Edge Analytics Market is expected to gross $47.4 billion globally by 2030 at a CAGR of 24.9%: AMR
Rising demand for automation and high internet and cloud penetration have driven the growth of the global edge analytics market.
PORTLAND, Oregon., May 12, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Edge Analytics Market by component (solution, service), by type (descriptive analytics, predictive analytics, prescriptive analytics), by deployment model (on-premise, cloud), by vertical (retail, e-commerce and consumer e-commerce, energy and services Utilities, Healthcare, Transportation & Logistics, IT & Telecom, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast 2020-2030″. According to the report, the global advanced analytics industry was indexed on $5.2 billion in 2020, and should reach $47.4 billion by 2030, growing at a CAGR of 24.9% from 2021 to 2030.
Drivers, constraints and opportunities
Rising demand for automation and high internet and cloud penetration have driven the growth of the global edge analytics market. However, the shortage of skilled labor to install and operate an edge-based solution is hampering the growth of the market. On the contrary, increased efficiency of network nodes would open up new opportunities in the future.
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- The Covid-19 pandemic has had a negative impact on the market, due to the sharp drop in investment in cutting-edge solutions and the decline in business confidence.
- However, a few large companies have shifted to adopting cutting-edge artificial intelligence solution to provide full automation of process work and monitor workflow remotely.
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The solutions segment dominated the market
By component, the solution segment held the largest share in 2020, accounting for nearly three quarters of the global edge analytics market. This is due to the growing need for easily deployable edge solutions. However, the services segment is expected to register the highest CAGR of 26.5% during the forecast period, owing to the growing demand for advanced analytics services.
Predictive Analytics Segment to Show Highest CAGR through 2030
By type, the predictive analytics segment would exhibit the highest CAGR of 26.5% from 2021 to 2030, driven by the growing demand for precautionary tools. However, the descriptive analytics segment held the largest share in 2020, contributing more than two-fifths of the global edge analytics market, owing to growing analytics trends.
North America held the largest share
By region, the market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the global market cutting-edge analysis industry, due to the high concentration of specialized edge solution providers in the region. However, the market through Asia Pacific would have the highest CAGR of 27.2% from 2021 to 2030, due to the ongoing digital transformation of the region.
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Main market players
- Cisco System Inc.
- Dell Technologies Inc.
- Equinine, Inc.
- Greenwave Systems
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Iguazio Ltd.
- intel company
- Microsoft Corporation
- Oracle Corporation
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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan KumarCEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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