Edge analytics market to hit US$1.18B by 2025, driven by manufacturing, energy and logistics sectors
Increasing uptake of edge solutions across industry verticals creates key growth opportunities for market participants
SANTA CLARA, Calif. — Frost & Sullivan’s recent analysis, Growth Opportunities in the Global Edge Analytics Market, Forecast to 2025, finds that dissatisfaction with Big Data Analytics (BDA) is increasing the uptake of edge analytics solutions across industry verticals. The study examines the key competitors in the edge analytics software market, revenue forecast analysis by region and industry vertical, and much more. Demand for machine intelligence(MI) and artificial intelligence (AI) applications at the edge is driving the market adoption of edge analytics. By 2025, the global edge analytics software market is estimated to witness nearly five-fold growth, garnering a revenue of US$1.18 billion from US$254.8 million in 2020.
“Businesses recognize data as a valuable asset, which they can leverage to create a competitive advantage, operational efficiencies, new revenue opportunities, customer satisfaction, and even industry disruption,” said Anisha Vinny, program manager, Information & Communication Technologies, Frost& Sullivan, in a prepared statement. “Approximately 51% of business leaders surveyed by Frost & Sullivan claimed that investigating and utilizing data is a top business priority. Cost reduction is cited as a strategic priority by 78% of business leaders, while 72% are willing to invest in technologies that could reduce spending.”
Vinny added: “By 2025, the North America and Latin America (NALA) region, led by the United States, will be a key adopter of edge analytics solutions, accounting for 59.3% of the total market revenue. Europe, Middle East, and Africa (EMEA) region is the second-largest revenue contributor in the market, followed by Asia-Pacific. In terms of industry verticals, the manufacturing sector leads the way, followed by energy and logistics.”
To capitalize on the immense growth prospects, market participants should focus on the following industry verticals: