Edge AI Software Market will grow to $1,835 million by 2026

According to a new market research report “Edge AI Software Market by Component (Solutions and Services), Data Source, Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring and Predictive Maintenance, and Telemetry), Vertical, and Region-Global Forecast to 2026”, published by MarketsandMarkets™, the Edge AI Software Market size to grow from USD 590 million in 2020 to USD 1,835 million by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period. Various factors such as increasing enterprise workloads on the cloud and rapid growth in the number of intelligent applications are expected to drive the adoption of the edge AI solutions and services. Additionally, emergence of the 5G network to bring IT and telecom together.

As the world braces for the continued impact of the COVID-19 pandemic, every industry has been affected. To mitigate pandemic risks, organizations around the world are taking adequate measures such as remote working capabilities, remote asset maintenance and monitoring, plant automation, and telehealth. A high positive impact has been witnessed in the healthcare vertical, as firms have started realizing the potential of edge AI software in combating the impact of COVID-19. This has led to increased funding and research to keep businesses safe and secure across the value chain. It is expected that the market will witness slow growth during the pandemic and bounce back with a higher adoption rate across verticals post-pandemic. Organizations worldwide have been using digital infrastructure to continue with their usual business activities as it serves as essential infrastructure. Healthcare, the public sector, and education verticals are adopting digitalization at an unprecedented rate. Several clouds and edge companies are offering their computational services for free to the frontline workers to reduce the impact of COVID-19

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The software tools segment to hold a larger market size during the forecast period

Based on solutions, the edge AI software market is segmented into software tools and platform. With the ever-increasing volumes of data generated across major industry verticals, there is an increasing demand for solutions that would provide users with the flexibility to deploy AI capabilities in a variety of environments. Software tools offered in the edge AI software market in the form of SDKs and frameworks enable users to integrate AI capabilities in the application software. Software tools enable users to analyze information in edge devices where the data resides. AI-powered software present near or on the edge devices helps fetch real-time insights and immersive experiences that are highly responsive and contextually aware.

The mobile data segment to hold higher CAGR during the forecast period

The edge AI software market by data source has been segmented into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. The mobile data segment is projected to grow at the highest CAGR during the forecast period as there has been tremendous growth in the data generated through mobile devices due to the excessive number of mobile users. Edge AI enables processing the generated data at the edge. Hence, less information needs to be sent to the cloud and back, leading to the adoption of edge AI solutions and services. Moreover, cellular providers have offered mobile data through several different technologies, including GSM (in 1G, 2G, 3G UMTS, and 4G LTE Advanced), CDMA, and TDMA. Enterprises are leveraging AI and ML technologies to analyze the huge amount of mobile data generated by smartphones. AI can help companies deliver a highly personalized experience based on a deep understanding of factors, such as what motivates a consumer based on his/her past behavior.

Energy management application segment to have the highest CAGR during the forecast period

The edge AI software market by application has been segmented into autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry, energy management, and others (point of sales, field service support, precision agriculture, AR/VR, and smart wearables). Using edge AI for energy management can reduce the overall costs and optimize the energy consumption by applying various techniques for predicting the optimal load of the system in real-time leading to its growth in edgeAI software market. Additionally, the edge AI provides a connection between infrastructure devices, such as smart meters, smart appliances, renewable energy resources, and substations, which contribute to a more scalable grid.

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Government and public sector to have the highest CAGR during the forecast period

Government and public institutions are shifting toward a digital mode of operations, with the developed IT infrastructure in place to improve reliability and efficiency. Government and public authorities are taking various initiatives, such as smart cities and traffic management, to enhance the lifestyle of its citizens and better administer the cities. Edge AI can provide geographical information, which is important for smart cities to know the location of a number of things, such as vehicles, wastewater, and people. The edge AI solution can provide quick and real-time solutions for many smart city IoT use cases.

North America to hold the largest market size during the forecast period

The organizations in North America, especially the US, have leveraged the benefits of AI, ML, and deep learning technologies to stay ahead in the market. The region has well-established economies, which enable edge AI software vendors to invest in new technologies. Furthermore, it is regarded as the center of innovation where major IT players are rolling out intelligent devices and collaborating with other companies in the edge AI software market.

APAC is projected to grow at a higher CAGR during the forecast period. The major factors fueling the growth of the edge AI software market in the APAC region are the growing amount of data generated from edge devices across various industry verticals, increasing consumer spending on smart solutions in countries, such as China, Japan, Australia, and India, and increasing investments and initiatives by leading governments in this region toward improvising the AI landscape in the region.

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Major vendors in the global Edge AI software market include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Nutanix (US), Synaptics Incorporated (US), SWIM.AI Inc. (US), Imagimob AB (Sweden), Anagog Ltd. (Israel), TIBCO Software Inc. (US), Octonion SA. (Switzerland), FogHorn Systems (US), Bragi (Germany), Gorilla Technology Group (Taiwan), SixSq Sàrl (Switzerland), Azion Technologies LLC (US), ClearBlade Inc. (US), Alef Edge Inc. (US), Adapdix (US), byteLAKE (Poland), Reality Analytics Inc. (US), Deci (Israel), StrataHive (India), edgeworx (US), Invision AI Inc. (Canada), Veea Inc. (US), and Tact.ai Technologies, Inc. (US), Horizon Robotics (China), Kneron Inc. (US), and DeepBrainz AI (India).

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