Market Research Future (MRFR) projects the global edge AI software market growth to reach USD 2271.73 million at a CAGR of 21.3% from 2021 to 2027 (Forecast period).
Increasing Demand for Edge AI-Enabled Devices
There is a long list of cutting-edge AI applications. Smartphones and semi-autonomous vehicles or intelligent devices can do facial recognition and provide real-time traffic reports. Other Edge AI-enabled things include video games, smart speakers, robots, drones, security cameras, and wearable health monitoring devices. The detection of security cameras will benefit from edge AI. Traditional surveillance cameras record images for hours before storing and retrieving them as needed. However, with Edge AI, the algorithmic procedures will be performed in real-time within the system itself, allowing the cameras to detect and evaluate suspicious activity in real-time, resulting in more efficient and cost-effective services. Edge AI will increase autonomous vehicles' ability to interpret data and visuals in real-time to identify traffic signs, people, other cars, and roads, hence improving transportation security. Edge AI will save expenses and improve safety in industrial IoT (IIoT). Machine Learning will recompile data from the entire process in real-time, while AI will monitor machinery for potential errors or faults in the production chain. In terms of applicability, edge AI technology has no bounds. Following the Covid-19 incident, firms' innovation has led them to create Artificial Intelligence-based solutions that provide precise information in real-time.
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Some of the key players in the edge AI software market are Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services (US), Nutanix Inc. (US), Synaptics (US), TIBCO Software (US), Octonion SA (Switzerland), Intel Corporation (US), HPE (US), Oracle Corporation (US), Foghorn Systems (US), Gorilla Technology Group (Taiwan), Azion Technologies (US), ClearBlade (US), TACT.Ai Technologies (US), SIXSQ (Geneva), ADAPDIX (US), and ALEF EDGE (US).
The Global Market to Experience Growth Amid COVID-19 Pandemic
The rapid global adoption of COVID-19 has had a considerable influence on the IT sector. Consumer preferences and behavior have shifted as a result of the emerging global pandemic scenario, which has had a substantial impact on the IT sector over the anticipated timeframe. For example, in March 2020, the World Health Organization (WHO) declared COVID-19 to be a global epidemic, causing several nations to impose lockdowns. The pandemic has had an impact on the economy as a result of the manufacturing sector's slump and factory closures. However, during the COVID-19 pandemic, AI discovered several crucial applications. AI can detect atypical symptoms and other "red flags" quickly, warning patients and healthcare officials. It contributes to more cost-effective decision-making by allowing for faster decision-making. It contributes to the development of a novel diagnosis and management plan for COVID 19 cases by utilizing applicable algorithms. AI can aid in the diagnosis of infected patients by using medical imaging technologies such as computed tomography (CT), and magnetic resonance imaging (MRI) scans of human body parts.
The global edge AI software industry has been segmented based on components, data source, and vertical.
By component, the global edge AI software market has been segmented into solution and service. The solutions segment is further split into software tools and platforms. The service segment has been further segmented into training & consultation services, system integration & testing services, and support & maintenance services.
By data sources, the global edge AI software market has been segmented into video and image recognition, speech recognition, biometric data, sensor data, and mobile data.
By application, the global edge AI software market has been segmented into autonomous vehicles, access management, video surveillance, remote monitoring & predictive maintenance, telemetry, energy management, and others.
By vertical, the global edge AI software market has been segmented into government & public, manufacturing, automotive, energy & utilities, telecom, healthcare, and others.
North America to Dominate the Global Market
North America captured the largest market share in 2019, and it is projected to register strong growth during the forecast period.
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