Edge Analytics Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The edge analytics market is expected to register a CAGR of 24.9% during 2023–2031. Technological advancement is likely to remain a key trend in the market.

Edge Analytics Market Analysis

• The edge analytics market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period.
• The edge analytics market is growing owing to factors such as the surge in the growth of IoT devices, increased demand for cloud computing, and increasing adoption of edge computing.
• Government initiatives supporting information and communication technology and rising smart city projects provide lucrative opportunities for the edge analytics market.

Edge Analytics Market Overview

• Edge analytics is the process of analyzing data and finding solutions at the edge, where data is collected via smart devices and IoT sensors
• Edge analytics gives organizations a competitive edge by enabling them to process and analyze data locally rather than in data centers.
• With the help of edge analytics, businesses can leverage real-time data to improve customer experiences, boost operational efficiency, and make decisions more quickly, giving them a competitive edge in their respective industries.

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Edge Analytics Market: Strategic Insights

Edge Analytics Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Surge in the growth of IoT devices, increased demand for cloud computing, and increasing adoption of edge computing

FUTURE TRENDS

• Government initiatives supporting information and communication technology and rising smart city projects

OPPORTUNITIES

• Technological advancement

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Solution
• Services

Type

• Descriptive Analytics
• Diagnostic Analytics
• Predictive Analytics
• Prescriptive Analytics

Organization Size

• Small Enterprise
• Medium Enterprise
• Large Enterprise

End Use Industry

• IT & Telecom
• BFSI
• Manufacturing
• Healthcare and Life Science
• Retail
• Government

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Edge Analytics Market Drivers and Opportunities

Surge In The Growth Of IoT Devices to Favor Market

• Recently, there has been a huge surge in the adoption of IoT technologies due to advancements in mobile technology and wireless connectivity and a continued drop in the cost of sensors and other components.
• Several industries are using IoT technologies to improve efficiency and reduce costs. For instance, according to Finance Online, there were approximately 14.76 billion connected IoT devices as of November 2023 and this figure is expected to grow approximately 25.44 billion by 2031.
• Similarly, according to a forecast by IoT Analytics, 75% of all devices will be IoT by 2031. Furthermore, FinleyUSA estimated that worldwide IoT spending would rise to US$ 1.1 trillion in 2023
• IoT deployments are strengthened by edge analytics, which offers faster reaction times, better performance, more security, optimum bandwidth usage, offline operating capabilities, and real-time insights, which contribute to more efficient and effective utilization of IoT data.

Rising Smart City Projects  

• With the ongoing trend of urbanization, various governments are taking initiatives to develop smart cities in their respective economies.
• For instance, in June 2024, the German government published a plan to help cities and communities across the country adopt smart city technologies. The plan includes the establishment of a competence center and a marketplace for smart city applications.
• In 2021, under the smart city initiative in Singapore, the government announced to build of 42,000 homes connected to a single central air conditioning unit.
• Smart cities use IoT technology to enhance urban living, improve services, and promote sustainability
• Edge analytics ensures that devices and systems communicate efficiently, enhancing the overall connectivity paradigm of a smart city.

Edge Analytics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the edge analytics market analysis are component, type, organization size, and end-use industry.

• By component, the market is bifurcated into solutions and services.
• By type, the market is bifurcated into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
• By organization size, the market is bifurcated into small enterprises, medium enterprises, and large enterprises.
• By end-use industry, the market is bifurcated into IT & telecom, BFSI, manufacturing, healthcare and life science, retail, government, and others.

Edge Analytics Market Share Analysis by Geography

• Edge analytics market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering edge analytics market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the edge analytics market in these regions.

Edge Analytics Market Report Scope

Edge Analytics Market News and Recent Developments

The edge analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the edge analytics market are listed below:

• C5i announces acquisition of Analytic Edge to strengthen integrated analytics & AI capabilities. The acquisition supports a joint vision to be a global leader in Analytics & AI solutions in the end-to-end business value chain, including marketing, customer, omnichannel, and supply chain. Clients of both companies will benefit from combined superior end-to-end capabilities, including domain-oriented consulting, data engineering, data science, advanced analytics, cloud orchestration, generative AI, and other AI technologies. (C5i, Press Release, July 2024)
• NTT DATA, a global leader in IT infrastructure and services, and Schneider Electric, a pioneer in digital transformation for energy management and automation, have unveiled a first-of-a-kind co-innovation that empowers enterprises to harness the power of edge computing. The strategic partnership introduces a unique solution that seamlessly integrates Edge, Private 5G, IOT, and Modular Data Centers, providing unparalleled connectivity and supporting the computational demands of Generative AI applications deployed at the edge. NTT DATA, Press Release, February 2024)

Edge Analytics Market Report Coverage and Deliverables

The “Edge Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Edge analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Edge analytics market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Edge analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the edge analytics market
• Detailed company profiles