Edge AI Software Market Size (2023-2030)

The Edge AI Software market size is worth USD 590 million in 2022 and is expected to reach USD 1,839 million by 2030, growing with a CAGR of 21.3% during the forecast period 2023 to 2030.

Edge AI is the process where AI algorithms like data from signals or sensors are processed on hardware and the software used for the purpose is known as edge AI software. Edge AI software is used for producing wearables that augment the battery life of wearable devices. Edge AI software enables real-time operations like data creation and decision actions. Moreover, the edge AI software is deployed in telecom and enterprise segments supporting multi-cloud and allows to run edge AI Analytical software helping to gain total action in less time. Edge AI holds a crucial job in autonomous vehicles. 

COVID-19 Impact on the Global Edge AI Software Market:

The sudden eruption of the novel coronavirus has affected the Edge Ai software market positively. Organizations across the globe are taking satisfactory measures like plant automation, telehealth, remote working capabilities, and remote asset maintenance and monitoring to soothe the risks associated with the pandemic. The healthcare vertical has experienced a positive influence as the enterprises or large organizations have started fulfilling the possibility of edge AI software fighting the COVID-19. 

MARKET DRIVERS:

The 5G network appearance in combining IT and telecom and is expected to provide a wide range of opportunities in the Edge Ai software market further. Elaborating local enterprises, governments across the globe are focusing on improving artificial technologies are scheduled to grow at the highest rate and drive the Edge Ai software market growth over the period. Growth in internet perforation, increasing use of connected devices, and accumulating enterprise workloads on the cloud advance the edge ai software market growth globally. Moreover, the brisk increase in the number of intelligent applications fuels the market growth further. 

MARKET RESTRAINTS:

The absence of trained professionals, due to lack of skill and training programs, the knowledge of developed technologies like AI, and robotics are limited in professionals hindering the Edge AI Software market. 

EDGE AI SOFTWARE MARKET REPORT COVERAGE:

Segmentation Analysis

The global Edge Ai software market has been segmented and sub-segmented based on the component, data source, application, and vertical.

Edge Ai Software Market - By Component

• Solution

  • Software Tools

  • Platform

• Services

  • Training and Consulting

  • System Integration and Testing

  • Support and Maintenance

By component, the solution segment is said to dominate the Edge Ai software market throughout the timeframe period. 

Edge Ai Software Market - By Data Source

• Video and Image Recognition

• Speech Recognition

• Biometric Data

• Sensor Data

• Mobile Data

By data source, the video and image recognition gained the largest share in 2020 and is expected to drive more in the coming years. The need for edge AI software for video surveillance applications is increasing due to its design to reduce the risks associated and fully use crime prevention. The factors help in accelerating the Edge AI software market. 

The mobile data segment is foreseen to record steady growth in terms of revenue during the forecast period. The number of mobile users is surging leads in the generation of the gigantic volume of data. Edge AI allows for the processing of data generated at the edge and low data required to be sent to the cloud. The factors achieve traction and lead to the growth in adoption of edge AI software and services. 

Edge Ai Software Market - By Application

• Autonomous Vehicles

• Access Management

• Video Surveillance

• Remote Monitoring And Predictive Maintenance

• Telemetry

• Energy Management

• Others (Point of Sales, Field Service Support, Precision Agriculture, AR/VR, And Smart Wearables)

During the forecast period, the video surveillance segment accounts for the largest share in the Edge AI software market and continues to retain its dominant position. The growth in surveillance and monitoring while diminishing the raw data quantity sent to the cloud leads to widespread adoption. The autonomous vehicles segment is awaited to have sizeable advances across the period. The market growth is attributed to increasing interest and investments in autonomous vehicles by automakers. The surging advancements of autonomous vehicles involving level 3 and 4 variants have stimulated the growing opportunities for edge ai software market adoption. The energy management segment is proposed to record considerable growth in terms of revenue all over the timeline period. Energy management in the Edge AI software market can curb the whole price and optimize energy consumption by applying various procedures for identifying the optimum load of the device in real-time. The elements that drive the adoption of the market drive the revenue growth of the energy management segment. 

Edge Ai Software Market - By Vertical

• Government and Public

• Manufacturing

• Automotive

• Energy and Utilities

• Telecom

• Healthcare

• Others (Media and Entertainment, Retail and eCommerce, and Banking, Financial Services and Insurance [BFSI]).

By Vertical, the healthcare segment exhibits lion's share in the Edge Ai software market throughout the timeframe period. Among the healthcare applications, remote surgeries, and diagnostics and patient vital signs, and monitoring the data are some of the examples. Medical professionals make use of the remote platform and manage surgical tools from a safe and comfortable distance. The government and the public segment is growing with the highest CAGR rate over the predicted period. 

Regional Analysis:

• North America is the largest region having the highest share in the edge ai software market registering considerable growth throughout the timeline period. The region's growth owes to rising concentration on technical research and development resulting in the initial adoption of novel technologies inclusive of Artificial Intelligence (AI) surge the edge ai software market globally. 

• Europe has ranked as the second-largest region in the edge ai software market during the forecast period. France, UK, Germany, and Italy are contributing majority of the share.

• However, the market for the edge ai software market in Asia-Pacific is having a speedy growth ascribed to diverse reasons like the enlargement of local enterprises and government measures that are focusing on advancements in AI technology. The important countries in APAC are technology-driven and provide huge investments and revenue opportunities to fuel the edge ai software market growth during the timeline period. 

• Latin America and the Middle East and African regions are slated to have constant and consequential growth for edge ai software market growth during the timeframe period. 

Edge Ai Software Market - By Company 

1. Alphabet Inc. (US)

2.  Microsoft Corporation (US)

3.  IBM Corporation (US)

4. Amazon Web Services, Inc. (US)

5. Nutanix (US)

6. Synaptics Incorporated (US)

7. SWIM.AI Inc. (US)

8. Imagimob AB (Sweden)

9. Anagog Ltd. (Israel)

10. TIBCO Software Inc. (US)

11. Octonion SA. (Switzerland)

12. FogHorn Systems (US)

13. Bragi (Germany)

14. Gorilla Technology Group (Taiwan)

15. SixSq Sàrl (Switzerland)

16. Azion Technologies LLC (US)

17. ClearBlade Inc. (US)

18. Alef Edge Inc. (US)

19. Adapdix (US)

20. byteLAKE (Poland)

21. Reality Analytics Inc. (US)

22. Deci (Israel)

23. StrataHive (India)

24. edgeworx (US)

25. Invision AI Inc. (Canada)

26. Veea Inc. (US)

27. Tact.ai Technologies, Inc. (US)

28. Horizon Robotics (China)

29. Kneron Inc. (US)

30. DeepBrainz AI (India)

Recent Market Developments

• On July 27, 2021, Lanner joined hands with Microsoft Azure and introduced Edge-to-Cloud AI Solution. Lanner Edge AI appliances simplify AI deployments at the edge, decreasing communications delay and increasing workload efficacy.