Edge Analytics Market Size, Share & Trends Analysis Report By Type, By Component (Solution, Service), By Deployment Model (On-Premises, On-Cloud), By Application, By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global edge analytics market size was estimated at USD 6.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of around 23.57% from 2022 to 2030. The increased demand for prescriptive analytics is driving market growth. The growing usage of IoT-connected devices is expected to drive market growth during the estimated period. Furthermore, increased government activities in information and communication technology are expected to boost demand for edge analytics in the near future. Edge analytics and computing have reached a tipping point for government agencies as a result of the increased capacity and ubiquity of IoT devices as well as the launch of 5G networks, making it practical in an expanding number of new scenarios. In particular, 5G connection provides far more data including a video with significantly reduced latency for real-time decision-support and action. As a result, the infrastructure that already exists can be massively scaled to serve a far larger number of devices, improving the fidelity and control of the network.

Growth in internet and cloud usage promises significant prospects for the global edge analytics industry in the future years, federal technology leaders shared the perspective, predicting that edge solutions will have the most impact on artificial intelligence & machine learning (78%), big data/analytics (58%), Cloud (50%), extended/mixed reality (32%), and distributed databases (30%). The shortage of experienced labor to install and run edge-based solutions restricts industry expansion. Increased network node efficiency is predicted to provide lucrative prospects for the advancement of the edge analytics market size throughout the forecast period.

Businesses are integrating edge analytics with IoT and employing them to monitor the production system. Edge analytics is utilized for monitoring devices. Real-time data processing and automated resolution are features of the analytics algorithm. The beneficial information helps organizations select what steps to do next and also aids in business expansion.

Type Insights

The prescriptive analytics sector is expected to dominate the market. During the forecast period of 2022 to 2030, the category will grow around 23.0% CAGR. These models are made to combine operations and data to provide a roadmap that specifies what to do and how to accomplish it correctly the first time. Prescriptive analytics is used by SideTrade to enhance the company's comprehension of clients' actual payment behavior. They can rank clients according to their history of on-time payments because of prescriptive analytics.

Prescriptive analytics is a more advanced type of analytical solution that lowers the network's analytical complexity while enhancing analytics solutions by foreseeing tasks that need to be finished in advance. Using the best data analytics, prescriptive analytics analyses data gathered from both historical and projected analysis and generates corrective actions to be taken for better business decisions. Several sectors, including healthcare, retail, and others, have implemented edge analytics solutions for prescriptive analytics models to enhance their company operations via cost-effective and result-oriented analytics models. By using technology, industry expertise, and a large ecosystem, Intel equipment providers can extract useful information from their data. According to their calculations, the present healthcare data alone can result in over USD 300 million in yearly cost savings. The significance of edge computing and edge analytics will only increase as they open up new possibilities for increasing operational, clinical, and financial value throughout the care continuum.

Component Insights

In 2021, edge analytics solutions will have a market share of around 71.0%. Edge analytics solutions prioritize acceleration and decentralization, discarding conventional approaches of gathering enormous volumes of data. The idea is relatively new and is strongly related to the creation of a strong platform for the IoT's future. Organizations all over the world have focused on increasing the efficiency and lowering the maintenance costs of analytics solutions through the effective integration of data received from connected devices and networking equipment for increased real-time event analysis. Since there are computationally expensive complications of traffic management efficiency, enhancing real-time data is one of the greatest methods to enhance traffic management systems. Intelligent transportation systems heavily rely on edge computing technology, particularly for traffic control. Gigabytes of sensory and special data are evaluated, filtered, and compressed using edge computing before being transferred on IoT edge Gateways to other systems for further usage. This edge processing reduces network charges, storage costs, and traffic management system operational costs.

Deployment Model Insights

In 2021, the cloud deployment model will have a larger market share than any other, with a market share of roughly 44.0%. Cloud deployment is the process of deploying an application using one or more cloud-based hosting models such as software as a service, platform as a service, and infrastructure as a service. This encompasses cloud workload architecting, planning, implementation, and operation. The benefits of this alternative cloud deployment method include quicker and easier deployment, cost savings, platform extension, increased company resilience, and others.

