The edge AI software market is witnessing outstanding growth over the past couple of years. Edge AI solutions allow faster computing insights, better data security, and efficient control over continuous operation, enhancing the performance of AI-enabled applications and keeping operating costs down. The proliferation of connected smart devices and the massive amount of data generated escalated the market shares. This growth attributes to futuristic edge AI capabilities that empower businesses to grow exponentially with the help of connected technologies smart devices. Edge AI can also assist in overcoming technological challenges associated with AI. Edge computing is witnessing a significant interest with the introduction of 5G. Similarly, augmenting the uptake of edge AI in growing numbers of businesses augments the market demand.
With rising developments around edge AI impacting modern digital enterprises, the market is estimated to garner significant traction in the next few years. According to Market Research Future (MRFR), the global edge AI software market is expected to gain exponential valuation by 2027, posting a phenomenal CAGR during the assessment period (2021 – 2027).
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On the other hand, safety and security concerns and the reluctance of the market players for investments inhibit the market growth. Edge AI facilitates machine learning (ML), autonomous application of deep learning (DL) models, and advanced algorithms on the Internet of Things (IoT) devices, which would support the market growth throughout the assessment period.
Global Edge AI software Market – Segments
The market is segmented into components, data sources, verticals, and regions. The component segment is sub-segmented into solutions and services. The sub-segment solution is further bifurcated into software tools and platforms. At the same time, the sub-segment service is further segmented into system integration testing services, training consultation services, support maintenance services, and others.
The data source segment is sub-segmented into video image recognition, biometric data, speech recognition, sensor data, mobile data, and others. The application segment is sub-segmented into autonomous vehicles, video surveillance, access management, remote monitoring predictive maintenance, energy management, telemetry, and others.
The vertical segment is sub-segmented into government public, energy utilities, manufacturing, automotive, telecom, healthcare, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East Africa, and others.
Global Edge AI software Market- Geographical Analysis
North America leads the global edge AI software market. The largest market share is attributed to vast technological advances and well-established infrastructures in the region. Augmenting uptake backed by the government’s programs encouraging advancements in IoT cloud technologies is another growth driver.
Besides, increasing deployments of edge AI software technologies with advanced analytics providing comprehensive support and specialty in real-time data access substantiate the market size. Rising demand for edge AI solutions among enterprises to take faster business decisions, comprehending business scenarios quickly, offer vast market opportunities.
Global Edge AI software Market – Competitive Analysis
Edge AI software market appears to be competitive fragmented due to many matured small key players accounting for a substantial market share. Through the acquisition, strategic partnership, expansion, product/technology launch collaboration, these players gain a larger competitive advantage. Heavy investments are transpired in the RD to develop a completely different technology compared to their competition.
Major Players:
Players leading the global edge AI software market include IBM Corporation (US), Microsoft Corporation (US), Amazon Web Services (US), Synaptics (US), Nutanix Inc. (US), TIBCO Software (US), Intel Corporation (US), Octonion SA (Switzerland), HPE (US), Foghorn Systems (US), Oracle Corporation (US), Gorilla Technology Group (Taiwan), ClearBlade (US), Azion Technologies (US), TACT.Ai Technologies (US), ADAPDIX (US), SIXSQ (Geneva), and ALEF EDGE (US), among others.
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Industry/Innovation/Related News:
August 24, 2021 – FogHorn, a leading developer of Edge AI software for industrial and commercial IoT solutions, announced the deployment of its edge-powered computer vision solutions by Aramco, a leading integrated energy and chemicals company.
FogHorn Lightning is an edge AI platform enhancing safety, offering proactive monitoring for equipment failure, and enabling automation of drilling equipment processes. Aramco has selected the FogHorn lightning edge AI platform to build an efficient infrastructure required for automation, digitalization, and standardization projects across various facilities.
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