Edge Analytics Market Size, Share & Industry Analysis, By Component (Solution, Services), By Type (Descriptive analytics, Predictive analytics, Prescriptive analytics, Diagnostic analytics), By Business Application (Marketing, Sales, Operations, Finance), By Deployment Model (On-premises, On-cloud), By Industry (Healthcare, Energy, Automation, Agriculture, Manufacturing)And Regional Forecast, 2024-2032

The approach of acquiring, monitoring, and analyzing data at the edge of network devices such as sensors, routers, gateways, switches, and others is known as edge analytics. Analytical computations are performed at the edge of devices, rather than waiting for data to be received back at a centralized storage system and then applying analytical applications. This has not only reduced latency in connected device decision-making, but it has also increased scalability. Edge analytics demand has increased as a result of the Internet of Things (IoT) and the growing need for edge analytical solutions due to its effectiveness.

The growth of the edge analytics market is being driven by the proliferation of large amounts of data with the help of connected devices, real-time intelligence acting as a catalyst for the growth of edge analytics on network devices, and adopting edge analytics increasing scalability and cost optimization. The edge analytics business is being held back by concerns about safety and security, as well as a lack of globally agreed standards. Growth in the usage of supporting technologies such as the Internet of Things (IoT) represents an opportunity. One of the issues that the edge analytics sector faces is infrastructure constraints.

COVID-19 has put immense pressure on the healthcare industry to improve its services, ventilators, and supply of crucial pharmaceuticals all around the world. Healthcare practitioners are rapidly using technology to allow for remote patient care in order to reduce virus exposure. Intelligent robotics, homemade ventilators, and telemedicine are all becoming more popular. Healthcare organizations are analyzing massive datasets about COVID-19 using new technologies like AI and ML to track the virus's impact, diagnose patients, and devise treatment plans. Several AI-enabled algorithms have been developed to detect COVID-19 symptoms in chest CT or X-ray scans. These deep learning tools are assisting radiologists in reducing their workloads.

Key Market Driver -

Growth of IoT devices and increasing adaptability for edge analytics will drive the market growth.

Key Market Restraint -

Chances of security breach will restrict the market growth

Key Players

Cisco Corporation (US), Oracle Corporation (US), SAP SE (Germany), SAS Institute (US), Apigee Corporation (US), Predixion Software (US), AGT International Inc. (Switzerland), Foghorn Systems (US), CGI Group Inc. (Canada), Analytic Edge (India), and Prism Tech (UK) and others are some of the major players in the edge analytics market.

Regional Analysis

Because of the growing acceptance of edge analytics among small and medium-sized businesses, as well as government laws and compliance, North America remains a key market for Edge Analytics. Furthermore, the edge analytics market's strong rise can be ascribed to the high concentration of industrial and telecommunications industries that heavily use edge analytics services.

During the forecast period, the edge analytics market in Asia Pacific is predicted to develop at the fastest rate. As the government tries to push the market for IoT and cloud technologies, edge analytics will see increased use. The new administration in India is supporting the Digital India Program, which aims to turn the country into a digitally enabled society and knowledge economy.

In Europe, the market is growing because to an increase in the number of connected devices and a surge in demand for advanced and real-time analytics.

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Segmentation

Edge Analytics Market Developments

• In July 2020- Microsoft Corporation acquired Orions Digital Systems, Inc. This is done to help the company to evaluate personalized store environment and also to add features.

• In May 2020- Intel acquired Moovit a mobility-as- a–service-solution. This will help the company to achieve its strategy of robotaxi facilities