Application Insights

The marketing and sales category will have a market share of around 34.0% in 2021. Financial organizations, particularly conventional retail financial businesses, can use edge analytics to improve customer service, cut expenses, and assure regulatory compliance. Financial services is a highly digitally mature business, pushed by FinTech startups, edge analytics, and computing, a new type of distributed cloud, giving new and established companies a variety of chances to boost profitability.

End-Use Insights

Along with an increase in the number of households and energy users, the smart grid is a system for supplying power that employs digital communication technology to respond to variations in demand, the energy and utility segment will have acquired around USD 39,548.5 million by the end of 2030. Over the forecast period, the energy and utility segment is expected to dominate the market. By embedding edge analytics in systems such as hydropower plants or wind turbines, the system can track faults in real-time, reduce production delays and overall costs, and optimize field service operations.

Edge analytics also assists energy producers in determining how much energy can deliver to or preserved for future use. Current systems should be constructed with cutting-edge analytics to ensure greater yields when climatic conditions change, which means utilities can absorb more sustainable energy into the grid and reduce carbon dioxide emissions while also improving clean energy.

The manufacturing sector is expected to increase significantly throughout the forecast period. Manufacturing firms are employing edge analytics to keep better track of machine performance, and production output, and to be able to deal with any problem that arises in seconds rather than minutes.

Regional Insights

North America is predicted to dominate the market in 2021, accounting for USD 2,219.3 million, due to the increasing usage of edge analytics by SMEs, which is supported by government rules and regulations. Furthermore, the fast-increasing edge analytics business can be the driving force behind the widespread use of edge analytics solutions in the industrial and telecommunications sectors. While both life insurance and property and liability insurance have employed cloud computing to promote agility, increase operational efficiency, attract fresh talent, and cut operating costs, insurers are increasingly viewing the cloud as a business asset.

Multinational manufacturers have actively invested in the sector to strengthen edge analytics service offerings, assure on-time and inexpensive analysis, real-time event management, and queuing up data to the appropriate quality, with the Asia Pacific predicted to expand the quickest during the projection period. As the regional government tries to boost the market for IoT and cloud technologies, edge analytics will be employed more frequently. The country's new administration is behind the Digital India initiative, which aims to turn India into a knowledge-based society and economy.

Key Companies & Market Share Insights

Key players in the edge analytics market are offering and expanding their product portfolios by investing in product research & development and delivering competitive pricing, which embroiders market rivalry.

Gaining the momentum of the highly growing market manufacturers/companies are expanding their reach by collaborating with local players to gain their monopoly towards customers. For instance, The Catalyst 8000 Edge series, a cornerstone of Cisco's intent-based networking portfolio, offers clients an innovative and high-performance routing architecture. The new platform, which includes built-in analytics, provides improved visibility into network or application problems and enables educated decisions to maximize user experiences. Some of the prominent players in the global edge analytics market include:

• Amazon Web Service Inc.

• Cisco Systems Inc.

• Databricks

• Dell Statistica

• EdgeConneX

• Hewlett Packard Enterprise Development LP

• IBM Corporation

• Intel Corporation

• Microsoft

• Oracle Corporation

• PTC

• SAP HANA

• Evolv Component 

Edge Analytics Market Report Scope

Global Edge Analytics Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global edge analytics market report based on type, component, deployment model, application, end-use, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Descriptive Analytics

  • Diagnostic Analytics

  • Predictive Analytics

  • Prescriptive Analytics

• Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Solution

  • Service

• Deployment Model Outlook (Revenue, USD Million, 2018 - 2030)

  • On-premises

  • On-cloud

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Marketing & Sales

  • Operations

  • Finance

  • Human Resources

  • Others (Remote Management, Smart Grid, Hospitality, etc.)

• End-Use Outlook (Revenue, USD Million, 2018 - 2030)

  • IT & Telecom

  • BFSI

  • Manufacturing

  • Healthcare

  • Retail

  • Transportation & Logistics

  • Government

  • Energy & Utilities

  • Others (Agriculture, Media & Entertainment, etc.)

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa