Edge analytics comprises prescriptive, historic, and predictive analytics that facilitates streamlined real-time data through connected devices such as sensors, CCTV systems, and others to improve historical and predictive analysis. The global edge analytics industry is anticipated to experience a substantial growth rate, owing to the growth of information & communication technology expenses by the government of various developing and developed regions such as Europe, North America, and the Asia Pacific.
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Edge analytics enable organizations to quickly gather more advanced data by deploying machine learning and advanced analytics at the data collection point. Moreover, it increases throughput, improves efficiency, boosts yields, and reduces downtime. Strong emergence and expansion of IoT, artificial intelligence, as well as cloud computing are also the key technologies that are backing the growth of edge analytics market over the past few years.
Key Market Drivers and Restraints:
Increased cost optimization and scalability and cost optimization is expected to drive the Edge Analytics Market
The automated computation achieved with the help of edge analytics improves latency, saves time, and lessens the transmission cost of transmitting data to the cloud servers. Verticals such as automobile, manufacturing, and transportation are amongst the prominent participants of the Internet of Things (IoT) revolution and produce a tremendous volume of operational data that could be expensive and difficult to manage. By processing information at the edge of a corporate system can allow companies to choose whether the information is required to be transferred to the cloud or not.
Additionally, edge analytics might prove to be an advantage for the distantly located organizations where there is a lack of bandwidth to transfer operational data to and fro and therefore, the edge can proficiently provide analytics and computation capabilities in remote locations. However, issues concerned with security, safety, as well as lacking behind with the globally excepted norms might hinder the overall growth for the edge analytics industry.
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Key Application:
Real-time intelligence and predictive analytics is amongst the emerging type for edge analytics market
Predictive analytics has been in the within the edge analytics and presently is being adopted in the network to offer analytics at the edges (gateways, routers, switches) thereby decreasing the cost of data processing, storage, and transmission, which are important during data analysis for a centralized analytic hub. Additionally, predictive analytics has also been an important growth factor for the rise in edge analytics that helps in embedding pre-defined intelligence or algorithms to the server, thus, helping it to make a decision based on the previous patterns.
Predictive analytics is also used by the traffic department to gather real-time intelligence to divert the traffic, reduce traffic jams, and so on. Traffic lights are enabled with sensors that possess analytic capabilities to identify emergency vehicles such as convoy, police ambulances, police vehicles, etc., and traffic jams, and take movements on the impulse. Likewise, oil & gas companies make use of real-time predictive analytics to detect anomalies (acoustic sensing and rising temperatures) that pre-warn concerned officials by sending whistles, signals, initiating alarms to inhibit catastrophe.
Regional Market Scenario:
Asia-Pacific will lead the growth in this market
Asia-Pacific is predicted to register the highest CAGR within the edge analytics market over the forecast period. Global vendors are financing heavily in the industry to enhance the edge analytics service offering to make sure the on-time and low-cost analysis, real-time event processing, and queueing data according to the preference level. This region, which includes nations such as Japan, China, India, and Australia, provides lucrative opportunities for industry players. Additionally, the rise in demand for video management and smart transportation services is a crucial driver of the edge analytics market.
The rise in the number of IoT and connected devices have surged the demand for real-time and advanced analytics within the Europe and North America region. However, Latin America is likely to account for a small market share in the overall edge analytics market with respect to other regions, owing to the slow adoption of IoT devices and ICT spending. Yet, in the coming future, these regions are anticipated to gain traction with a stable growth rate.
Key Market Players
Cisco Corporation
Oracle Corporation
SAP SE
SAS Institute
Apigee Corporation
Predixion Software
AGT International Inc.
Foghorn Systems
CGI Group Inc.
Analytic Edge
Prism Tech
Others
Market Segments: Edge Analytics Market
By Type
Diagnostic analytics
Descriptive analytics
Predictive analytics
Prescriptive analytics
Deployment Model
On-premises
Cloud
By Vertical
Healthcare and Life Sciences
BFSI
Manufacturing
Retail and Consumer Goods
IT and Telecommunication
Transportation and Logistics
Media and Entertainment
Energy and Utility
Government and Defence
Travel and Hospitality
Others
By Region (tentative)
North America
US
Canada
Europe
Germany
France
UK
Asia Pacific
China
India
South Korea
Japan
South America
Brazil
Argentina
The Middle East and Africa
Key Sources
Industry Associations
Patent Websites
Company Annual Reports
Company Websites
Key industry leaders
Ministry of Electronics & IT (Govt. of India) articles
IEEE journals
Technology consultants
System Integrators
BFSI experts
Others
Key Questions Answered
What are the key growth regions and countries?
What are the important types and technologies being used?
What are the market players doing, in terms of research and development?
Which are the new applications for this market?
What are the integrations happening?
What are the recent news, developments, mergers, or large value deals?
Key Stakeholders
Products & solution providers
System Integrators
Regulatory Authorities
Research and Innovation Organizations
Technocrats
Suppliers and Distributors
Other Channel Partners
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