Developments in IoT To Strengthen Edge AI Software Market Globally

A number of factors, such as the increasing usage of cloud-enabled solutions in several sectors, rising number of advancements in smart devices, and increasing efforts for improving the internet of things (IoT) technology, will drive the edge artificial intelligence (AI) software market growth during the forecast period (2021-2030). According to P&S Intelligence, the market generated $1 billion revenue in 2020. Currently, the key market players are engaging in the introduction of new applications, tools, and services to gain a competitive edge.

The increasing developments in IoT applications will drive the demand for edge AI software because edge computing has emerged as an efficient technology to address the challenges of IoT. IoT applications are enabled in devices that interact with each other using the internet, whereas AI enables these devices to learn from the data collected through IoT. Thus, the usage of IoT empowers the transfer of information between different parts of a machine or production line over a wireless network.

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Moreover, the burgeoning demand for intelligent applications, owing to the constant advancements in the AI technology, will catalyze the edge AI software market growth in the forthcoming years. These applications demand a high computing power for continuous collection and processing of information, to provide effective and significant outcomes. Thus, the increasing requirement for efficient data processing methods will encourage the adoption of edge AI software in various industries, such as telecom, automotive, energy and utilities, and manufacturing.

Another growth driver for the edge AI software market is the surging adoption of cloud-based solutions in enterprises owing to the extensive volume of the data being generated by them. As AI-enabled applications deployed on the cloud platform usually exhibit latency issues and offer slow responses, business organizations are shifting toward edge AI software as it mitigates such issues by placing the computer resources at the edge of the network. By placing the resources closer to the main data center, this software enables AI-based applications to function with a high bandwidth.

The categories under the application segment of the edge AI software market include access management, autonomous vehicles, energy management, video surveillance, remote monitoring and predictive maintenance, telemetry, and others, such as smart wearables, precision agriculture, point of sale, field service support, and augmented reality (AR)/virtual reality (VR). Among these, the video surveillance category is expected to account for the largest market share in the forecast years due to the growing need for security and observing frameworks, which rely on advanced software.

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Geographically, North America accounted for the largest share in the edge AI software market in 2020, and it is expected to display significant growth during the forecast period as well. This can be primarily credited to the early adoption of advanced technologies, such as AI and IoT, owing to the surging focus on technological developments and research activities in the region. Moreover, the presence of prominent tech firms, such as Intel Corporation and Microsoft Corporation, facilitates the market growth in North America.

Thus, the surging adoption of cloud-based applications and rising advancements in the IoT technology will supplement the market growth.

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This release was published on openPR.