Edge Analytics Market Is Expected to Garner $47.4 Bn, Globally, by 2030 at 24.9% CAGR: AMR
Rise in demand for automation and high penetration of internet & cloud have boosted the growth of the global edge analytics market.
PORTLAND, Ore., May 12, 2022 /PRNewswire/ -- Allied Market Research recently published 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 Industry Vertical (Retail, E-Commerce and Consumer Electronics, Energy and Utilities, Healthcare, Transportation and Logistics, IT and Telecom, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global edge analytics industry was pegged at $5.2 billion in 2020, and is expected to reach $47.4 billion by 2030, growing at a CAGR of 24.9% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in demand for automation and high penetration of internet & cloud have boosted the growth of the global edge analytics market. However, dearth of skilled workforce to install and operate edge-based solution hinders the market growth. On the contrary, increased efficiency of network nodes would open new opportunities in the future.
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The solution segment dominated the market
By component, the solution segment held the largest share in 2020, accounting for nearly three-fourths of the global edge analytics market. This is due to rise in need for easily deployable edge solutions. However, the service segment is expected to register the highest CAGR of 26.5% during the forecast period, owing to rapdly growing demand for edge analytics services.
The predictive analytics segment to manifest the highest CAGR through 2030
By type, the predictive analytics segment would showcase the highest CAGR of 26.5% from 2021 to 2030, due to growing demand for precautionary tools. However, the descriptive analytics segment held the largest share in 2020, contributing to more than two-fifths of the global edge analytics market, due 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 edge analytics industry, due to high concentration of specialized edge solution vendors in the region. However, the market across Asia-Pacific would showcase the highest CAGR of 27.2% from 2021 to 2030, owing to ongoing digital transformation of the region.
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Major market players
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