Edge AI Software Market Overview
The global Edge AI Software Market is deemed to touch USD 2.35 billion by 2032, asserts Market Research Future (MRFR) in its report. It is expected to display a 21.73% CAGR over the forecast period. MRFR’s report on the edge AI software market highlights various trends and opportunities for leaders to capitalize on during the forecast period (2023-2032). The COVID-19 pandemic and its effects on the industry are included for forecasting market valuation and growth projections.
Competitive Analysis
ClearBlade (US), ADAPDIX (US), Synaptics (US), SIXSQ (Geneva), TACT.Ai Technologies (US), Nutanix Inc. (US), Foghorn Systems (US), Gorilla Technology Group (Taiwan), ALEF EDGE (US), IBM Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Azion Technologies (US), HPE (US), Octonion SA (Switzerland), Amazon Web Services (US), TIBCO Software (US), and Oracle Corporation (US) are key players in the global edge AI market. Acquisitions are the main gameplay of players looking to sustain their position.
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Market Scope
The global edge AI market is driven by huge demand for AI applications such as facial recognition and real-time traffic reports on smart devices and autonomous vehicles. Use of edge AI to use as an authentication measure to open up cars and detect misdemeanors at traffic signals can drive market demand. Ability to lower costs and improve safety of citizens can be attributed to its growth over the forecast period.
But lack of data consistency and data volume at edge points in the network can hamper market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic has propelled the edge AI software market to the spotlight as healthcare professionals recognize its use in curbing infection rates. Modernization of existing infrastructure by the healthcare sector and other sectors can drive market growth during the forecast period. Emergence of cloud and edge companies offering blended learning models to enhance skills of professionals and students are a prime instance of the huge potential of the technology.
Segmentation Analysis
Video Surveillance Application to Acquire Major Market Share
The video surveillance segment is set to acquire a major share owing to its ability to monitor images in real-time and reduce consumption of data volume. It can even power machine learning to identify persons of interest and lower crime rates.
Government and Public Vertical to Gain Huge Market Share
The government and public vertical is set to capture a large market share due to need for constant video monitoring for tracking pollution levels, criminal activity, and a large population. Increased budget for implementation of AI systems can drive revenues of the edge AI software market.
Regional Analysis
APAC to Lead in Market Share
Asia-Pacific (APAC) is expected to capture a major market share over the forecast period due to adoption of AI by government and private enterprises. Large volume of data generated by edge systems and expansions of domestic players can drive market growth.
Industry News
Synaptics Incorporated has entered a partnership with Edge Impulse for providing budding developers a platform for creating, training, and deploying AI programs for a wide variety of applications.
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