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% - Valuates Reports

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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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 by Solution
Software Tools
Platforms

Edge AI Software Market by Application
Autonomous Vehicles
Access Management
Video Surveillance
Remote Monitoring & Predictive Maintenance
Telemetry
Others

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