Edge AI Software Market worth $4.1 billion by 2028, growing at a CAGR of 30.5%: Report by MarketsandMarkets™

Chicago, Jan. 25, 2024 (GLOBE NEWSWIRE) — The global Edge Al Software Market is projected to grow from USD 1.1 billion in 2023 to USD 4.1 billion by 2028, at a CAGR of 30.5% during the forecast period, according to a new report by MarketsandMarkets™. The Edge AI Software Market is experiencing significant growth due to its ability to process data locally, provide real-time insights, and address critical challenges like latency, privacy, and bandwidth consumption. This technology is particularly beneficial for IoT devices, enabling them to operate autonomously, make intelligent decisions independently, and function even in situations with limited or no internet connectivity.

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Edge AI Software Market Dynamics:

Drivers:

  1. Ever-increasing enterprise workloads on cloud
  2. Rapid growth in number of intelligent applications
  3. Exponential growth of data volume and network traffic
  4. Increase in use of IoT driving demand for edge AI software
  5. Rise in adoption of 5G network technology

Restraints:

  1. Privacy and security concerns related to edge AI solutions
  2. Inadequate number of AI experts

Opportunities:

  1. Emergence of 5G network to bring IT and telecom together
  2. Advent of autonomous vehicles coupled with connected car infrastructure
  3. Rise in need for edge computing in IoT
  4. Exploring emerging applications in various fields

List of Key Players in Edge AI Software Market:

  • Microsoft (US)
  • IBM (US)
  • Google (US)
  • AWS (US)
  • Nutanix (US)
  • Synaptics (US)
  • TIBCO (US)
  • Octonion (Switzerland)
  • Imagimob (Sweden)
  • Anagog (Israel)
  • Veea (US)
  • Gorilla Technology (China)
  • Azion (US)
  • Bragi (Germany)
  • Ekinops (France)

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Based on the offering, The offering section is further segmented into solutions and services. The solution segment of the report is sub-segmented into by type and by deployment. The by type segment of the report is sub-segmented into integrated and standalone, whereas by deployment has been segmented into cloud and on-premises. The services segment is bifurcated into professional and managed services. The professional services section is segmented into training & and consulting, system integration & and testing, and support & and maintenance. Edge AI is a combination of Edge computing and AI that is used to automate major decision-based, end-to-end business processes that require human intervention to complete. As firms use Edge AI software-based solutions to mechanize various workflow processes, these solutions are seeing a higher acceptance rate than services.

Based on the Data Type, the market is segmented into Video and Image Data, Audio Data, Text and Language Data, Environmental and Location Data, Biometric Data, and Multi-Modal Data. Edge AI software solutions bring computing and decision-making capability from cloud to edge devices by leveraging AI and IoT technologies jointly. It enables aggregation, processing, computation, and analysis of data present on or nearby edge devices. The infusion of AI into the edge device promises a new class of applications across a broad spectrum of industries, redefining the role of the cloud in the process. Most enterprises and public sector organizations are drowning in real-time data from equipment, assets, suppliers, employees, customers, and city and utility data sources. Moreover, by applying ML and AI technologies, these devices will be able to learn and alter their operations based on the constantly collected data.

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Based on industry verticals, the Edge AI Software Market is segmented into BFSI, government & and public sector, manufacturing, automotive, transportation & and logistics, energy & and utilities, telecom, healthcare & and life sciences, media & and entertainment, and other verticals (agriculture, retail & eCommerce, and education). Edge AI is gaining traction across various industries as it enables businesses to streamline their workflows and automate repetitive tasks. It eliminates the risk of human error, thereby increasing the accuracy and efficiency of business processes. Enterprises are now investing heavily in the Industrial Internet of Things (IIoT) and Industry 4.0 to increase their productivity and operational efficiency.

The Edge AI Software Market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Forecasts suggest that North America is estimated to seize the largest market share throughout the projected period, with the Europe region anticipated to exhibit the most rapid growth rate. Within Europe, both edge AI software, solutions and services have proven highly effective across diverse organizations and industry verticals. In North America, businesses are known for their proactive approach to digital transformation and robust IT infrastructure. Notably, Asia Pacific, the Middle East & Africa, followed by Latin America, are witnessing a significant upswing in the adoption of edge AI software, solutions and services.

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