The global Edge AI Software market held a market value of USD 1,300.0 Million in 2020 and is forecasted to reach USD 8,049.8 Million by the year 2027. The market is expected to register a CAGR of 29.8% during the forecast period.
Edge AI Software is a combination of edge computing and artificial intelligence. The software has almost no limitations in case of potential use cases. The market is estimated to be driven by advancements in AI powered IoT (Internet of Things) for intelligent systems and smart applications. Furthermore, the use of edge AI computing in 5G network for enabling better data control, reduced costs, faster insights, and continuous operation.
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Despite the driving factors, security and privacy concerns coupled with vulnerability to cyber attacks are expected to hinder the market growth. During the COVID-19 pandemic, the healthcare segment using edge AI software witnessed positive growth as the software led to growing funding and research for keeping businesses safe and secure across the value chain.
Growth Influencers:
Advancements in AI powered IoT (Internet of Things) for intelligent systems and smart applications
Artificial intelligence sector is experiencing the emergence of a range of applications in various verticals. All these applications need massive computing power for performing activities, such as capture and process data in real time. While functioning with the cloud technology, artificial intelligence applications undergo various latency issues and lead to difficulties in offering quick responses. Edge AI software help in keeping the resources at the edge of the network. This helps the applications to work with high bandwidth and low latency. Hence, advancements in AI powered IoT (Internet of Things) for intelligent systems and smart applications are anticipated to boost the market growth.
Segments Overview:
The global Edge AI Software market is segmented into component, data source, application, and end-users.
By Component
- Solutions
- Software Tools
- Platform
- Services
- Training and Consulting Services
- System Integration and Testing
- Support and Maintenance
The solutions segment is estimated to account for the largest market share of around 80% owing to its high demand. The services segment is expected to grow at the fastest CAGR of 30.6% owing to slowly increasing adoption of training and consulting services. The support and maintenance segment is held a market size of USD 337.3 million in 2020.
By Data Source
- Biometric Data
- Mobile Data
- Sensor Data
- Speech Recognition
- Video and Image Recognition
The sensor data is anticipated to hold the largest market share of around 26% owing to high product availability in this segment. The biometric data is estimated to grow at the fastest rate of about 30.4% owing to growing adoption of biometric technology in various industries.
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By Application
- Access Control
- Autonomous Vehicles
- Energy Management
- Predictive Maintenance
- Remote Monitoring
- Telemetry
- Video Surveillance
- Others
The energy management segment is expected to account for the dominant share of the market owing to growing number of edge AI software applications in this industry. The video surveillance segment is estimated to hit a market value of around USD 500 million by 2025.
By End-Users
- Advanced Industries
- Banking and Insurance
- Chemicals and Agriculture
- Consumer
- Cross-Vertical
- Energy and Materials
- Healthcare
- Infrastructure
- Media and Entertainment
- Public Sector and Utilities
- Retail
- Travel, Transport and Logistics
The travel, transport, and logistics segment accounted for the largest market share of about 21% owing to growing adoption of healthcare IT in the travel, transport, and logistics sector. The cross-vertical sector is estimated to witness a growth rate of around 30.3% and the consumer segment is expected to surpass a market value of around USD 262.4 million by 2025.
Regional Overview:
On a regional basis, the global Edge AI Software market is segmented into Europe, North America, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific region held the largest market share of about 38% owing to increasing adoption of technologically advanced solutions in the market and growing travel industry in countries, such as India and Japan. The North American witnessed a growth rate of around 30.9% owing to the growing healthcare IT industry in the U.S. and Canada.
Competitive Landscape:
Key players operating in the global Edge AI Software market include Alef Edge, Inc., Anagog Ltd., AWS, Azion Technologies, Bragi.Com, Chaos Prime, Inc., Clearblade, Inc., Foghorn Systems, Inc., Google, Gorilla Technology Group, Inc., IBM, Imagimob, Microsoft, Nutanix, Octonion, Sixsq Sarl, Synaptics, TACT.AI, TIBCO Software, Veea Inc., and other prominent players.
Major 2 players in the market hold about 25-30% of the market share. These players are engaged in product launches, mergers & acquisitions, and collaboration, among others. For instance, in January 2021, TIBCO Software, Inc. acquired Information Builders, hence advancing its connected intelligence platform by addition of Information Builders’ data management and analytics capabilities.
The global Edge AI Software market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Edge AI Software market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Edge AI Software market report answers questions such as:
- What is the market size and forecast of the Global Edge AI Software Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Edge AI Software Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Edge AI Software Market?
- What is the competitive strategic window for opportunities in the Global Edge AI Software Market?
- What are the technology trends and regulatory frameworks in the Global Edge AI Software Market?
- What is the market share of the leading players in the Global Edge AI Software Market?
- What modes and strategic moves are considered favorable for entering the Global Edge AI Software Market?
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