Edge Analytics Market Overview:
The Edge Analytics Market is growing with the rapid pace; mainly due to the emergence of IoT and proliferation of massive amount of data through connected devices. According to a recent study report published by the Market Research Future, The global Edge Analytics market has been increasing. The market is expected to grow at a rapid pace during the forecast period The Edge Analytics Market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023). With such a pace MRFR anticipates the Global Edge Analytics Market to reach up to USD ~11 Billion by 2023, at 31% of CAGR between 2017 and 2023.
Edge Analytics is gaining traction due to the advent of internet of things and rapid growth in the data availability through connected devices and real time intelligence. Major driving factors of Edge Analytics market are its features like scalability and cost optimization which are driving the market share. Also, the increased adoption of Edge Analytics due to its scalability and cost optimizations has fuelled the market growth. On the other hand, since, Edge Technology is still in its development phase; issues pertaining to safety and security and lack of universally accepted standards and current cloud infrastructures along with the reluctance of Marketers for investments are the factors acting as the restraints to the growth of Edge Analytics Market.
Major Key Players:
- Cisco Corporation (U.S.)
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- SAS Institute (U.S.)
- Apigee Corporation (U.S.)
- AGT International Inc. (Switzerland)
- Foghorn Systems (U.S.)
- CGI Group Inc. (Canada)
- Analytic Edge (India)
- Prism Tech (U.K.)
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Edge Analytics is one of the most significant trends in the Internet of Things that is the shifting balance between Edge computing and cloud computing. The early days of the IoT and its conceptual precursor, M2M, have been characterized by the critical role of cloud platforms as application enablers. Intelligent systems have largely relied on the cloud level for their intelligence, and the actual devices of which they consist have been relatively unsophisticated. This old premise is currently being shaken up, as the computing capabilities on the Edge level advance faster than those of the cloud level.
Edge Analytics Market Competitive Analysis:
Characterized by the presence of several major well-established players, the global Market of Edge Analytics appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services. These Players are slightly reluctant over making investments in the R&D or to develop a technology.
Edge Analytics Market Segments:
The Edge AnalyticsMarket can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Component: Comprises Solutions, Services, System Integration and Deployment, Training, Support and Maintenance Services, Consulting Services and others.
Segmentation by Type: Comprises Descriptive, Predictive, Prescriptive, Diagnostic Analytics.
Segmentation by Deployment : Comprises Cloud, On Premise and others.
Segmentation by Verticals: Comprises BFSI, Manufacturing, Healthcare, Retail, IT & Telecommunication, Media & Entertainment, Travel & Hospitality, Government, and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Segment Predictive Analytics by type is expected to grow at the highest CAGR during the forecast period owing to its nature of predicting the outcomes of business environment before the actual occurrence of events.
Edge Analytics Market Regional Analysis:
The regional analysis of Edge Analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in Edge Analytics market in North America attributes to the technical advancements and well established infrastructures in that region.
APAC is estimated to grow with the highest CAGR during the forecast period owing to the tremendous demand for deployment of Edge Analytics technologies with advanced Analytics solutions that provides comprehensive support and specialty in real-time access of data, facilitating enterprises to comprehend business scenario, and take quicker and faster decisions.
Edge Analytics will see higher adoption in the market as the government is trying to push the markets for IoT and cloud technologies. In India, the new government is promoting Digital India Program with a vision to transform India into a digitally empowered society and knowledge economy. The companies operating in the APAC region will benefit from the flexible policies of the government as well as the expanding digital market that will have a huge impact on the business community.
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