Discover the latest trends in the rapidly growing edge AI software market. Learn about key drivers, restraints, growth factors, and government statistics, and gain insights into the market’s components, data sources, applications, and end-use industries.
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The global edge Artificial Intelligence (AI) software market size reached USD 585.1 Million in 2020 and is expected to register a CAGR of 20.1%, during the forecast period, according to latest analysis by Emergen Research.
Over the past few years, the market for edge artificial intelligence (AI) software has seen substantial growth. Edge AI software is made to process and analyse data in real-time locally on edge devices, independent of the cloud. Devices may now make judgements swiftly and effectively without constantly being connected to the internet thanks to this technology.
The rising need for edge devices like smartphones, Internet of Things (IoT) gadgets, and autonomous vehicles is one of the major factors driving the edge AI software industry. The enormous amounts of data generated by these devices are processed and analysed in real time with the aid of edge AI software. The demand for edge AI software is anticipated to increase along with the growing acceptance of smart homes and smart cities. For instance, smart cities can deploy edge AI software to analyse traffic patterns and enhance traffic flow.
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The growing demand for security and privacy is another factor driving the market for edge AI software. By allowing devices to analyse data locally, edge AI software lowers the possibility of data breaches and cyberattacks. For sensitive data like medical records, financial information, and personal information, this is especially crucial.
The market does, however, nonetheless face a number of obstacles and limitations. The absence of interoperability and standards is one of the major problems. There is a dearth of hardware and software standardisation because the market is still in its early phases. This may cause compatibility problems and impede the use of edge AI programmes.
Edge Artificial Intelligence (AI) Software Market Segmentation:
The global edge AI software market is segmented into four components: services, solutions, data sources, and applications. The services segment includes various services offered by edge AI software vendors such as consulting, maintenance, and support services. The solutions segment includes software solutions for edge devices that enable real-time processing and analysis of data locally.
The data source outlook is further divided into five categories, including mobile data, biometric data, video and image recognition, sensor data, and speech recognition. These data sources provide the input data for the edge AI software to process and analyze, and they play a crucial role in determining the effectiveness of the software.
The application outlook segment includes various applications of edge AI software, such as video surveillance, telemetry, autonomous vehicles, remote monitoring, field service support, energy management, smart wearables, precision agriculture, predictive maintenance, access management, point of sales, augmented reality, virtual reality, and others. These applications have different requirements for processing and analyzing data, which influences the choice of edge AI software.
Lastly, the end-use outlook segment includes industries that utilize edge AI software solutions, such as manufacturing, government, BFSI, healthcare, retail, telecom, media & entertainment, energy & utilities, automotive, and others. The demand for edge AI software varies across these industries, and the choice of edge AI software depends on the specific requirements of each industry.
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Let me share with you some important highlights from the report.
The solution segment revenue is expected to expand at a significant CAGR during the forecast period due to the increasing demand for edge AI software solutions across various industries. Edge AI software solutions provide real-time processing and analysis of data locally on edge devices, enabling devices to make quick decisions without relying on cloud computing. This technology is particularly useful in industries such as manufacturing, healthcare, retail, and energy management, where real-time decision making is crucial.
The video & image recognition segment is expected to lead in terms of revenue over the forecast period due to the growing demand for video and image recognition technology in various applications. The video and image recognition segment is a data source component of the edge AI software market, which includes the processing and analysis of visual data from images and videos.
The video surveillance segment is expected to lead in terms of revenue over the forecast period due to the increasing demand for video surveillance systems in various industries such as retail, healthcare, and government. Video surveillance is a type of application of edge AI software, which involves real-time monitoring and analysis of video data to identify potential threats and enhance safety and security.
The telecom segment is expected to lead in terms of revenue over the forecast period due to the increasing demand for edge AI software in the telecommunications industry. Telecom is one of the end-use segments of the edge AI software market, which includes various industries that utilize edge AI software solutions.
Factors such as increasing strategic alliances among major IT companies to develop advanced edge AI software due to the potential benefits of edge AI software are also expected to drive the growth of the telecom segment in the edge AI software market. Major IT companies are forming strategic alliances to develop advanced edge AI software that can meet the evolving needs of the telecom industry. This collaboration allows companies to combine their expertise and resources to create innovative solutions that can enhance network performance and customer experience.
Key players in the market include Microsoft Corporation, Alphabet Inc., Nutanix, Inc., International Business Machines Corporation, Synaptics Incorporated, Bragi GmbH, TIBCO Software Inc., FogHorn Systems, Inc., Invision AI Inc., and Amazon Web Services.
In October 2019, FogHorn Systems, Inc. introduced a new Lightning Edge AI software functionality due to the increasing demand for edge AI software in the manufacturing industry. FogHorn Systems, Inc. is a leading provider of edge AI software solutions and services, and their Lightning Edge AI software functionality is designed specifically for industrial and manufacturing applications.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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