PORTLAND, Ore., Jan. 24, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “AI Edge Computing Market by Component, (Hardware, Software, and Services), Organization Size, (Large Enterprises and Small & Medium Sized Enterprises), and Application (IIoT, Remote Monitoring, Content Delivery, Video Analytics, AR&VR, and Others), Industry Vertical (Automotive, Healthcare, Chemicals, Oil & Gas, Manufacturing and Robotics, Public Infrastructure, Transportation & Logistics, and Others), and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global AI edge computing industry generated $9.09 billion in 2020, and is anticipated to generate $59.63 billion by 2030, witnessing a CAGR of 21.2% from 2021 to 2030.
Prime determinants of growth
Ability of the AI edge to overcome cloud computing challenges, rise in demand for real-time operations, proliferation of edge AI-enabled devices, and lucrative benefits offered by AI edge computing drive the growth of the global AI edge computing market. However, high investment and shortage of skilled IT professionals hinder the market growth. On the other hand, advent of the 5G network connectivity and emerging applications of AI edge computing present new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic impacted the the global AI edge computing market positively.
- The implementation of global lockdown has constrained organizations to move toward digitalization for the arrangement of work from home offices to their employee, which in turn, boosted the demand for AI edge computing.
- In addition, edge computing is ending up to be a life-saving technology for the medical care industry, due to different IoT medical applications.
Get detailed COVID-19 impact analysis on the AI edge computing market:
The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fourths of the global AI edge computing market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in applications of AI edge computing hardware or physical components such as processors, servers, switches, and routers. Moreover, the services segment is projected to manifest the highest CAGR of 25.7% from 2021 to 2030.
The IIoT segment to maintain its lead position during the forecast period
Based on application, the IIoT segment accounted for the largest share in 2020, contributing to nearly one-third of the global AI edge computing market, and is projected to maintain its lead position during the forecast period, owing to more data production by IIoT applications. However, the content delivery segment is expected to portray the largest CAGR of 22.2% from 2021 to 2030.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global AI edge computing industry. This is attributed to several factors such as rise in need for faster processing devices coupled with the huge government funding on innovative technologies, increased number of IoT devices, and a strong technical base. However, the Asia-Pacific region is expected to witness the fastest CAGR of 24.6% from 2021 to 2030. This is due to the proliferation of connected systems fueled by ongoing trend of smart offices and homes in the region along with the government-driven infrastructural projects.
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Leading Market Players:
- Cisco Systems, Inc.
- International Business Machine Corporation
- Clearblade, Inc.
- Foghorn Systems
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co. Ltd
- Rigado LLC
- Saguna Networks Ltd.
- Vapor IO
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