New Delhi, May 31, 2022 (GLOBE NEWSWIRE) — In the recent years, the use of artificial intelligence has increased rapidly. Now more human jobs are being done using AI technology to achieve increased efficiency at lower costs. According to the study published by Astute Analytica, the Global Edge AI Software Market is projected to witness a major rise in its revenue from US$ 1,459.8 Mn in 2021 to US$ 8,049.8 Mn by 2027. The market is registering a CAGR of 29.8% over the forecast period.
Edge AI is a system which consists of sophisticated machine learning algorithms that processes the data generated by a local hardware device. Edge AI is a system that puts edge computing and Artificial Intelligence (AI) together. Today, edge computing and AI together has brought many breakthrough advancements such as self-driving cars (which helps prevent many accidents that occur due to human faults such as drunk or distracted driving). As most self-driving cars have electric engines, these cars have proven to be environment friendly. Further, an application of edge technology could be seen in speakers of Google, Alexa or Apple Homepod, Apple Siri. Such devices have comprehensive computer algorithms which helps them to learn and improve automatically using a lot of given data and experience.
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The market is majorly driven by factors such as advancements in AI-powered IoT (Internet of Things) for intelligent systems and smart applications and use of edge AI computing in 5G network which enables better data control, reduced costs, quick insights, and continuous operation. Increasing demand and trend of wearable devices such as smart watches and smart glasses uses the edge AI technology to provide real time analysis and response. In 2021, Apple recorded 50% Y-o-Y increase in demand for their smart watches. Moreover, the need for futuristic security systems have increased tremendously. AI enabled home cameras helps in detecting activities with real-time face recognition. Further, smart speakers and voice assistants which are embedded with edge AI software provides more interactive human interface. In addition, the use of edge AI in 5G network aims to provide a better customer experience, increases business efficiency, and generate higher revenue and more opportunities. For instance, recently Telstra collaborated with amazon web services (AWS) to combine AWS’s edge AI technology with Telstra’s 5G network.
As edge AI technology stores data in edge devices, there is a huge amount of data which is shared in real-time that is prone to cyber theft. Cyber-attacks hamper the smooth functioning of the technology. Further, IoT devices are more difficult to recover from security threats. Securing AI decision-making systems and formulating public policy which creates “AI Security Compliance” programs will reduce the risk of attacks on AI systems. For example, the NIST Cybersecurity Framework was developed to detect and protect systems of economic importance from AI attacks.
Adding Machine Learning (ML) to Edge AI software can enhance IoT data analytics and decision making and is thereby providing a lucrative opportunity for market expansion. The combination of machine learning and AI technology can filter out the noise collected by IoT devices and store only important data for analysis. In 2018, Google announced a couple of new products for machine learning (ML) and edge computing on IoT platforms like Edge TPU, which deploys high quality ML interface at the edge and Cloud IoT Edge, that allows Google’s cloud data processing and machine learning to reach billions of edge users.
AI technology helps in diagnostics and detection of various diseases with more precise and accurate real time data analysis. Neurological diseases restrict a person’s ability to speak, move, interact, and react. Brain-computer interfaces rooted with AI can help a person perform fundamental functions. Further, Edge AI imaging tools can be used for scanning to detect various diseases, with the level of accuracy even not performed by humans. Moreover, use of Edge AI in wearable devices is an emerging trend in the market. Some of these devices are fitness bands that tracks heart rate, number of steps walked, and area covered during running among others.
The various segments considered to analyze the Global Edge AI software Market are based on component, data source, application, end users, and region. Based on component, the software segment dominates the market in 2021. In terms of data source, the sensor data segment holds the highest market share in 2021. Further, based on application, the energy management records the highest segmental share in 2021. In addition, travel, transport, and logistics segment is the highest end user segment in the Edge AI software market in 2021. Asia Pacific is the highest shareholder country in the market in 2021 and further registers the highest CAGR over the forecast period.
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|Market Size Value in 2021||US$ 1459.8 Million|
|Market Outlook for 2027||US$ 8049.8 Million|
|Expected CAGR Growth||29.8%|
|Top Market Players||AWS, Google, IBM, Microsoft, Azion technologies, Anagog Ltd., Foghorn Systems, Inc. Chaos Prime, Inc. Gorilla Technology Group, Inc. Imagimob, Nutanix, Octonion, Synaptics, TIBCO Software, and Veea Inc|
|Segments Covered||By Component, By Data Source, By Application, By End-Users, By Region|
|Geographies Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Customization Options||Get your customized report as per your preference. Ask for customization|
There are several players in the market that provides Edge AI software technology and the key players in the market 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, and Veea Inc. Top 12-15 market players hold approximately 65-70% of the cumulative market share.
Recent developments in the Global Edge AI Software Market:
- In 2021, the National Payment Corporation of India (NPCI) launched an AI sophisticated product called pai to integrate and analyze data for companies such as RuPay, FASTag, AEPS, etc.
- In 2021, Microsoft launched Azure Percept. The aim of which is to provide consumers hardware and services that can ease the use of Azure edge AI technologies.
- In 2021, Paravision released a toolkit that is embedded with edge AI software which provides various facial recognition functions.
- In 2020, Mimik Technology collaborated with IBM to create AI-enabled integrated workflow technologies to make edge computing more accessible for the manufacturing, retail, IoT, and healthcare industries.
- In 2019, Google launched Coral, which is an AI platform that help its customers in creating products with local AI. Coral provides software on chips with machine learning algorithms that works without connecting to the cloud.
The following are the various segments of the Global Edge AI Software Market:
By Component segment of the Global Edge AI Software Market is sub-segmented into:
- Software Tools
- Training and Consulting Services
- System Integration Testing
- Support and Maintenance
By Data Source segment of the Global Edge AI Software Market is sub-segmented into:
- Biometric Data
- Mobile Data
- Sensor Data
- Speech Recognition
- Video and Image Recognition
By Application segment of the Global Edge AI Software Market is sub-segmented into:
- Access Control
- Autonomous Vehicles
- Energy Management
- Predictive Maintenance
- Remote Monitoring
- Video Surveillance
By End Users segment of the Global Edge AI Software Market is sub-segmented into:
- Advance Industries
- Banking and Insurance
- Chemical Agriculture
- Cross Vertical
- Energy and Material
- Health Care Infrastructure
- Media And Entertainment
- Public Sector Utilities
- Travel, Transport and Logistics
By Region segment of the Global Edge AI Software Market is sub-segmented into:
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/edge-ai-software-market
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