Global Edge AI Software Market Research Report 2023

Edge AI Software Market Statistics 2029

The global Edge AI Software market was valued at US$ 931.5 million in 2022 and is anticipated to reach US$ 3519.4 million by 2029, witnessing a CAGR of 24.8% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes. Increasing enterprise workloads on the cloud and rapid growth in the number of intelligent applications. Advantages such as minimize the bandwidth required to execute the solution, and lower the latency of response time, secure data processing improves user experience with hyper-personalization and lowers costs by speeding up processes and making devices more energy efficient, are expected to increase the Edge AI software market.

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Edge AI software enables aggregation, processing, computation, and analysis of data present near or on the edge devices by leveraging AI and IoT technologies. The software helps to process data on edge nodes even in remote and decentralized networks, without cloud connectivity.

Edge AI Software Market Trends
Integrating Artificial Intelligence (AI) with the Internet of Things (IoT) in edge devices helps enterprises to minimize latency, reduce bandwidth, lessen threats, avoid duplication, improve reliability, and maintain compliance. Moreover, edge AI software solutions enable an organization to utilize the computing resources in an optimal manner, minimize the bandwidth required to execute the solution, and lower the latency in particular response time.

The amount of IoT devices deployed worldwide is exploding across all industries and cloud computing is overwhelmed with challenges that prevent IoT from scaling. For this reason, the center of data production and computing is transitioning from the cloud to the edge creating the need for IoT devices with a small but power-efficient footprint.

The increasing growth of IoT is expected to propel the adoption of Edge AI software and thereby increase the market size. Companies may use edge AI to deploy their machine learning models to run locally on edge devices, reducing performance and latency issues. Artificial intelligence systems may provide real-time input to improve mission-critical applications. Edge AI would most likely support industrial-heavy applications like manufacturing and supply chain in the short term. Edge AI may also be used to automate product testing and inspection, resulting in higher quality and lower costs.

Edge AI Software Market Regional Insights
North America is the largest market, with a share about 55%, followed by Europe and China, both have a share about 25 percent. North America is expected to hold one of the largest market shares during the forecast period. Organizations in North America, especially in the United States, have taken advantage of AI, machine learning, and deep learning technologies to remain ahead of the competition. The region's economies are well-established, allowing edge AI software vendors to invest in new technologies.

On the other hand, APAC is expected to be one of the fastest-growing regions 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.

In terms of product, Platforms is the largest segment, with a share about 65%. And in terms of application, the largest application is Video Surveillance, followed by Autonomous Vehicles.

Global Edge AI Software key players include IBM, Microsoft, Intel, Google, TIBCO, etc. Global top five manufacturers hold a share over 50%.

Edge AI Software Market Segmentation
Edge AI Software Market by Solution
Software Tools
Platforms

Edge AI Software Market by Application
Autonomous Vehicles
Access Management
Video Surveillance

Remote Monitoring & Predictive Maintenance
Telemetry
Others

Edge AI Software Market by Regional and Country-Level Analysis
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of Middle East & Africa

Major Players in the Edge AI Software Market
IBM
Microsoft
Intel
Google
TIBCO
Cloudera
Nutanix
Foghorn Systems
SWIM.AI
Anagog
Tact.ai
Bragi
XNOR.AI
Octonion
Veea Inc
Imagimob

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This release was published on openPR.