Edge Artificial Intelligence (AI) software is a combination of cutting-edge computing and machine learning technology. This AI app converts raw data into moves or events, forecasts, observations without expensive data analysis, and big data. The software tools offered are in the form of frameworks and software development kit that offers the benefit of merging AI capabilities with software apps. With the help of sensors and signals, an AI algorithm is processed on the hardware devices in this edge AI program. There is no need to remain attached to devices as it can be independently processed without any contact and is able to make decisions.
The global edge AI software market is expected to surpass USD 1160 million by 2030 from USD 360 million in 2019 at a CAGR of 30.5% throughout the forecast period i.e. 2020-2030. The global edge AI software market is anticipated to grow on the back of the rising amount of enterprise workloads on the cloud and the rapid growth in the number of intelligent applications.
Integrating edge devices with AI will help rising risks, latency, and reliability is expected to drive growth in the edge AI software market across the globe. Additionally, the rising need for real-time operations that are important for robots, self-driving cars, and the increasing demand from various end-users are factors expected to fuel the growth of the global edge AI software market.
Global Edge AI Software Market: Segments
Platforms segment to grow at the fastest CAGR of xx% during 2020-2030
The global edge AI software market is segmented by components into solutions (software tools, platforms) and services (training & consulting, system integration & testing, support & maintenance). Among these, the platform segments comprised of the largest market share of xx% in the year 2019. The edge AI platforms offer users AI applications that enable small devices with intelligence and data processing capabilities. The users can extract actionable insights in real-time from the data generated at the edge and enhance the customers’ experience.
Video & Image Recognition segment to grow at the fastest CAGR of xx% during 2020-2030
The worldwide edge AI software market is segmented by data sources into video & image recognition, speech recognition, biometric data, sensor data, and mobile data. Among these, the video & recognition segment is estimated to hold the largest market share of xx% in 2019. Most of the vendors in the market offer edge AI software to analyze images, videos, gestures, acoustics, and motions, locally on the devices. With the advent of AI and machine learning (ML) in edge devices, users can now extract entities from videos and images and build applications to discover information from the videos.
The Autonomous Vehicles segment to surge at the fastest CAGR of xx% during 2020-2030
The global edge AI software market is segmented by application into autonomous vehicles, access management, video surveillance, remote monitoring & predictive maintenance, telemetry (location services), and energy management. Among these, the autonomous vehicles segment is witnessed to hold the largest market share of xx% in the year 2019. The AI in self-driving cars runs on local processors and interprets the virtual world model to decide what actions to take with the car. With the help of AI-based autonomous vehicles, automakers can analyze the driving patterns and help improve roadways to reduce accidents.
Global Edge AI Software Market: Drivers and Restraints
Transforming the business requirements into technological solutions needs plenty of time and planning. Therefore, with the help of machine learning, the developers can shorten this process by simply enabling the less technical domain professionals in order to develop the technologies by using visual interfaces of natural languages.
It is seen that software development always overflows the budget and deadlines pre-decided. To cope with this, accurate estimates require profound expertise, understanding the context, and being familiar with the team of implementers. Machine learning helps train data from past projects be they user accounts, descriptions of functions, and estimates to predict effort and budget.
Global Edge AI Software Market: Regions
North America expected to be the fastest-growing region with a CAGR of xx% during 2020-2030
The global edge AI software market is segmented by region into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, North America is witnessed to hold the largest market share of xx% in the year 2019. Growing investments in the data management strategies, the presence of the maximum number of edge AI software vendors, and increasing government spending on AI-based technologies are expected to contribute to the market growth during the forecast period.
The global edge AI software market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Global Edge AI Software Market: Impact of COVID-19
The COVID-19 has become global stress, not only for human lives, but also to industries across different industry verticals. The COVID-19 pandemic has infected several million people globally. With the rising number of active cases on a regular basis, the duration of the pandemic is still difficult to predict. Yet the adverse effect of COVID-19 can be felt upon the global edge AI software market owing to the fluctuation in demand for products associated with AI in edge software, the effect on production units due to the implementation of lockdown norms in many nations worldwide and others.
Global Edge AI Software Market: Key Players
- IBM Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Foghorn Systems
- Nutanix Inc.
- Envision AI
- View Systems
The global edge AI software market also contains analysis on:
- Edge AI Software Market Segments:
- By Component
- Software Tools
- Training & Consulting
- System Integration & Testing
- Support & Maintenance
- By Application
- Autonomous Vehicles
- Access Management
- Video Surveillance
- Remote Monitoring & Predictive Maintenance
- Energy Management
- By Data Sources
- Video & Image Recognition
- Speech Recognition
- Biometric Data
- By Component
- Sensor Data
- Mobile Data
- By Region
- North America
- Latin America
- Middle East & Africa
- Asia Pacific
- Edge AI Software Market Dynamics
- Edge AI Software Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
FAQs on Global Edge AI Software Market
- Which segment is anticipated to hold the largest market share?
- At what CAGR is the market anticipated to grow between 2020 and 2030?
- Who are the key players in the global edge AI software market?
- What could be the challenging factors for the growth of the worldwide edge AI software market?
- What are the growth drivers for the edge AI software market across the globe?
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Ankur Gupta, Head Marketing & Communications