Press release
Edge AI Software Market Expected to Grow at 27.6% CAGR, Reaching $4.68 Billion by 2028
Edge AI Software Market Report
Edge AI Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.68 billion In 2028 At A CAGR Of 27.6%:
The edge ai software market size has grown exponentially in recent years. It will grow from $1.35 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to increasing enterprise workloads on the cloud.
The edge ai software market size is expected to see exponential growth in the next few years. It will grow to $4.68 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to low latency, real-time processing and bandwidth efficiency. Major trends in the forecast period include mergers and acquisitions.
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Edge AI Software Market Major Segments
The edge ai software market covered in this report is segmented -
1) By Component: Solution, Software Tools, Platform, Services, Training And Consulting Services, System Integration Testing, Support And Maintenance
2) By Data Type: Video And Image Data, Audio Data, Text And Language Data, Environmental And Location Data, Biometric Data, Multi-Modal Data
3) By Application: Access Control, Autonomous Vehicles, Energy Management, Predictive Maintenance, Remote Monitoring, Telemetry, Video Surveillance, Other Applications
4) By Vertical: Banking, Financial Services, And Insurance, Government And Public Sector, Healthcare And Life Sciences, Telecommunications, Energy And Utilities, Manufacturing, Automotive, Transportations, And Logistics, Media And Entertainment, Other Verticals
Key Driver - Accelerating Growth In Edge AI Software Market Fueled By Rapid Adoption Of 5G Network Technology
The increasing adoption of 5G network technology is expected to propel the growth of the edge AI software market going forward. 5G network technology is the fifth generation of mobile network technology, representing a significant advancement over its predecessors (2G, 3G, and 4G/LTE). 5G network technology is used in edge AI software to offer faster data transmission and minimal lag, which is crucial for real-time AI processing at the edge. For instance, in April 2023, according to 5G Americas, a US-based industry trade organization, there was a 76% growth in global 5G wireless connections from the end of 2021 to the end of 2022, reaching a total of 1.05 billion connections. Therefore, the increasing adoption of 5G network technology is driving the growth of the edge AI software market.
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Prominent Trend - STMicroelectronics N.V. Unveils Groundbreaking 'ST Edge AI Suite' To Drive Innovation In Edge AI Software Market
Major companies operating in the edge AI software market are focusing on developing innovative solutions, such as the edge AI suite. An edge AI suite typically refers to a comprehensive set of software tools, frameworks, and services that collectively enable the implementation of artificial intelligence (AI) capabilities at the edge of a network. For instance, in December 2023, STMicroelectronics NV, a Switzerland-based semiconductor manufacturing company, launched 'ST Edge AI Suite'. It is integrated with software tools and compatible with the company's hardware, which accelerates the initiation and implementation of countless connected, autonomous devices embedded with local artificial intelligence, facilitating the seamless design and deployment of such solutions on a large scale. It will broaden and consolidate various software tools, evaluations, and development kits introduced over the last decade, all while utilizing the established AI ecosystem within machine learning (ML).
Edge AI Software Market Players
Major companies operating in the edge ai software market report are Alphabet Inc., Google LLC, Microsoft Corporation, Amazon Web Services, Intel Corporation , International Business Machines Corporation, NVIDIA Corporation, Baidu Inc., Renesas Electronics Corporation, Synaptics Incorporated, Nutanix Inc. , TIBCO Software Inc., Cloudera Inc., DataRobot Inc., Bragi GmbH, Gorilla Technology Group, Tact.ai Technologies Inc., FogHorn Systems Inc., ClearBlade Inc., Octonion SA, Anagog Ltd., Imagimob AB, Azion Technologies, Avassa, Adapdix, SWIM.AI Inc., Veea Inc., XNOR.AI Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the edge AI software market in 2023. The regions covered in the edge ai software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Edge AI Software Market Report Structure
3. Edge AI Software Market Trends And Strategies
4. Edge AI Software Market - Macro Economic Scenario
5. Edge AI Software Market Size And Growth
…..
27. Edge AI Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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