In order to establish a stronghold, keen players in the global edge analytics market are trying to expand their geographical footprints through carefully-considered mergers and acquisitions. To that end they are also banking upon strategic partnerships. Another popular strategy with companies wanting to bolster their positions is diversification of product portfolio. Players are also pouring money into development of highly effective analytical models to entice more takers.
Some of the prominent participants in the global edge analytics market are AGT International, Inc., Cisco Systems, Inc., General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, Greenwave Systems, PTC Inc., SAP SE, and SAS Institute.
As per a report by Transparency Market Research, the global edge analytics market will clock a phenomenal 27.6% CAGR during the period between 2017 and 2025. Rising at this pace, the market is projected to attain a value of US$25.569 bn by 2025.
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Based on industry vertical, the manufacturing segment, is predicted to hold a market share of 16.4% for the global edge analytics market in 2025. This is because of the emergence of industry 4.0 concept, in which automation and data exchange are used in manufacturing technologies through cyber-physical systems, the IoT, cloud computing, and cognitive computing.
Geographically, the key segments of the global edge analytics market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific outshines all other regions when it comes to growth pace on account of the thrust by governments in various developing economies of the region on building smart cities. The TMR report predicts the region to expand at a CAGR of 28.5% in the forecast period.
Soaring Adoption of IoT Primary Growth Driver
At the forefront of driving growth in the global edge analytics market is the Internet of Things (IoT). The massive amounts of data generated by them need to analyzed for actionable insights by organizations. Transferring such crucial data from their place of origination, which can be remote locations, via internet or Bluetooth, to cloud data centers for analysis can be risky and slow. This in turn can affect an organization’s proper functioning.
“Edge analytics help organizations to get more advanced data faster by applying advanced analytics and machine learning at the point of data collection. In addition, it also boosts yields, increases throughput, reduces downtime, and improves efficiency. The proliferation of IoT and connected devices is expected to drive the edge analytics market. Proliferation of data due to the rise of internet of thing (IoT) globally, and increased threats to the enterprise network such as cyber-attacks and other security breaches are some of the reasons which are expected to drive the edge analytics market globally,” explains the lead analyst of the report.
Smart Manufacturing at the Fore of Benefitting Market
The rising use of IoT in smart cities, smart manufacturing, oil and drilling, etc. has had a positive impact on the global edge analytics market so far. In the years ahead too, these segments will likely boost the market. In fact, quite a few companies in the edge analytics domain are doing strategic collaborations to help manufacturing with the edge analytics. This has helped the market.