According to a new report published by UnivDatos Markets Insights, the Edge Analytics Market was valued at more than USD 6 billion in 2021 and is expected to grow at a CAGR of around 24% from 2022-2028. The analysis has been segmented into Component (Solutions and Services); Type (Prescriptive Analytics, Descriptive Analytics, Diagnostic Analytics, Predictive Analytics); End-Users (BFSI, Retail, Energy & Power, It, Defense and Others) Region/Country.
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The edge analytics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the edge analytics market. The edge analytics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the edge analytics market at the global and regional levels.
Market Overview
Edge analytics reduces network data traffic and improves analytic programs including historical, predictive, and prescriptive analytics. Edge analytics initially analyses data acquired from the connected devices using optimal data filters, then transmits pertinent data to the storage for additional analysis on the collected data. Many sectors, including the public sector, manufacturing, retail, and others, have implemented edge analytics solutions to improve their company operations through affordable and real-time analytics.
The edge analytics market is driven by the expansion of IoT's connected devices. For instance, in 2021, there were more than 10 billion active IoT devices. Moreover, the rising demand for real-time and advanced analytics, and a rise in the demand for prescriptive analytical models are also expected to significantly influence the market growth during the forecast period. Furthermore, the growing number of smart cities are also expected to significantly influence the market growth during the forecast period.
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Some of the major players operating in the market include Cisco Systems, Inc; Oracle; Analytic Edge; CGI Inc; Dell Inc; Equinix, Inc; Greenwave Systems; IBM; Intel Corporation; Microsoft.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the edge analytics industry in a major way. The edge analytics were used to inform the citizens about the different areas according to the number of infected patients in a particular area. However, the due to series of lockdowns, the production of sensors were hampered which resulted in the total disruption of the supply chains.
The global edge analytics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· on the basis of component, the market is segmented into solutions and services. The solutions segment is expected to dominate the edge analytics market and is expected to maintain its domination throughout the forecast period. The growth of the segment is mainly attributed to the growing adoption of edge analytics solutions in different industries. Furthermore, the growing implementation of artificial intelligence and automation is expected to drive the market during the forecast period.
· Based on end-users, the market is segmented into BFSI, retail, IT, defense and others. The energy and power segment are expected to achieve a significant market share in 2020 and is expected to grow with a significant market share during the forecast period. The edge analytics systems are used to to track problems in real time which helps organizations to decrease the output delays costs. Furthermore, with the help of edge analytics energy producing companies can determine how much energy could be transmitted to retained for future usage is also expected to drive the market during the forecast period.
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Edge Analytics Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
In 2021, the North American region is expected to hold the largest market share and is expected to maintain its domination throughout the forecast period. The growth in the region is mainly attributed to factors such as growing number of SME’s on in the region coupled with growing investments in artificial intelligence and automation are expected to propel the market during the forecast period. Moreover, the growing number of smart cities in the region are also expected to drive the market during the forecast period. For instance, according to Otonomo, New York is installing camera’s and sensors in 10000 city intersections, with the aim of investing in connected infrastructure and adaptive signals.
The major players targeting the market include
· Cisco Systems, Inc
· Oracle
· Analytic Edge
· CGI Inc
· Dell Inc
· Equinix, Inc
· Greenwave Systems
· IBM
· Intel Corporation
· Microsoft.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Edge Analytics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the edge analytics market?
• Which factors are influencing the edge analytics market over the forecast period?
• What are the global challenges, threats, and risks in the edge analytics market?
• Which factors are propelling and restraining the edge analytics market?
• What are the demanding global regions of the `?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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