According to Next Move Strategy Consulting, the global Edge AI Software Market size is predicted to reach USD 4120.3 million with a CAGR of 28.0% till 2030.
Edge AI Software Market Addressing Labor Challenges and Cost Barriers
The demand for edge AI software is increasing due to the rising adoption of internet of things (IoT) devices such as smart home devices, wearables, and industrial sensors. According to Ericsson, a multinational networking and telecommunications company, broadband IoT (4G/5G) reached 1 billion connections in 2021, overtaking 2G and 3G as the technology that connects the largest share of all cellular IoT devices. Edge AI allows real-time processing & analysis of data generated by IoT devices, without the need to constantly transmit data to a central location.
However, high initial investments in hardware, software, and skilled personnel can be the factors deterring smaller enterprises from adopting edge AI and restrain the growth of the market. On the other hand, the introduction of visual recognition and neural network pruning is expected to create ample growth opportunities for the / Edge AI market in the future. These technologies have the potential to significantly improve the performance and efficiency of Edge AI systems.
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Market Segmentation and Scope of Study
The global edge AI software market report is segmented on the basis of component, data source, application, end-user, and geography. Based on component, the market is classified into solutions and services. Solution is further sub divided into, software tools and platform. Services are further subdivided into, training & consultation service, system integration & testing service, and support & maintenance services. Based on the data source, the market is segmented into video and image recognition, speech recognition, biometric data, sensor data, and mobile data.
On the basis of application, the market is categorized into autonomous vehicles, access management, video surveillance, remote monitoring & predictive maintenance, energy management, and others. On the basis of end-user, the market is divided into manufacturing, automotive, telecom, healthcare, government & public, and others. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.
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Geographical Analysis
North America dominates the global edge AI software market and is expected to remain dominant in the market throughout the forecast period. This is attributed to the rising demand for autonomous vehicles along with research and development for AVs in the region. Edge AI technology is crucial for real-time decision-making and data processing in autonomous vehicles.
On the other hand, Asia Pacific shows substantial growth in the global edge AI software market owing to the rising adoption of IoT and smart devices in healthcare sector along with the growing infrastructure of healthcare in developing countries such as India and South Korea.
Thus, the increased investment in healthcare infrastructure in the Asia Pacific region leads to the adoption of advanced technology in the medical sector, which in turn is driving growth in the market in the region., the rapid development in 5G network in countries such as China, South Korea and India is further accelerating the edge AI software market growth.
Competitive Landscape
The edge AI software industry includes several market players such as IBM Corporation, Microsoft Corporation, Intel Inc., Google LLC, TIBCO, Cloudera, Nutanix, Foghorn Systems, SWIM.AI, Anagog, Tact.ai, Bragi, XNOR.AI, Octonion, and Veea Inc. These market players are adopting various strategies including product launches to maintain their dominance in the global market. For instance, in November 2022, Microsoft launched the Microsoft Supply Chain Platform, focusing on supply chain agility, automation, and sustainability. This innovative platform aims to leverage edge AI and advanced technologies to optimize supply chain processes. This launch highlights the role of edge AI software in transforming supply chain operations, enhancing efficiency, and promoting sustainability.
Conclusion
In conclusion, the Edge AI software market stands poised at the forefront of technological innovation, offering transformative solutions across various industries. With the proliferation of IoT devices and the increasing demand for real-time data processing, Edge AI has emerged as a pivotal enabler of efficiency, intelligence, and agility at the edge of networks.
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Category: Technology Business Consultants Profile: Next Move Strategy Consulting is a premier market research and management consulting firm committed to providing strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from. What makes Next Move different from the rest is its top-quality research and the obsession with turning data into knowledge by dissecting every bit of it and providing fact-based research recommendations that are supported by information …
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