Edge Analytics Market to Hit $39.54 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Nov. 16, 2022 /PRNewswire/ -- The global edge analytics market size is expected to reach USD 39.54 billion by 2030, registering a CAGR of 23.57% from 2022 to 2030, according to a new study by Grand View Research, Inc. Many industrial organizations use the Internet of Things (IoT) to monitor manufacturing machinery, pipelines, and equipment. The IoT generates and stores data that might be challenging to manage and interpret in real-time. The data from IoT devices is delivered into edge analytics to be processed and understood. Analytics algorithms assist humans in determining which data is required and which is unnecessary.

Key Industry Insights & Findings from the report:

• Predictive analytics has been a major force behind analytics, and it is presently being implemented at the network's edges to deliver analytics at the edge, allowing it to achieve a CAGR of 24.0% from 2022 to 2030.
• As per the deployment model cloud gain a significant share and lead the market by acquiring around 44.0% market share in 2021.
• During the forecast period, the IT and telecommunications industry is predicted to have the greatest growth rate in the edge analytics market. The telecommunications business is rapidly introducing cutting-edge analytical solutions.
• North America is projected to attain a market share of around 29.0% in 2030, this is due to the technological investment and advancement from the key manufacturers of the region.

Read 150 page market research report, "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", published by Grand View Research.

Edge Analytics Market Growth & Trends

The proliferation of vast amounts of data with the aid of connected devices is driving market expansion, real-time intelligence acting as a catalyst for the growth of edge analytics on network devices, and adopting edge analytics enhancing scalability and cost optimization. Analytical computing is performed at the device's edge rather than waiting for data to be retrieved back at a centralized storage system and then imply analytical application. Furthermore, the manufacturing industry can make substantial use of edge analytics for operations. For example, in smart production lines, edge analytics can highlight manufacturing errors, packing, and so on in real-time.

North America is anticipated to attain a larger market share in the edge analytics market, predictive analytics has gained immense importance and will increase the adoption of edge analytics solutions with a higher concentration of industrial and telecommunication industries. Owing to the rise in connection of IoT devices, the regional market has witnessed a surge in the adoption rate of edge analytics solutions across all verticals. Additionally, edge analytics can be implemented to keep better track of the health of equipment, output rate, and empower the manufacturing plant to deal with any last-minute problems in production.

Edge Analytics provides the same capability as a traditional analytics tool, except where the analytics are conducted. The key distinction is that edge analytics programmers must run on edge devices that may be limited in storage, computing power, or connection. Digitization has been the driving force behind the most recent revolutions. Companies have long struggled with how to extract relevant insights from the millions of nodes of data created each day by IoT-connected devices. The amount of linked gadgets, from a smartwatch to a smart speaker, is increasing the volume of data to be mined. Many new technologies, like as AI and Big Data, have become indispensable for gathering insights.

North America will gain a larger market share in the edge analytics market due to an increase in the need for predictive analytics, which will increase the adoption of edge analytics solutions with a higher concentration of industrial and telecommunications industries. With the rise of IoT, there has been a surge in interest in edge analytics. For many firms, streaming data from different IoT sources produces a massive data repository that is challenging to manage.

Edge Analytics Market Segmentation

Grand View Research has segmented the global edge analytics market based on type, component, deployment model, application, end-use, and region:

Edge Analytics Market - Type Outlook (Revenue, USD Million, 2018 - 2030)

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

Edge Analytics Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Solution
• Service

Edge Analytics Market - Deployment Model Outlook (Revenue, USD Million, 2018 - 2030)

• On-premises
• On-cloud

Edge Analytics Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Marketing & Sales
• Operations
• Finance
• Human Resources
• Others (Remote Monitoring, Smart Grid, Hospitality, etc.)

Edge Analytics Market - End-Use Outlook (Revenue, USD Million, 2018 - 2030)

• IT & Telecom
• BFSI
• Manufacturing
• Healthcare
• Retail
• Transportation & Logistics
• Government
• Energy & Utilities
• Others (Agriculture, Media & Entertainment, etc.)

Edge Analytics Market - 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

List of Key Players in the Edge Analytics Market

• Amazon Web Services Inc.
• Cisco Systems Inc.
• Databricks
• Dell Statistica
• EdgeConneX Inc.
• Evolv Component
• Hewlett Packard Enterprise Development LP
• IBM Corporation
• Intel Corporation
• Microsoft
• Oracle Corporation
• PTC
• SAP HANA

Check out more related studies published by Grand View Research:

• Edge Computing Market - The global edge computing market size is anticipated to reach USD 155.90 billion by 2030, exhibiting a CAGR of above 38.9% during the forecast period, according to a new report by Grand View Research, Inc. Artificial Intelligence (AI) integration into the edge environment is projected to drive the market growth. An edge AI system is estimated to help businesses in making real-time decisions in milliseconds. The need to minimize privacy concerns associated with transmitting huge amounts of data, as well as latency and bandwidth issues that limit an organization's data transmission capabilities, is projected to fuel market growth in coming years.
• Edge Artificial Intelligence Chips Market - The global edge artificial intelligence chips market size is expected to reach USD 9.5 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 21.3% from 2020 to 2027. Semiconductor companies are experiencing high demand for their existing chips with hardware serving as a differentiator in AI. Also, these companies are developing workload-specific (training and inference) AI accelerators. For instance, Apple has implemented a neural engine in its A11 Bionic chip's processor to speed-up the third-party applications. The market is growing rapidly with the rising implementations of edge-based AI in smartphones and autonomous vehicles.
• Multi-access Edge Computing Market - The global multi-access edge computing market size is anticipated to reach USD 55,409.7 million by 2030, expanding at a CAGR of 47.2% during the forecast period, according to a new report by Grand View Research, Inc. The increasing adoption of Over-the-Top (OTT) media streaming services and rising demand for personalized content are estimated to drive market growth. The rising number of users opting for the OTT video delivery model is projected to encourage mobile networks and telecom companies to improve their existing infrastructure. The multi-access edge computing (MEC) architecture brings backend functions closer to the user network, which is anticipated to help Multichannel Video Programming Distributors (MVPD) meet consumer expectations.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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