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Edge AI Software Market Drivers, Restraints, Opportunities, and Trends in Coming Years
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Besides the aforementioned factor, the surging adoption of cloud computing solutions by enterprises is also fueling the demand for this software around the world. AI-integrated applications that are deployed on the cloud usually have latency issues and provide slow responses. As the edge AI software can make the applications function with high bandwidth and low latency by keeping the computer resources at the edge of the network, it is being increasingly adopted by businesses.
Due to these factors, many organizations are actively focusing on developing enhanced IoT-based applications and gadgets, thereby propelling the growth of the edge AI software market. As a result, the value of the market surged to $600 million in 2020, while the market will advance rapidly during 2021–2030 (forecast period). Depending on data source, the market is divided into speech recognition, sensor data, mobile data, biometric data, and video & image recognition categories.
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Amongst these, the video & image recognition category will dominate the edge AI software market till 2030. This is ascribed to the increasing number of AI-integrated picture and video acknowledgement applications such as face location and movement discovery cameras for security reasons and soaring use of edge AI in video surveillance applications. These applications are being increasingly used to prevent the occurrence of undesirable events such as data thefts.
Geographically, North America dominated the edge AI software market in 2020 and this trend will continue in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the surging investments being made AI applications, increasing adoption of advanced technologies such as AI and IoT, and the existence of several leading industry players such as Intel Corporation and Microsoft Corporation in the region.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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