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Edge AI Hardware Market Size, Share, Demand And Analysis By 2024 To 2033
Edge AI Hardware Market Size
According to The Business Research Company's, The edge ai hardware market size has grown rapidly in recent years. It will grow from $6.64 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to market education and awareness, rise of iot devices, advancements in ai algorithms, demand for low latency, privacy and data security concerns.
The edge ai hardware market will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to advancements in hardware architecture, energy-efficient edge devices, edge-to-cloud balance, privacy and data security requirements, industry-specific solutions. Major trends in the forecast period include ai model optimization for edge, hardware acceleration solutions, edge-to-cloud synergy, decentralized ai applications, federated learning adoption.
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Market Drivers and Trends:
The rise in IoT applications is expected to boost the edge AI hardware market going forward. An IoT application is a group of services and programs that combine data from numerous IoT devices. IoT apps can gather data from throughout the factory floor and aggregate it to the network's edge, hence, a rise in IoT applications is expected to boost the edge AI hardware market. For instance, according to the report published by Dataport, a Germany-based public-service provider, more than 10 billion IoT devices were in use in 2021. In 2030, it's predicted that there will be more than 25.4 billion active IoT devices. IoT devices connect to the internet 152,200 times per minute by 2025. Therefore, the rise in IoT applications is driving the growth of the edge AI hardware market.
Technologically advanced products have emerged as the key trend gaining popularity in the edge AI hardware market. Major companies operating in the edge AI market are developing advanced technologies to strengthen their position in the market. For instance, in May 2022, Intel's Habana Labs, an Israel-based creator of AI processors, launched second-generation AI processors for training and inferencing. The unique feature of second-generation AI processors is to close a market gap by offering customers high-performance, high-efficiency deep learning to compute options for both training workloads and inference deployments in the data center. In addition, it also lowers the entry barrier to AI for businesses of all sizes, which is what makes it stand out from competing technology.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Apple Inc.; MediaTek Inc.; Qualcomm Technologies Inc.; Huawei Technologies Co. Ltd.; Samsung Electronics Co. Ltd.; Intel Corporation; NVIDIA Corporation; International Business Machines Corporation; Google LLC; Microsoft Corporation; Advanced Micro Devices Inc.; Imagination Technologies Limited; General Vision Inc.; Adapteva Inc.; Arm Limited; ADLINK Technology Inc.; Alphabet Inc.; Amazon.com Inc.; Baidu Inc.; Rapp Motorenwerke company; Continental AG; Denso Corporation; Renesas Electronics Corporation; Infineon Technologies AG; KALRAY Corporation; Robert Bosch GmbH; Rockchip Electronics Co. Ltd.; NXP Semiconductors N.V.; ON Semiconductor Corporation; Oracle Corporation; STMicroelectronics N.V.
Edge AI Hardware Market 2024 Key Insights:
• The edge ai hardware market will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%.
• The Surge In IOT Applications Propels Growth In Edge AI Hardware Market
• Rise Of Technologically Advanced Products Drives Growth In Edge AI Hardware Market
• North America was the largest region in the edge AI hardware market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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