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The Global Edge AI Software Market is forecast to record a revenue of US$ 8,049.8 Mn in the year 2027. With an opportunity of US$ 6,590 Mn during 2022-2027, the global market is estimated to grow at a CAGR of 29.8% during the forecast period.
The report presents a detailed analysis of the Global Edge AI Software Market across 15 chapters, totaling 204 pages, with 40 statistical tables and 104 figures. The study conducted by Astute Analytica provides a comprehensive and detailed analysis of the market across different segments and in different regions across the world. Key market players have been profiled in the report with the purpose of providing an understanding of operations across the market.
Edge AI software is predicted to develop more in the upcoming years, as edge technology is becoming increasingly important in a variety of industries. For instance, Edge computing offers a wide variety of use cases across automotive sub-systems right from the sensor, applications to the end-user experience. With more upcoming technological advancements the autonomous vehicles segment is estimated to witness an opportunity of US$ 1,254.1 Mn during the forecast period. The use of Edge AI computing in 5G network enables better data control, reduced costs, and faster insights as compared to 4G network is the newest emerging scope in the market. The report includes more emerging areas of opportunities in the market dynamics section.
The report includes a detailed analysis of the market and explains various factors like drivers and opportunities to better understand what affects the market and how companies can capture larger market shares. Trends like the use of Edge AI technology in the healthcare sector have been discussed in the report. The global market for connected medical devices, for instance, is expected to swell to $158 billion in 2022, up from $41 billion in 2017. Since the AI industry stores and uses a lot of data, regulations regarding Data Protection have been implemented across various countries. Some of these regulations and their impact have been briefly discussed in the report. For example, the Personal Information Protection and Electronic Documents Act (PIPEDA) governs how the private sectors collect and disclose private information. It will surely restrict how AI uses personal information.
In the technology industry where a lot of opportunities lie, most of the companies rely on funding and investments, some of those investments have been reviewed in the report under the Funding Landscape section. For instance, Microsoft announced US$5 billion of investment over four years in IoT and edge computing to continue to ramp up its edge efforts.
The report provides a comprehensive regional analysis of the Global Edge AI software Market. The market is divided into five regions: North America, South America, Asia Pacific (APAC), Middle East and Africa (MEA), and Europe. The global edge AI market generated a revenue of US$ 1,300 Mn in the year 2020. The Asia Pacific is expected to have the highest revenue in the year 2027 but North America is projected to record the highest CAGR across all the regions. This is because North America & Europe is estimated to hold a major share in the 5G base station market which will increase the application of Edge AI technologies in the region. In 2020, the Asia Pacific region holds twice the market share of leading regions such as North America and Europe. This is owed to the rise in smartphone penetration in China, Japan, India, and South Korea. Furthermore, the implementation of 5G connectivity in the Internet of Things (IoT) is likely to have a positive impact on the India 5G market which will contribute to further growth in the Asia Pacific Edge AI Market.
The market went through many breakthrough advancements that helped against the covid crisis. Due to the lockdown and mobility restrictions in various areas the global supply chain was disrupted in the manufacturing and export/import sector. This had a negative impact on the growth of the Edge AI market as most of the industrial units and business firms were shut down. But manufacturing giants have absorbed the shocks and built strong responses toward business growth with the use of sensors and the Internet of Things (IoT), real-time visibility into supply chains. It is no surprise that AI will help in the recovery of the economy after its recession during the covid crisis.
The cumulative market share of the four major players is close to 25-30%, hence there is monopolistic competition in the market. In the company profile section of the report, some of the active players in the market have been identified. Various details have been covered about these players including Business Overview, Strategic outlook, Product Portfolio, Outline on Company’s Financials and Recent Developments of the company. Some of the key providers that are profiled in the report are:
To provide a 360 view of the market, the report includes a study on the basis of various segments. Each segment has been analyzed and their revenue has been estimated across the period of 2017-2027. Across all segments and sub-segments, the healthcare industry is estimated to record the highest CAGR of 30.9% during the forecast period. The Healthcare sector is growing rapidly, as edge computing is revolutionizing the healthcare sector by putting massive data processing and storage closer to the source. The biometric data segment is showing significant growth owing to rising opportunities in the biometric wearable market. Wearable devices such as smart glasses and smartwatches use edge AI technology; increasing demand for such devices is further boosting the overall edge AI market growth. For instance, in 2021, Apple recorded a 50% Y-o-Y increase in demand for their smartwatches.
The segments were chosen because of their relevance in the market and were then carefully examined. The Global Edge AI Software Market is segmented based upon Components, Data Source, Application, End Users, and Region.
By Data Source
By End Users
|Market Size Value in 2021||US$ 1,459.8 Mn|
|Expected Revenue in 2027||US$ 8,049.8 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Component, By Data Source, By Application, By End Users, and Region|
|Regional Scope||North America; Europe; Asia Pacific; Middle East & Africa; South America|
|Key Companies||AWS, Google, IBM, Microsoft, Azion technologies, Anagog Ltd., and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The market size of the Edge AI Software in 2020 US$ 1,300 Mn in 2020.
The global market is estimated to grow at CAGR of 29.8% during the forecast period of 2021-2027.
Edge AI is a system that consists of sophisticated Machine Learning algorithms that the process data generated by a local hardware device. It is a system that puts Edge Computing and Artificial Intelligence together. An example of Edge technology is seen in the speakers of Google, Alexa or the Apple Homepod, Apple Siri.
The biggest providers are AWS, Google, IBM, Microsoft, Azion technologies, Anagog Ltd., Foghorn Systems, Inc. Chaos Prime, Inc. Gorilla Technology Group, Inc. Imagimob, Nutanix, Octonion, Synaptics, TIBCO Software, Veea Inc.
The pandemic caused growth in the global edge AI software market due to the adoption of Edge AI technology in remote working, remote asset maintenance and monitoring, plant automation, and telehealth services.
Travel, Transport and Logistics holds the highest market share of 21% in 2020.
AWS, Google, IBM, Microsoft, Azion technologies, Anagog Ltd., Foghorn Systems, Inc. Chaos Prime, Inc. Gorilla Technology Group are some of the key market players.
The CR4 ration of the edge AI software industry is 25-30%.
Edge AI technology provide real time analysis and response, analyse data efficiently and runs Machine Learnings Algorithms directly. Edge computing and AI together brings many breakthrough advancements like self-driving cars.
Edge technology is seen in the speakers of Google, Alexa or the Apple Homepod, Apple Siri. The most demanding use of Edge AI has been seen in wearable devices like fitness bands or smart watches. Use of Edge AI to create self-driving cars has been one of the most emerging trends in 2020.
The Global Edge AI Software market is estimated to grow at CAGR of 29.8% during the forecast period of 2021-2027.
The Global Edge AI Software Market is forecast to record a revenue of US$ 8,049.8 Mn in the year 2027.
Asia Pacific holds the highest market share of 38% in the year 2020.