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According to the research study published by Astute Analytica, the Global Edge AI Software Market will grow at a CAGR of 29.8% during the forecast period of 2021-2027. The market size is estimated to be US$ 1,300 Million in the year 2020. The market holds an opportunity of US$ 6,590 Mn during 2021-2027.
Edge AI is a system that puts edge computing and Artificial Intelligence (AI) together. It consists of sophisticated machine learning algorithms that the process data generated by a local hardware device. This data is generated and processed on devices called the Edge Devices. Examples of edge devices are routers, wide area network (WAN), IADs. Edge AI performs tasks by bringing data from the cloud to near the edge devices which overcomes the complicated problems involved with the use of traditional cloud which are the physical data centres for storing digital data.
Together Edge computing and AI brings many breakthrough advancements like self-driving cars.
There are several players in the market that provides Edge AI Software technology intensively and 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 cumulative market share of the four major players is close to 25-30%, hence there is monopolistic competition in the market. Various competitors in the market have adopted competitive strategies such as mergers & acquisitions in order to have a larger grip of the emerging market. Leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
The report includes detailed analysis of the market and explains various factors like drivers, restraints, opportunities and trends to better understand what effects the market and how companies can capture larger market shares.
The Global Edge AI Software Market is divided in five regions: North America, South America, Asia Pacific, Middle East & Africa, and Europe. The Global Edge AI Software Market is estimated to project a revenue of US$ 8,049.8 Mn during the forecast period of 2021-2027. In 2020, Asia Pacific held the largest market share of 38% and is projected to increase its dominant share to 44% in 2027. This large market share is owed to the rise in smartphone penetration in China, Japan, India, and South Korea. Middle East & Africa and South America held the lowest market share in 2020 and is estimated to have a cumulative revenue of US$ 259.2 Mn. The US is the highest market share holding country in the North America region and is forecasted to record a CAGR of 31%. Among various countries studied and analyzed in the report, China is estimated to record highest CAGR during the forecast period of 2021-2027.
COVID-19 IMPACT ON THE GLOBAL MARKET
The pandemic has severely affected various sectors across the globe. The outbreak of Covid-19 showed a growth in the Global Edge AI Software market due to the adoption of Edge AI technology in remote working capabilities, remote asset maintenance and monitoring, plant automation, and telehealth services by various organizations and industries around the world. The highest growth of Edge AI technology was witnessed in medical and healthcare sectors.
AI's impact in the fight against the deadly virus has been evident but largely unmonitored. The use of AI in MRI scanning and CT SCAN helped in early detection of numerous cases. With detailed machine learning capabilities, AI has thoroughly helped in creating new management strategies and new ways to deal with the crisis.
Practitioner robots with edge AI software were used to perform task that has a higher risk of exposure. An example of this is Cruzr Robot. Population surveillance by AI is performed to keep monitor of COVID cases. For example, China allotted a contagion risk level to population using cell phone software.
Many companies updated their portfolios to provide services that would help in the time of the crisis. Companies like AWS (Amazon Web Services) introduced the COVID-19 Simulator and Machine Learning Toolkit for Predicting COVID-19 Spread.
AI has also improved personalized education, support teaching for students who were home bound during pandemic.
The market for edge AI software is segmented based upon components, sources of data, application, end users and regional. In component segment, the software category holds approximately four times more market share as compared to services category in the year, 2020.
Although, Travel, transport and logistics hold about one-fifth of market share in end user segment, Healthcare is projected to record highest CAGR of 30.9% in the forecast period.
By Data Source
By End Users
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