Edge AI Software Market worth $1,835 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 12, 2021 /PRNewswire/ -- According to a new market research report "Edge AI Software Market by Component (Solutions and Services), Data Source, Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring and Predictive Maintenance, and Telemetry), Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, market size to grow from USD 590 million in 2020 to USD 1,835 million by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period. Various factors such as increasing enterprise workloads on the cloud and rapid growth in the number of intelligent applications are expected to drive the adoption of the edge AI solutions and services.
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As the world braces for the continued impact of the COVID-19 pandemic, every industry has been affected. To mitigate pandemic risks, organizations around the world are taking adequate measures such as remote working capabilities, remote asset maintenance and monitoring, plant automation, and telehealth. A high positive impact has been witnessed in the healthcare vertical, as firms have started realizing the potential of edge AI software in combating the impact of COVID-19. This has led to increased funding and research to keep businesses safe and secure across the value chain. It is expected that the market will witness slow growth during the pandemic and bounce back with a higher adoption rate across verticals post-pandemic. Organizations worldwide have been using digital infrastructure to continue with their usual business activities as it serves as essential infrastructure. Healthcare, the public sector, and education verticals are adopting digitalization at an unprecedented rate. Several clouds and edge companies are offering their computational services for free to the frontline workers to reduce the impact of COVID-19
The solutions segment to hold a larger market size during the forecast period
Based on components, the Edge AI Software Market is segmented into solutions and services. The solution segment of the report is sub segmented into software tools and platform, whereas the services segment is segmented into training and consulting, system integration and testing, and support and maintenance. The solutions segment is expected to account for the largest market size during the forecast period owing to the high flexibility and support offered by edge AI solutions for different industries and activities, ranging from medical monitoring to building energy management.
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The mobile data segment to hold higher CAGR during the forecast period
The Edge AI Software Market by data source has been segmented into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. The mobile data segment is projected to grow at the highest CAGR during the forecast period as there has been tremendous growth in the data generated through mobile devices due to the excessive number of mobile users. Edge AI enables processing the generated data at the edge. Hence, less information needs to be sent to the cloud and back, leading to the adoption of edge AI solutions and services.
Energy management application segment to have the highest CAGR during the forecast period
The Edge AI Software Market by application has been segmented into autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry, energy management, and others (point of sales, field service support, precision agriculture, AR/VR, and smart wearables). Using edge AI for energy management can reduce the overall costs and optimize the energy consumption by applying various techniques for predicting the optimal load of the system in real-time leading to its growth in Edge AI Software Market.
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North America to hold the largest market size during the forecast period
The organizations in North America, especially the US, have leveraged the benefits of AI, ML, and deep learning technologies to stay ahead in the market. The region has well-established economies, which enable edge AI software vendors to invest in new technologies. Furthermore, it is regarded as the center of innovation where major IT players are rolling out intelligent devices and collaborating with other companies in the Edge AI Software Market.
APAC is projected to grow at a higher CAGR during the forecast period. The major factors fuelling the growth of the Edge AI Software Market in the APAC region are the growing amount of data generated from edge devices across various industry verticals, increasing consumer spending on smart solutions in countries, such as China, Japan, Australia, and India, and increasing investments and initiatives by leading governments in this region toward improvising the AI landscape in the region.
Major vendors in the global Edge AI Software Market include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Nutanix (US), Synaptics Incorporated (US), SWIM.AI Inc. (US), Imagimob AB (Sweden), Anagog Ltd. (Israel), TIBCO Software Inc. (US), Octonion SA. (Switzerland), FogHorn Systems (US), Bragi (Germany), Gorilla Technology Group (Taiwan), SixSqSàrl (Switzerland), Azion Technologies LLC (US), ClearBlade Inc. (US), Alef Edge Inc. (US), Adapdix (US), byteLAKE (Poland), Reality Analytics Inc. (US), Deci (Israel), StrataHive (India), edgeworx (US), Invision AI Inc. (Canada), Veea Inc. (US), and Tact.ai Technologies, Inc. (US), Horizon Robotics (China), Kneron Inc. (US), and DeepBrainz AI (India).
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