Global Edge AI Software Market Report 2022: Increased Advancements in Ai-Powered IoT in Smart Applications Set to Boost Growth
Global Edge AI Software Market
Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Global Edge AI Software Market, by Component, by Data Source, by Application, by End-users, Estimation & Forecast, 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The global edge AI software market held a market value of USD 1,459.8 Million in 2021 and is projected to reach USD 8,049.8 Million by the year 2027. The market is anticipated to register a CAGR of 35.9% during the forecast period.
Edge AI is the disposition of artificial intelligence applications in devices all over the physical world. The AI computation has to be done near the user at the edge of the network, near to the location of the data, rather than centrally in a cloud computing facility or even a private data center.
The market is set to boom at a double-digit growth rate owing to the increased advancements in AI-powered IoT in smart applications. The increased use of edge AI software in the 5G network industry also fuels the growth rate of the market.
On the other hand, the data privacy compliance standards are not proper in all regions which hamper the market growth to a limited extent. Moreover, AI and machine learning continue to develop, yet many AI disruptors lack the capacity to process complex AI, machine learning algorithms. Thus, such elements hinder the market growth.
Advancements in AI-powered IoT (Internet of Things) for Intelligent Systems and Smart Applications
The extensive implementation of the Internet of Things has powered the detonation of big data. With the swift ability to amass data in every aspect of a business, the edge AI software are playing a prominent role. The AI-powered IoT software are used from industrial sensors, robots, to smart cameras. Thus, the increasing advancements fuel the market growth.
Use of Edge AI computing in 5G network
The edge AI software aids numerous end use industries. Using such a top-notch software for 5G networking purposes decreased costs and provides faster insights. It also offers effective data control and a streamlined operation. The 5G network permits establishing data centers at edge modules, and implementing industry-specific networks aided by virtualization and software-defined networking principles in a single environment. 5G coupled with IoT offers stable and secured connectivity, which increases the preference rate of this market considerably.
The global edge AI software market is segmented into component, data source, application, and end users.
Training and Consulting Services
System Integration and Testing
Support and Maintenance
The software segment held the largest market share of more than 80% in 2021. On the basis of the software segment, the platform sub-segment is expected to hold an opportunity of more than USD 3,500 Million during 2021 to 2027.
By Data Source
Video and Image Recognition
The biometric data segment is anticipated to hold the highest growth rate of 36.6%. on the other hand, the sensor data held the largest market share of more than 25% in 2021.
The energy management segment held the largest market share of more than 20% in 2021. On the other hand, the remote monitoring segment is projected to hold an opportunity of more than USD 900 Million during 2021 to 2027.
By End Users
Banking and Insurance
Chemicals and Agriculture
Energy and Materials
Media and Entertainment
Public Sector and Utilities
Travel, Transport and Logistics
The healthcare segment held the highest growth rate of 37.2%. Moreover, the travel, transport and logistics segment held the largest market share of more than 20% in 2021.
By region, the global edge AI software market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia-Pacific market for edge AI software held the largest market share of more than 35% in 2021 owing to the more technological developments in the area. Moreover, the market in other regions of North America, APAC, and Middle East and Africa are anticipated to grow at a considerable rate.
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
Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing
Manufacturing Cost Analysis: Cost-share of various components in edge AI software
Investment by Key Players
The Personal Information Protection and Electronic Documents Act (PIPEDA)
General Data Protection Regulation
European Committee for Standardization
Personal Data Protection Act
Cloud Computing Framework
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/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?
No. of Pages
2021 - 2027
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
A selection of companies mentioned in this report includes
Alef Edge, Inc.
Chaos Prime, Inc.
Foghorn Systems, Inc.
Gorilla Technology Group, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6t9prn
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