Edge AI can be defined as a setup where the AI (Artificial Intelligence) algorithms are processed locally on a hardware device. These algorithms utilize the data collected by device itself such as sensor data or signals. The device which uses the AI need not be connected to internet can take decisions independently. The software which work in tandem with edge AI technology are called edge AI software. The gargantuan growth of enterprise workload on the cloud have led more and more companies to demand edge AI software. These will help companies to automate their tasks and increase efficiency.
The global edge AI software market revenue is projected to reach close to USD 3.8 Billion by 2028. This can be attributed to the increasing absorption of AI based solutions in enterprises. The increasing use cases if edge AI software are also expected to add to the growth of the global edge AI software market.
.png "Global Edge AI software Market 2018-2028 (USD Million)")
However, the growing security concerns about data confidentiality is likely to hamper the market growth. Furthermore, the emergence of intelligent applications is anticipated to be an opportunity for the edge AI software market.
Key Segments of the Global Edge AI software Market
Component Overview, 2018-2028 (USD Million)
- Solutions
- Software Tools
- Platform
- Services
- Training and Consulting Services
- System Integration and Testing
- Support and Maintenanc
Data Sources Overview, 2018-2028 (USD Million)
- Video and Image Recognition
- Speech Recognition
- Biometric Data
- Sensor Data
- Mobile Dat
Application Overview, 2018-2028 (USD Million)
- Autonomous Vehicles
- Access Management
- Video Surveillance
- Remote Monitoring and Predictive Maintenance
- Telemetry (Location Services)
- Energy Management
- Others (Point-of-Sales, Field Service Support, Precision Agriculture, Augmented Reality (AR)/Virtual Reality (VR), and Smart Wearables
Verticals Overview, 2018-2028 (USD Million)
- Government and Public
- Manufacturing
- Automotive
- Energy and Utilities
- Telecom
- Healthcare
- Others (Retail and eCommerce, Media and Entertainment, and Banking, Financial Services, and Insurance [BFSI])
Regional Overview, 2018-2028 (USD Million)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global edge AI software market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global edge AI software market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the edge AI software industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, data sources, application, and verticals. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global edge AI software market. The report will benefit: Every stakeholder involved in the edge AI software market.
- Managers within the edge AI software industry looking to publish recent and forecasted statistics about the global edge AI software market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global edge AI software market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The growing enterprise workload on cloud across industry domains is the key reason driving the demand for edge AI software solutions. Moreover, in recent years, the growth and development of machine learning and artificial intelligence has buoyed the market incredibly. With the new use cases increasing day by day, the market is projected to increase several folds during the forecast year. However, the concern regarding data theft and data confidentiality are expected to hinder the market growth. The regulations regarding the ethical data use are also likely to hamper the growth of the market.
Component Segment
In terms of components, the market is bifurcated into solutions and services. The solutions and services are further divided into two and three sub-segments respectively. Solutions are divided into software tools and platform. Services are classified into training and consulting, system integration and testing, and support and maintenance. The services segment is estimated to hold a significant market share over the forecast period. However, in the year 2019, the solutions segment gathered the major market share and it is likely to keep its position throughout the forecast years. The market growth of this segment is primarily ascribed to the increasing demand of edge AI based solutions from numerous organizations/enterprises to automate their business operations.
Data Sources Segment
Data sources is divided into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. In 2019, the video and image recognition sub-segment is expected to hold the largest share of the market based on data sources. The sub-segment is also likely to expand at a rapid pace during the forecast years. This is owing to high number of use cases for the same. Also, the vendors in the market have developed solutions by leveraging the power of ML and AI specifically to capture meaningful information from video and image sources.
Application Segment
Based on the application, the market is segmented into autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry (location services), energy management, and others (point-of-sales, precision agriculture, augmented reality (AR)/virtual reality (VR), and smart wearables). The autonomous vehicles sub-segment is likely to grow the fastest among all the segments owing to the increasing role of edge AI in autonomous vehicles. With edge AI, autonomous vehicles can analyze the contextual information like driving pattern and traffic density much more efficiently. Such vehicles can thus make better decision about the course of the action.
Vertical Segment
In terms of the vertical, the market is segmented into government and public, manufacturing, automotive, energy and utilities, telecom, healthcare, and others (retail and ecommerce, media and entertainment, and banking, financial services, and insurance [BFSI]). Telecom sub-segment is likely to register the highest CAGR during the forecast years owing to the increasing adoption of edge AI based solutions to better handle signal dropping issues, data fluctuations and network optimization.
The North American region is anticipated to hold the largest market size in the global edge AI software market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In North America region, the adoption of 5G technology is likely to aid the market growth while in Asia Pacific region, the growth can be attributed to the heavy investments made by private and public sectors for enhancing their AI and ML technologies.
.png "North America Edge AI software Market, 2018-2028 (USD Million)")
The major players of the global edge AI software market are IBM, Google, Microsoft, AWS, Nutanix, TIBCO, Octonion, SWIM.AI, Imagimob, Anagog, Foghorn Systems, XNOR.AI, Bragi, Invision.AI, Tact.ai, and Veea Systems. These vendors have adopted various traditional and non-traditional growth strategies to enhance their market share including new product launches, partnerships and collaborations, and mergers and acquisitions.