Technavio analyzes that the Edge Analytics Market is expected to grow at a CAGR of 23% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9687.3 million.There are various factors that contribute to the growth of the market. The Edge Analytics market is experiencing significant growth due to the increasing availability and complexity of data. Companies are seeking real-time insights to make informed decisions, leading to a surge in demand for edge analytics solutions. Edge analytics enables data processing at the source, reducing latency and improving efficiency. This technology is particularly valuable in industries such as manufacturing, healthcare, and retail, where timely data analysis is crucial. The growing importance of IoT and the increasing volume of data being generated at the edge are further driving market growth.
Edge analytics refers to the real-time processing of operational data from manufacturing machines, industrial equipment, and other IoT devices at the source, rather than sending all data to a cloud or on-premises data center for analysis. This approach enhances performance, scalability, and near real-time insights. Edge analytics solutions enable organizations to set parameters for valuable data, reducing the need for extensive data transfer and storage. The market for edge analytics is growing due to increasing concerns over enterprise data privacy and the need for faster, more efficient data processing. Workloads in various industries, including transportation with vehicle fleets and automated lifts, and manufacturing with trucks and loading docks, can significantly benefit from edge analytics solutions integrated into their networks.
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Edge Analytics Market Segmentation
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Edge analytics refers to the process of collecting, analyzing, and automatically computing data in real-time from sensors and connected devices, such as network switches, manufacturing systems, industrial equipment, pipelines, and vehicles, including trucks, automated lifts, and loading docks, on the factory floor or corporate network. This data, which includes operational information and business rules, is analyzed using analytics algorithms to detect anomalies, trigger alerts for unplanned equipment downtime, and facilitate decision-making processes with minimal latency. Centralized data stores, whether in the cloud or on-premises, are used to store and access this streaming data for further analysis. This approach is essential for industries with complex systems and high operational demands, such as manufacturing and transportation, to optimize performance, reduce downtime, and improve overall efficiency.
The Edge Analytics Market is a segment of the larger IT software industry, focusing on data collection, analysis, and automated computational processes from connected devices and sensors in real-time. This market involves manufacturing systems, industrial equipment, pipelines, and network switches generating streaming data. Companies providing solutions for edge analytics are included in the global application software market, which encompasses businesses specializing in software development for industry-specific applications. Technavio's market analysis calculates the market size based on the combined revenue of these companies, excluding those producing interactive home entertainment software or systems software, such as database management systems.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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