Northbrook, IL 60062 -- (SBWire) -- 11/27/2023 --The global Edge AI Software Market size is projected to grow from USD 1.1 billion in 2023 to USD 4.1 billion by 2028, at a CAGR of 30.5% during the forecast period, according to research report by MarketsandMarkets™.
The edge AI software market is expanding rapidly, driven by the convergence of technologies such as AI, ML, embedded hardware, cloud infrastructure, network technologies, developer tools, security measures, and open-source initiatives. These advancements are enabling powerful and efficient edge computing solutions that address critical challenges such as latency, privacy, and bandwidth consumption, making edge AI a key driver of innovation and efficiency across industries.
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Solutions segment to account for the largest market size during the forecast period.
Based on the offering segment, solutions are anticipated to hold the largest market size during the forecast period. Edge AI software solutions are being rapidly adopted across various industries, driving significant advancements and enhancing operational efficiency. From manufacturing to healthcare, transportation to agriculture, edge AI is empowering businesses to optimize processes, personalize experiences, and improve safety. For instance, in manufacturing, edge AI enables real-time monitoring, predictive maintenance, and anomaly detection, leading to reduced downtime and improved quality control. Retailers leverage edge AI for targeted promotions, personalized recommendations, and optimized store layouts.
Managed service to account for higher CAGR during the forecast period.
Based on the services, managed services are anticipated to hold the highest CAGR during the forecast period. Edge AI managed services are gaining popularity as organizations seek to harness the power of edge AI without the burden of in-house expertise and infrastructure management. These services provide comprehensive solutions, encompassing hardware, software, deployment, and ongoing maintenance, enabling businesses to focus on their core competencies while leveraging edge AI's transformative capabilities.
Asia Pacific to exhibit the highest CAGR during the forecast period.
The CAGR of Asia Pacific is estimated to be highest during the forecast period. Edge AI software adoption in APAC is gaining momentum, driven by factors such as the increasing availability of edge computing infrastructure, the growing need for real-time insights, and the desire to reduce latency. Players in the region are adopting edge AI software to improve operational efficiency, enhance customer experiences, and gain a competitive edge. Key use cases include predictive maintenance, anomaly detection, and autonomous decision-making.
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Major vendors in the global Edge AI software market Microsoft (US), IBM (US), Google (US), AWS (US), Nutanix (US), Synaptics (US), TIBCO (US), Octonion (Switzerland), Imagimob (Sweden), Anagog (Israel), Veea (US), Gorilla Technology (China), Azion (US), Bragi (Germany), Tact.ai (US), Ekinops (France), Clearblade (US), Alef Edge (US), Adapdix (US), byteLAKE (Poland), Reality AI (US), Deci (Israel), Edgeworx (US), Swim (US), Invision AI (Canada), Horizon Robotics (China), Kneron (US), DeepBrainz (India), Johnson Controls(Ireland), and Blaize(US).
Key Dynamic Factors For Edge AI Software Market:
Increase in IoT Devices:
At the edge, massive amounts of data have been generated by the growing deployment of Internet of Things (IoT) devices. In order to analyse and analyse this data locally, lower latency, and enhance real-time decision-making, edge artificial intelligence is essential.
Developments in Edge Computing
Infrastructure for edge computing has developed, growing in strength and capability. More complex AI models can be implemented locally thanks to enhanced edge processing capabilities, facilitating high-performance and low latency applications.
5G Implementation:
More effective communication between edge devices and central systems is made possible by the deployment of 5G networks, which improve connectivity and data transmission speeds. This makes it easier to implement increasingly complex and data-intensive AI models at the edge.
Privacy and Security Issues:
Ensuring the security and privacy of sensitive data becomes increasingly important as data processing and AI inference get closer to the data source. Data security issues need to be taken into consideration by edge AI solutions, particularly in sectors like finance and healthcare.
Personalization and Expertise:
More and more edge AI software is being customised to meet industry-specific requirements. Tailored solutions are designed to cater to the distinct needs of many industries, such as healthcare, manufacturing, retail, and smart cities.
Decentralised artificial intelligence
There is a growing trend towards decentralised AI models, in which inference and training take place on dispersed edge devices. Keeping data local improves privacy and eliminates the need for large-scale data transfers to central servers.
Competitive and Segmentation Analysis:
The market for Edge AI software is distinguished by fierce rivalry and dynamic segmentation that is influenced by the changing technology adoption environment. Established tech behemoths and creative startups are among the major players in the market, all fighting for a sizable piece of this quickly growing industry. The ability of businesses to provide scalable and effective solutions that cater to the various needs of industries implementing edge computing and artificial intelligence shapes the competitive landscape. Industry verticals including healthcare, manufacturing, retail, and smart cities are what drive market segmentation and bring particular potential and problems for edge AI applications.
Furthermore, the market is segmented according to the kind of edge devices, such as edge servers, gateways, and Internet of Things devices. Customization is becoming more and more popular as businesses concentrate more on creating specialised solutions for particular use cases and industries. The market segmentation is expected to further refine as demand increases for real-time processing and decision-making capabilities at the edge, with a rising emphasis on vertical-specific solutions and the integration of cutting-edge technologies like 5G. Key companies' cooperation and alliances, as well as their acute understanding of legal requirements and data privacy issues, are crucial factors that influence how the Edge AI software industry is competitive.
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2023 Edge AI Software Market Is Booming Across the Globe: Size, Share, Forecasts, & Trends Analysis 2028
This research report categorizes the edge AI software market based on Offering, Data Type, Verticals, and Region.