Edge AI Software Market Set for Rapid Growth to 2030 as Demand for Real-Time Processing in IoT Accelerates, Exploring Emerging Applications in Various Fields

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Jan 19, 2024, 14:00 ET

DUBLIN, Jan. 19, 2024 /PRNewswire/ -- The "Edge AI Software Market by Offering (Solutions (Standalone and Integrated) and Services), Data Type (Video & Image Data, Audio Data, Text & Language Data, Biometric Data, and Multi-modal Data), Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

A comprehensive analysis on the Edge AI Software Market has been released, highlighting significant growth expected from USD 1.1 billion in 2023 to USD 4.1 billion by 2028, at a robust CAGR of 30.5% during the forecast period. The extensive study delves into various offerings such as standalone and integrated solutions, alongside critical services, while examining data types including video, image, audio, and biometric data utilized across diverse verticals.

Key insights from the research emphasize the dynamic adoption of Edge AI software in sectors such as healthcare & life sciences, which is predicted to experience the highest CAGR in the market. The deployment of Edge AI facilitates major advancements in medical settings, opening new avenues for diagnostics and remote patient monitoring – areas where speed and accuracy are paramount.

Video and Image Data to Dominate Market Usage:

The report unveils that video and image data will constitute the largest market share throughout the forecast period. As Edge AI fosters the rise of computer vision in various systems, object detection and recognition are becoming essential attributes, boosting the technology's prevalence in a range of edge computing devices from smartphones to drones.

Professional Services Lead the Way in Market Share

Professional services are anticipated to maintain a significant footprint in the Edge AI space, providing businesses with tools necessary for fraud detection, compliance monitoring, and predictive maintenance. Such advancements in real-time data processing play a crucial role in enhancing service delivery and fueling customer engagement.

North America Emerges as Largest Contributor:

The analysis further reveals that North America will hold the largest market size, with factors such as governmental initiatives, industrial endorsement, and technological innovations contributing to this trend. The Edge AI software is set to redefine a myriad of industries across the region.

Analysis of Market Dynamics: The study sheds light on the driving forces behind the Edge AI market's expansion, ranging from bubbling enterprise workloads in the cloud to the burgeoning amount of intelligent applications.
Challenges and Opportunities Explored: The research navigates through potential setbacks such as security concerns and limited AI expertise, while unveiling prospects brought forth by 5G technology and autonomous vehicle integration.
Competitive Landscape: The report provides a strategic panorama of the market, asserting detailed profiles and developments within the competitive terrain, featuring key market players and stakeholders.

Premium Insights

Ever-Increasing Enterprise Workloads on Cloud and Rapid Growth in Number of Intelligent Applications to Drive Market Growth
Biometric Data Segment to Grow at Highest CAGR During Forecast Period
Solutions Segment and Automotive, Transportation & Logistics Vertical to Hold Largest Segmental Shares in North America in 2023
North America to be Largest Market in 2023

Case Study Analysis

Healthcare & Life Sciences

Hca Healthcare Used Red Hat Solutions to Create Real-Time Predictive Analytics System to Detect Sepsis Accurately and Rapidly
Top Robotic and Digital Surgery Startups Implemented Nvidia Medical Edge Ai Computing Platform

Government & Public Sector

Gorilla Supported Taoyuan Airport's Smart City Approach

Manufacturing

Schindler Optimized Elevator Performance with On-Board Edge Computing
Food Manufacturer Turned to Tibco Spotfire Analytics to Ensure Complex Data Visibility
Brembo Chose Tibco Spotfire Analytics for Implementation of Analytics Platforms

Transportation & Logistics

Jetblue Setup Real-Time Data and Integration Platform Using Tibco Technologies
Imagimob Used Sensor Technology and Ai to Develop Sensorbeat

Energy and Utilities

Sparkcognition Improved Safety by Preventing Critical Asset Failure with Ai at Edge
Hubco Upgraded to Maximo for Oil and Gas 7.6 Software and Integrated Its It Environment

Telecom

Xl Axiata Leveraged Tibco Technology to Improve Customer Experience
Algar Telecom Deployed Tibco Spotfire Software for Better Decision-Making

Other Verticals

Omelete Created Numerous Edge Applications on Azion Platform to Accelerate Content Delivery
Lojas Renner Used Edge Applications to Deliver Large Volume of Requests on Black Friday

Market Dynamics

Drivers

Ever-Increasing Enterprise Workloads on Cloud
Rapid Growth in Number of Intelligent Applications
Exponential Growth of Data Volume and Network Traffic
Increase in Use of IoT Driving Demand for Edge Ai Software
Rise in Adoption of 5G Network Technology

Restraints

Privacy and Security Concerns Related to Edge Ai Solutions
Inadequate Number of Ai Experts

Opportunities

Emergence of 5G Network to Bring It and Telecom Together
Advent of Autonomous Vehicles Coupled with Connected Car Infrastructure
Rise in Need for Edge Computing in IoT
Exploring Emerging Applications in Various Fields

Challenges

Interoperability Issues Slowing Adoption of Edge Ai Software
Optimization of Edge Ai Standards

Key Technology

AI
Edge Computing
Iot
Computer Vision
Complimentary Technology
5G
Quantum Computing
AR/VR
Adjacent Technology
Cloud Computing
Blockchain
Human-Machine Interface

Company Profiles

Key Players

Microsoft
IBM
Google
AWS
Nutanix
Synaptics
Gorilla Technology
Veea
Anagog
Imagimob
Tibco Software
Octonion
Azion
Bragi
Blaize
Tact.Ai
Ekinops
Clearblade
Alef Edge
Johnson Controls

Startup/SME Profiles

Bytelake
Reality Ai
Deci Ai
Edgeworx
Swim.Ai
Invision Ai
Horizon Robotics
Kneron
Deepbrainz
Adapdix

For more information about this report visit https://www.researchandmarkets.com/r/yu58rn

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