Global Edge AI Software Market

Global Edge AI Software Market Size, Share, Growth Analysis, By Component(Solutions and Services), By Data Source(Video & Image Recognition, Iris & Facial Data) - Industry Forecast 2024-2031

Report ID: SQMIG45E2169 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 63 | Figures: 77

Global Edge AI Software Market Dynamics

Drivers

Accelerating the adoption of Remote Work to Boost Growth

  • Businesses have come to understand that remote work can lower costs related to infrastructure and office space as many employees have discovered they are more productive when working from home. This will lead to an increase in demand for remote employment. Companies are making investments in remote work technology including project management software, cloud-based file-sharing platforms, and virtual meeting platforms to make it easier for remote workers to collaborate. In order to ensure that remote employees can access company networks and data securely, cybersecurity measures are becoming more and more necessary as remote work adoption rises.
  • The worldwide edge AI software market is transforming the way businesses work as a result of the development of new technologies and applications driven by artificial intelligence. For customer service and assistance, for instance, AI-powered chatbots and virtual assistants are gaining popularity, which eliminates the need for human engagement. Tools with artificial intelligence (AI) are being utilised in the healthcare sector to examine medical images and aid in disease diagnosis. AI is being utilized in manufacturing to streamline production procedures and decrease downtime. The development of autonomous cars, which have the potential to completely change the transportation sector, is also being fuelled by AI. Businesses of all sizes and industries are anticipated to benefit as technology progresses and becomes more widely available.

Restraints

Limited Computational Power at the Edge to Hinder market

  • Edge devices, such as smartphones, IoT devices, and edge servers, often have limited computational power compared to cloud-based systems. This constraint can limit the complexity and scale of AI algorithms that can be deployed at the edge, potentially impacting the performance and capabilities of Edge AI software solutions.
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FAQs

Global Edge AI Software Market size was valued at USD 1.48 Billion in 2022 and is poised to grow from USD 1.84 Billion in 2023 to USD 10.33 Billion by 2031, at a CAGR of 24.10% during the forecast period (2024-2031).

The market is characterized by fierce competition, with a few major global rivals controlling a sizable portion of the industry. Collaboration between the key actors and the development of new products are the main priorities. 'NVIDIA Corporation (United States)', 'Intel Corporation (United States)', 'Google LLC (United States)', 'Microsoft Corporation (United States)', 'IBM Corporation (United States)', 'Qualcomm Technologies, Inc. (United States)', 'Apple Inc. (United States)', 'Huawei Technologies Co., Ltd. (China)', 'Amazon Web Services, Inc. (United States)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Cisco Systems, Inc. (United States)', 'Dell Technologies, Inc. (United States)', 'Baidu, Inc. (China)', 'Alibaba Group Holding Limited (China)', 'Tencent Holdings Limited (China)', 'HPE (Hewlett Packard Enterprise) Company (United States)', 'Fujitsu Limited (Japan)', 'NEC Corporation (Japan)', 'Advanced Micro Devices, Inc. (United States)', 'Xilinx, Inc. (United States)', 'Cognex Corporation (United States)', 'Edge Impulse (Netherlands)'

Businesses have come to understand that remote work can lower costs related to infrastructure and office space as many employees have discovered they are more productive when working from home. This will lead to an increase in demand for remote employment. Companies are making investments in remote work technology including project management software, cloud-based file-sharing platforms, and virtual meeting platforms to make it easier for remote workers to collaborate. In order to ensure that remote employees can access company networks and data securely, cybersecurity measures are becoming more and more necessary as remote work adoption rises.

The convergence of edge computing and cloud computing is becoming more prevalent. Edge AI software solutions are designed to work in synergy with cloud-based AI platforms, allowing for seamless data transfer, model training in the cloud, and edge-based inferencing, enabling organizations to leverage the strengths of both edge and cloud computing. This trend increases the demand of Edge AI softwares for making it reliable solutions in various applications.

With a revenue share of 39.9% in 2022, North America controlled the majority of the market. With the introduction of cutting-edge 5G network technology, the region is anticipated to continue seeing growth. The region's businesses have placed a strong emphasis on implementing cutting-edge technologies like AI, deep learning, and machine learning, which is what is driving the expansion. For instance, to merge Synaptic' Katana edge AI with the edge software development platform, the U.S. hardware business Synaptic Incorporated teamed up with Edge Impulse, a machine-learning development platform for edge devices, in California. The goal of this collaboration is to speed up the deployment of low-power edge AI by enabling developers to build models that are ready for production.

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