Edge Analytics Market by Component and Geography - Forecast and Analysis 2022-2026

The edge analytics market share is expected to increase by USD 6.51 billion from 2021 to 2026, and the market's growth momentum will decelerate at a CAGR of 17.41%.

This edge analytics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers edge analytics market segmentation by component (solutions and services) and geography (North America, Europe, APAC, MEA, and South America). The edge analytics market report also offers information on several market vendors, including ABB Ltd., Analytic Edge, CGI Inc., Cisco Systems Inc., Equinix Inc., FogHorn Systems, Greenwave Systems, Oracle Corp., SAP SE, and SAS Institute Inc. among others.

What will the Edge Analytics Market Size be During the Forecast Period?

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Edge Analytics Market: Key Drivers and Challenges

The growing availability and complexity of data are notably driving the edge analytics market growth, although factors such as data privacy and security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the edge analytics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Edge Analytics Market Driver

The availability of a large volume of data and rapidly growing data complexity in organizations are the major drivers for developing various data analyses such as edge analytics. Intelligent techniques involving technologies such as ML and AI can help companies retrieve the huge amount of complex data in a useful manner and use that data to enhance their services and business processes. This is expected to drive the market for edge analytics. From the enterprises' perspective, a huge amount of data is generated every day. The answers to many business and customer questions exist in the pool of data. Still, they are not utilized for many reasons, including the lack of knowledge of where and how to look for the information. One of the major reasons is that enterprise data is generally stored in silos. Moreover, data formats are complicated as the type of data can range from product support, bills, the latest regulations relating to contracts, and the implications of other events discovered. The analysis of such data is tedious and a complex task for a simple computer program or human being. Hence, companies rely on analytics for performing such tasks. In addition, the increasing volume of data, unlike legacy data types, is not well-structured, especially written data that includes customer reviews, feedback, and social posts. Hence, the demand for analytics is increasing as the data must be processed into valuable information. 

Key Edge Analytics Market Challenge

The evolution of digitalization across all industries is increasing the threats of cybercrimes. Cyber attackers mostly target customer data, such as names, email addresses, phone numbers, and hashed passwords. This is increasing the customers' concerns and doubts about companies with access to the customers' personal information. Data privacy and security concerns are the major challenges in any organization, as devices are interconnected to the Internet and dependent on private and public networks. Critical data is transferred through networks such as IoT or the cloud, so a highly secured environment needs to be established. Moreover, the IoT network includes multiple devices, which at times may cause data theft issues. Increased connectivity and data sharing have led to more cybersecurity issues and data breaches. Therefore, cyber-attacks can hamper the sensor and device data in an industrial setup, as these devices are connected over the Internet and can be easily hacked. Such data is accessible via the Internet, and it should pass through authentication layers. The possibility of cyber intrusion will result in less adoption of cloud-based solutions and analytics services (third-party services). These factors are expected to hamper the growth of the analytics market during the forecast period.

This edge analytics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Edge Analytics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• ABB Ltd.
• Analytic Edge
• CGI Inc.
• Cisco Systems Inc.
• Equinix Inc.
• FogHorn Systems
• Greenwave Systems
• Oracle Corp.
• SAP SE
• SAS Institute Inc.

This statistical study of the edge analytics market encompasses successful business strategies deployed by the key vendors. The edge analytics market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The edge analytics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Edge Analytics Market?

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31% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for edge analytics in North America. However, the market growth rate in North America will be slower than the growth of the market in other regions.

An increase in data generation and the need to analyze the data will facilitate the edge analytics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Component Segments in the Edge Analytics Market?

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The edge analytics market share growth by the solutions segment will be significant during the forecast period. Edge analytics solutions is an approach to data collection and analysis in which an automated analytical computation is performed on data at a sensor, network switch, or other devices. The solutions segment is driven by enterprise data privacy concerns among edge analytics service providers. Vendors provide software solutions to organizations within various end-user industry segments, including insurance companies, government agencies, hospitals, and manufacturing.

This report provides an accurate prediction of the contribution of all the segments to the growth of the edge analytics market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Edge Analytics Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive edge analytics market growth during the next five years
• Precise estimation of the edge analytics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the edge analytics industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of edge analytics market vendors

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