Edge Analytics Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Edge Analytics market in 2021?

The global edge analytics market is projected to have a market size of USD 3.94 billion in 2021, with a Compound Annual Growth Rate (CAGR) of 22.5% from 2021 to 2028. Edge analytics is increasingly being adopted by various industries to process data closer to the source in real-time, thereby enhancing data security, reducing latency, and optimizing network bandwidth.

COVID-19 Impact on the Edge Analytics Market

The COVID-19 pandemic has significantly accelerated the adoption of edge analytics solutions across various sectors. With remote working becoming the new normal, organizations have had to rely on edge analytics to process data locally and enable efficient decision-making. Sectors such as healthcare, manufacturing, and retail have witnessed a surge in the implementation of edge analytics to ensure business continuity.

Edge Analytics Dynamics

The dynamics of the edge analytics market are driven by the increasing volume of data generated by IoT devices, the need for real-time insights, and the proliferation of AI and machine learning technologies. Edge analytics enables organizations to extract valuable insights from data at the edge of the network, leading to improved operational efficiency and enhanced user experiences.

Segments and Related Analysis

The edge analytics market can be segmented based on components, deployment models, applications, and verticals. Components include software and services, while deployment models consist of on-premises and cloud-based solutions. Applications of edge analytics span across various sectors such as healthcare, manufacturing, retail, transportation, and more.

By Region Analysis

Regionally, North America is anticipated to dominate the edge analytics market in terms of revenue, owing to the presence of key market players, technological advancements, and the early adoption of edge analytics solutions. However, the Asia Pacific region is expected to witness significant growth due to the rapid digital transformation and the increasing focus on data analytics.

Key Market Players and Competitive Landscape

Prominent players in the edge analytics market include Cisco Systems, IBM Corporation, Dell Technologies, Hewlett Packard Enterprise, Microsoft Corporation, SAP SE, SAS Institute, and more. These companies are actively involved in product developments, collaborations, and strategic partnerships to strengthen their market position and cater to the growing demand for edge analytics solutions.

Recent Happenings in the Edge Analytics Market

- In September 2021, Cisco Systems announced the launch of a new edge analytics platform to enable real-time data processing at the edge of the network. - IBM Corporation unveiled a series of edge analytics solutions in April 2022, designed to help organizations optimize their edge computing capabilities. - Dell Technologies partnered with a leading telecom company in June 2022 to deploy edge analytics solutions for enhancing network performance and reliability. - SAP SE introduced a new edge analytics tool in November 2021, aimed at providing actionable insights for businesses operating in remote locations.