The rapid growth in the number of intelligent applications is expected to provide opportunities for the edge AI software market growth.
The global edge AI software market size is projected to reach nearly USD 1.85 billion by 2025. In addition, it is projected to gather a CAGR of above 26.0% over the forecast years 2020-2025. Edge AI software can be referred to a combination of edge computing technology merged with machine learning. With the AI software, raw data gets turned into insights, predictions or movements automatically. This process gets completed by leveraging software tools in form of software development kit & frameworks merged with AI capabilities. The data input is from hardware devices with the help of signals and sensors. These devices need not stay connected to the internet and process gets completed by making its own decision. All this gets done without utilizing the costly big data platforms. Due to edge AI software’s potential uses cases, industries across the board have made some provisions to incorporate this technology in some way or the other in the coming years.
The future and existing edge AI software market progress are outlined to know the market attractiveness. Key influencing factors focus on the edge AI software of market opportunities over the forecast years. Factors such as the increase in the adoption of cloud technology and increasing investment in its development are driving the market growth. Also, the increasing amount of enterprise workloads on the cloud is boosting the global edge AI software market growth. However, the growing security concerns about data confidentiality is likely to hamper the market growth. Furthermore, the influx of large number of intelligent applications is anticipated to be an opportunity for the edge AI software market.
The report also outlines the various characteristics of the global edge AI software industry by assessing the market from value chain analysis. Moreover, the edge AI software market report comprises various qualitative parts of the edge AI software industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The edge AI software market has solid competition amongst the already well-known and new market players. Also, the edge AI software industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
The market is segmented on the basis of component, data sources, application, verticals and regions. Based on the component segment, the market is bifurcated into services and solutions. 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. Data sources is divided into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. Application is divided 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). On the basis of verticals, the market is further divided 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]).
The North America region is expected to hold the highest market share during the forecast years owing to the presence of key industry players in the market. The market is on the forefront of new technology adoption which is also increasing the North America market. Asia-Pacific region is projected to showcase the highest growth rate during the forecast years. The growing adoption of smartphones and internet penetration is boosting the market growth in this region.
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.
Segment Overview of Global Edge AI Software Market
Component Overview, 2018-2028 (USD Million)
- Software Tools
- Training and Consulting Services
- System Integration and Testing
- Support and Maintenance
Data Sources Overview, 2018-2028 (USD Million)
- Video and Image Recognition
- Speech Recognition
- Biometric Data
- Sensor Data
- Mobile Data
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
- Energy and Utilities
- Others (Retail and eCommerce, Media and Entertainment, and Banking, Financial Services, and Insurance [BFSI])
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America