds out their strategies that help keeping them in the forefront of the market competition.
Global Edge Analytics Market – Competitive Analysis
Edge Analytics market appears to be competitive & fragmented owing to the presence of many matured & small key players accounting for a substantial market share. Through acquisition, strategic partnership, expansion, product/technology launch &collaboration, these players try to gain competitive advantage. Heavy investments are transpired in the R&D to develop a completely different technology compared to their competition.
April 11, 2018 – Teradata India Pvt Ltd., a leading analytics provider launched its 4D Analytics, a new capability in advanced analytics combining 3-dimensional geospatial location data with the 4th dimension of time. This functionality is advanced and relevant especially in edge computing applications existing to manage time and location variables that are constantly changing.
March 20, 2018 – FogHorn Systems (US) an IIoT (Industrial Internet of Things) start-up announced its partnership with Google Cloud IoT Core to facilitate easier deploy for businesses and to manage their IoT solutions. The collaboration, based on integration of Edge Analytics, further represents the advanced step in the evolution of the industrial IoT, which will allow processing at the edge. The company further says that it applies the machine learning to connect it with the cloud.
Global Edge Analytics Market Segmentations:
MRFR has segmented the market into 4 key dynamics for enhanced understanding and the convenience of the report.
By Components: Comprising Services, Solutions, System Integration & Deployment, Consulting Services, Training, and Support & Maintenance Services among others.
By Types: Predictive, Descriptive, Prescriptive and Diagnostic Analytics among others.
By Deployments: On Cloud, and On Premise.
By Verticals: Manufacturing, BFSI, Healthcare, IT & Telecommunication, Retail, Travel & Hospitality, Media & Entertainment, and Government among others.
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Global Edge Analytics Market Geographical Analysis:
The North America market leads the global Edge Analytics market with the largest market share. The market is growing due the technical advancements coupled with the well-established infrastructures in the region. North America is expected to retain its dominance during the forecast period, witnessing augmenting uptake backed by the government’s programmes encouraging the advancements in IoT & cloud technologies.
Whereas the Asia-Pacific market for Edge Analytics, emerging as the fastest growing market will register the highest CAGR in the next six years. The regional market growth attributes to the extensive demand for the deployment of Edge Analytics technologies with advanced Analytics solutions that provides comprehensive support and specialty in real-time access of data that can empower enterprises to take faster business decisions, comprehending business scenario quickly. Also, the aggressively growing market in India, expanding due to the government’s efforts to promote Digital India Program with the vision to transform India into a digitally empowered society is contributing to the regional market growth to an extent.
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