Overview and Scope
Edge AI (Artificial Intelligence) software refers to software applications and algorithms designed to run on edge devices located closer to the source of data generation rather than relying on centralized cloud-based servers. Edge AI enables devices to make intelligent decisions rapidly without connecting to the cloud or external data centers. Edge AI software provides many benefits, such as less power use, privacy, security, reduced bandwidth, scalability, and others.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry 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.
The edge ai software market report table of contents includes:
1. Executive Summary
2. Edge AI Software Market Characteristics
3. Edge AI Software Market Trends And Strategies
4. Edge AI Software Market – Macro Economic Scenario
5. Global Edge AI Software Market Size and Growth
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31. Edge AI Software Market Other Major And Innovative Companies
32. Global Edge AI Software Market Competitive Benchmarking
33. Global Edge AI Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Edge AI Software Market
35. Edge AI Software Market Future Outlook and Potential Analysis
36.Appendix
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