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(Wireless-NewsWire.Com, June 07, 2018 ) The edge analytics market is estimated to grow from USD 1.94 Billion in 2016 to USD 7.96 Billion by 2021, at a high Compound Annual Growth Rate (CAGR) of 32.6% during the forecast period. Edge Analytics solutions and its applications are gaining traction among the corporates due to the advent of Internet of Things (IoT) & proliferation of massive amount of data through connected devices, predictive and real-time intelligence on network devices which acts as a catalyst to the growth and adoption of edge analytics which increases scalability and cost optimization, are some of the driving forces of edge analytical tools and technology.
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The report provides detailed insights into the global edge analytics market, which is segmented by component, analytics type, business application, deployment model, vertical, and region. In component, solutions segment holds higher market share and is gaining significant importance among corporates, as enterprises are deploying edge analytics solution on the edge of the network devices to get real-time analysis of the data generated and provides predictive, prescriptive, as well as diagnostic analysis to the data. Predictive analytics type is expected to grow at the highest CAGR over the forecasted period. Predictive analytics would be a game changer in the business environment in the near future, predicting the outcomes before the occurrence of actual events.
In terms of business applications, finance is to dominate the edge analytics market and expected to contribute the largest market share, whereas human resource is to grow at the highest rate during the forecast period. On-premise deployment model has been adopted more as compared to private and public cloud. The on-premise deployment model provides confidentiality and privacy parameters to the organizational data, hence, most of the organizations are adopting for on-premises deployment model. The healthcare & life sciences segment has shown highest market share in vertical segment as the sector is harnessing the power of analytics and converting raw clinical and financial data into actionable knowledge. Whereas, IT and Telecommunication industry is poised to grow at the highest rate during the forecast period owing to proliferation of IoT which will have a direct impact on the deployment of edge analytical devices as data generated would be sky rocketing.
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The report covers all the major aspects of the edge analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America. The market in North America is expected to hold the largest share of the market. The APAC region is projected to have great opportunities in this market and would grow at the highest CAGR by 2021. This is due to the massive growth of data through IoT and other connected device.
Issues pertaining to safety and security and lack of universally accepted standards are acting as the restraining factors for the edge analytics market. Restructuring organization’s data strategy in order to avoid siloes environment and reluctance of companies to invest in new technologies are some of the stumbling blocks in the adoption of edge analytical solutions.
Most of the vendors have adopted agreements, collaborations, and partnerships as key strategy to enhance its client base and customer experience. For instance, in July, 2014 SAP announced strategic partnership with Apigee, a leading platform for digital acceleration. New product development has also been adopted by top players to innovate in this market space. For example, In April 2016, SAS launched SAS Analytics for IoT that helps analyse enormous data generated from IoT sensors and devices.
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