Edge Analytics Market - Cloud Deployment Seeing Maximum Uptake on Account of Cost Effectiveness

Savvy players in the global edge analytics market are using multi-pronged strategies to surge ahead. Mergers, acquisitions, and collaborations are some of popular strategies leveraged by them to increase their geographical outreach and tap into new markets. Companies are also adding to their product portfolio by focusing on development of highly effective analytical models to entice more takers.

Majorly fuelling uptake of edge analytics is the growing application of Internet of Things (IoT) in smart manufacturing, smart cities, oil and drilling, etc. Enormous volumes of data churned out by them need to analyzed for actionable insights by organizations. Transferring such crucial data from their place of origination, especially from far flung locations, via internet or Bluetooth, to cloud data centers for analysis can be slow and risky. Edge analytics helps to analyze them near their source, thereby eliminating the risk of slow transfers and even cyber-attacks. Such advantages have helped their market.

As per a report by Transparency Market Research, the global edge analytics 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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Cloud Deployment Seeing Maximum Uptake on Account of Cost Effectiveness

Depending upon the mode of deployment, the global edge analytics market can be divided into on-premise and cloud. Of the two, the cloud deployment is seeing rapid uptake on account of the cost benefits it accords. Instead of developing software on local hardware which requires a set up cost on account of additional manpower required, most businesses are opting for software that is hosted remotely and accessed through internet. It enables businesses to optimize IT costs pertaining to support, staff, and hardware.

The ease of implementation and low cost have made cloud deployment a highly suitable delivery model in recent years. Moreover, cloud based deployment of edge analytics allows enterprises to combine data from all sources across all communication channels. In the absence of cloud, collecting data from all social networks, internal applications, and networking devices would be costly for organizations. On account of so many benefits, the cloud segment in edge analytics is expected to grow at a CAGR of 27.9% during the forecast period.

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Oil and Gas Industry Majorly Boosting Market in North America

From a geographical standpoint, North America is a dominant region in the global edge analytics market due to the soaring uptake of internet of things (IoT) that’s churns enormous volumes of data. Edge analytics helps to process and analyze the data near the source or edge devices, thereby helping to decentralize decision making. Edge analytics for IoT is being taken up in crucial industries of oil and gas, which operate in low latency and low bandwidth environments. The market in North America is expected to register a CAGR of 27.6% from 2017 to 2025 to become worth US$8.71 bn by 2025 from US$785.1 mn in 2015.

Asia Pacific is another key region, which is predicted to account for maximum growth – a CAGR of 28.5% in the forecast period. This is because of the substantial investment in development of smart cities which uses Internet of Things (IoT) to gather crucial data. Edge analytics serves to up the efficiency of city operations through decentralized decision-making, since they eliminate the need for data to be send to a centralized hub from IoT gateways and sensors. In addition, it also enables accurate and fast decision making in critical situations, such as emergencies, crime, security breach, and so on.

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.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.