Global Edge AI Software Market
Dublin, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The "Edge AI Software Market by Component (Solution and Services), Data Source (Video & Image Recognition, Mobile Data), Organization Size, Vertical (Energy & Utilities, Manufacturing, Healthcare & Life Sciences) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The edge AI software market size is pegged to grow from USD 0.8 billion in 2022 to USD 3.1 billion by 2027, at a compound annual growth rate (CAGR) of 28.9% during the forecast period. Some factors driving the growth of the edge AI software market are ever-increasing enterprise workloads on the cloud, rapid growth in the number of intelligent applications, and exponentially growing data volume and network traffic.
The edge AI software market has been divided into solutions and services based on components. Edge AI software solutions assist businesses in automating operational tasks, increasing efficiency, and lowering costs. Edge AI software solutions include software tools and platforms, while services include training and consulting, system integration and testing, and support and maintenance.
Integrated solutions to register for the largest market size during the forecast period
Based on solutions, the edge AI market is segmented into Integrated Solutions and Standalone Solutions. The integration of digitalization or AI and Edge technologies in a single system or process is known as edge AI. Mostly Edge computing is integrated with technologies such as natural language processing (NLP), deep learning, and machine learning (ML). Edge AI simulates the machine operator's behavior, while artificial intelligence or machine learning helps in decision-making by analyzing the data. Edge computing solutions, along with AI, can do data processing of semi-structured and unstructured data. Edge AI integrates each system, machine, and resource in the whole process, so real-time data is readily available at any time from any place. As the whole system is integrated, the machine operator can easily send commands to the machines or instructions to another machine operator.
SMEs to register higher CAGR during the forecast period
Based on organization size, the edge AI software market has been segmented into SMEs and large enterprises. SMEs are enterprises with an employee strength of 1-1,000, while large enterprises have an employee strength of more than 1,000. SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. With limited budgets, SMEs try to scale up their business through cost-effective techniques to generate maximum RoI from their spending. The intense competitive market has encouraged SMEs to invest in edge AI solutions and services, grow their productivity, and reduce costs. These enterprises are aggressively opting for edge AI due to flexibility, cost-effectiveness, lower technology risks, resource utilization scalability, and improved organizational productivity. Increasing awareness about the advantages of using AI within SMEs can help boost the market growth.
Asia Pacific to witness the highest CAGR during the forecast period
Based on regions, the Edge AI market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America. The region is expected to grow at the highest CAGR in the next few years in the edge AI software market because of its growing technology adoption rate. More than 50% of the world's population resides in Asia Pacific; therefore, any major technological shifts are likely to shape the future of the region. Many Asian countries such as China, India, and Japan are leveraging the benefits of information-intensive AI and ML technologies for different verticals.
The major countries in Asia Pacific are technology-driven and offer huge investment and revenue opportunities. These major countries include China, Japan, India, and Singapore. The companies operating in the region would benefit from flexible economic conditions, industrialization- and globalization-motivated policies of governments, and digitalization, which are expected to have a huge impact on the business community in the region.
Ever-Increasing Enterprise Workloads on the Cloud
Rapid Growth in the Number of Intelligent Applications
Exponentially Growing Data Volume and Network Traffic
Privacy and Security Concerns Related to Edge AI Solutions
Inadequate Number of AI Experts
Emergence of the 5G Network to Bring IT and Telecom Together
Advent of Autonomous Vehicles Coupled with Connected Car Infrastructure
Rising Need for Edge Computing in IoT
Interoperability Issues Slowing the Adoption of Edge AI Software
Optimization of Edge AI Standards
No. of Pages
2022 - 2027
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Industry Trends
7 Edge AI Software Market, by Component
8 Edge AI Software Market, by Data Source
9 Edge AI Software Market, by Organization Size
10 Edge AI Software Market, by Vertical
11 Edge AI Software Market, by Region
12 Competitive Landscape
13 Company Profiles
Gorilla Technology Group
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