Internet of Things(IoT), mobile devices, and other systems are producing a vast amount of decentralized data at the network’s edge. This huge amount of data requires enormous investments in the expansion of computational resources such as analytics, storage, and networking software along with computing platforms. With the evolution of edge computing into edge analytics, the problem of decentralized data can be overcome. Edge analytics collect and analyze data at the point where it is generated such as sensors, IoT gateways, network switches, and other devices. According to the latest market intelligence report by BIS Research titled, ‘Global Edge Analytics Market-Analysis and Forecast (2018-2025),’ the market is expected to reach $13.44 billion by the year 2025. This significant growth is attributed to the rapid proliferation of the number of connected devices and the continuous expansion of data generated by these devices.
The edge analytics market is encompassed by hardware devices, software, and professional services, which in turn, bring automated analytical computation at the edge of the network. The edge analytics system saves time, improves latency, and reduces transmission cost of sending data to the cloud servers. In the last few years, edge analytics technology has gained immense popularity owing to the rising prevalence of IoT connected devices. Various prominent industries such as manufacturing, transportation, and automobile are the active participants of the IoT and generate a tremendous amount of operational data. Edge analytics can be considered as a boon for the remotely located enterprises as there is a shortage of bandwidth to transmit operational data and edge analytics can provide computation and analytics capabilities in remote areas.
As per the report of Cisco, a global networking company, there will be nearly 20 billion connected devices generating zettabytes of data by the year 2020. An average internet user is expected to generate 1.5GB of data as well as the video traffic will reach nearly a petabyte for each day. The government in the countries such as Australia, U.S., and India are majorly focussing on improving the operational efficiencies of the data and expansion in the organizational infrastructure. Despite the tremendous growth of edge analytics, various factors are inhibiting the growth of edge analytics market such as lack of standardization of network protocols, data privacy regulations, integration of devices, and identification of edge notes.
At present, edge analytics solutions are extensively being used in retail, manufacturing, energy, smart cities, transportation and logistics vertical segment. Retail customer behavior analysis, remote monitoring and maintenance for energy operations, fraud detection at financial locations (ATMs), and monitoring of manufacturing & logistics equipment are some of the places, where edge analytics is catering, widely. The rise in the number of IoT gateway devices led to an increase in the deployment of edge analytics in many enterprises. The global market for edge analytics can be segmented by mode of deployment, components, applications, and region types.
BIS Research has conducted extensive research on the global edge analytics market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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