Market Research Report
|Published by||Global Industry Analysts, Inc.||Product code||906614|
|Published||Content info||804 Pages
Delivery time: 1-2 business days
|Published: October 1, 2020||Content info: 804 Pages||
Curse of Network Latency Lifted. Edge Computing to Bypass Cloud With a $31.4 Billion Opportunity
The global market for Edge Analytics is expected to spike by 35.2% in the year 2020 and thereafter will continue to grow and reach US$31.4 billion by the year 2027, trailing a post COVID-19 CAGR of 28.2% over the analysis period 2020 through 2027. While the COVID-19 pandemic has affected the global economy at all levels, the IT industry is also confronting challenges due to the crisis. Public and private sectors will prioritize investments in technologies that enable safe remote operations such as automation, cybersecurity, cloud, AI & IoT. With strict social distancing regulations and movement restrictions in place, companies are feeling the need for digital technologies to remain operational and agile amidst this emergency situation. The pandemic has forced organizations to shift from the traditional office model to the digital workplace. The outbreak has underscored the importance of agility and resilience to help industries to make their businesses more nimbler by providing analytical insights in real time. Rise in remote work culture, increase in virtual collaboration, growth in video streaming and online gaming have resulted in sudden spike in network traffic, burdening the existing networks. This is expected to drive the demand for edge computing, to address the increasing latent needs of latent needs in network infrastructure. Edge analytics not only maintain the bandwidth but also increases the efficiency of network system by processing data, closer to the users and devices instead of sending it to more central locations in the cloud. Businesses around the world are realizing the intense need to increase their engagement with customers. Edge analytics, supported by attributes such as low latency for immediate real-time insights, and improved bandwidth management are proving to be valuable in several industries.
With COVID-19 ushering in a phase of social distancing and lockdowns, the trend towards remote working has gained momentum, stronger than ever before. With majority of the economies and industries operating below capacities, and movement restrictions disrupting work environments, the Internet has become the key enabler and capacity reinforcement for businesses. Concurrently, there has been an upsurge in requests for remote access to workplace resources, specific data and productivity tools from employees working from home or from geographically diverse locations. Propped up by the growing need for enterprise data security and risk-free remote access, demand for edge analytics is expected to gain momentum. Edge analytics is an advanced technique of data analysis that provides access to users to real-time extraction and processing of unstructured data that is captured as well as stored on network devices' edge. Edge analytics ensures automatic, real-time analytical computation of data without sending the data to the centralized data server or store. Currently, organizations across various domains operate millions of sensors to stream limitless data from manufacturing equipment, and remote devices. This results in accumulation of heaps of unmanageable data, more than two thirds of which may never be used. Edge analytics addresses such problems by running the data at the edge of a corporate network through an analytics algorithm. Key benefits of edge Analytics reduced latency of data analysis, scalability, less bandwidth usage, improved security due to decentralization, robust connectivity, and reduce expenses. Edge computing makes use of AI for local gathering of information and understanding it. Such functionality makes the process of decision making much faster.
Data analysis on the edge aids in decreasing decision-taking latency on the connected devices. Additionally, it aids in saving time by ensuring faster processing of data by decentralizing to the sites where the data is collected, thus boosting deployment scalability. having devices on the edge gives absolute control over the IP protecting data transmission, since it's harder to bring down an entire network of hidden devices with a single DDoS attack, than a centralized server. Edge analytics automates performance and activates streamlined feedback from the device's external as well as internal source. Within the realm of data processing, edge analytics ensures cost-effective extraction of relevant information, thus reducing cost incurred on management of data. Among the many benefits offered by edge computing is also computing energy efficiency. Datacenters consume 3.8% of total electricity & generate 2.5% of world CO2 emissions. Edge datacenters are more efficient than cloud datacenters & edge computing mini data centers are rolling out in growing numbers. More data processed on the edge of the network means less data moving to & from the cloud & thus less energy consumption. Edge computing also enables faster processing, lower latency, more instantaneous decision making and operational responsiveness amid COVID-19 & beyond.
Competitors identified in this market include, among others,