The edge analytics market has shown significant traction and is projected to grow with a high Compound Annual Growth Rate (CAGR) of 32.6%during the forecast period, to reach USD 7.96 billion by 2021. Advent of Internet of Things (IoT) & proliferation of massive amount of data through connected devices, predictive and real-time intelligence on network devices acts as a catalyst to the growth of edge analytics market. The edge analytics market is projected to have an increasing growth owing to the rapid increase in the growing demand of advanced analytics by large companies.
The edge analytics market is gaining traction and is a profitable market for edge analytics solutions and service providers as various organizations are looking for advanced solutions to perform data management and data analytics on the edge of the devices such as routers, switches, gateways, and other connected devices so as to get actionable and real-time insights out of the huge chunks of organizational data.
The analytics type such as predictive analytics has shown higher growth rate during the forecast period. Predictive analytics would prove to be a game changer in the business environment in the near future, predicting the outcomes before the occurrence of actual events.
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Various vendors prevailing in the market space include, Cisco Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute (U.S.), Apigee Corporation (U.S.), Predixion Software (U.S.), AGT International Inc. (Switzerland), Foghorn Systems (U.S.), CGI Group Inc. (Canada), Analytic Edge (India), and Prism Tech (U.K.). Players in this sector have embraced different strategies to extend their worldwide presence and expand their market share. Partnerships, collaborations, acquisitions, new product launches, and expansion are some of the significant strategies embraced by market players to accomplish development in the edge analytics market. Cisco and Oracle have adopted these strategies to enhance their product portfolio in order to cater their clients in a better way in the edge analytics market space.
Cisco is one of the leading players in the edge analytics market. The company has adopted inorganic strategies to enhance its presence in this market space. Collaboration and acquisition are the part of Cisco’s strategy to remain one of the global players in the edge analytics market. In November 2015, the company acquired ParStream, an analytics database company, which enhances Cisco’s capability of providing deep analytics at the network edge, where maximum data is generated. The generated data would be analyzed in real time and help organizations take quick and actionable decisions.
HR and marketing in business application will have a higher growth rate during the forecast period. HR applications enables organizations to generate meaningful insights from workforce data to better predict the need for resources. HR applications include the planning for talent acquisition, attrition risk management, and employee sentiment analysis, and capacity planning. Along with this, marketing business application will also see growing demand of edge analytics as the application enables enterprises to understand the trends and create actual forecasts. Real-time analysis of customers browsing and using tools such as predictive and diagnostic analytics, companies can provide instant discounts, provide bundled offers to the customers improving customer loyalty, and take customer satisfaction to the next level.
On-Cloud deployment of edge analytics tools is expected to grow at the highest CAGR during the forecast period. The scalability and agility of cloud-based technologies and ease in integration, installation, configuration, optimization, maintenance, and support will play a vital role in the growth of on-cloud deployment.
IT & Telecommunication sector is expected to grow at the highest CAGR during the forecast period in the edge analytics market. The industry will have the highest growth rate of edge analytics as new devices, sensors, and gateways are increasingly infused with edge analytics capabilities. This would harness the power of real-time intelligence and incorporate predictive as well as diagnostic capabilities that will change the way decision are made today. Proliferation of IoT will have a direct impact on the edge analytical devices as data generated would be sky rocketing.
APAC is estimated to grow at the highest CAGR during the forecast period. In the APAC region, there is a tremendous demand for the 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.
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