Pune, India, Dec. 07, 2022 (GLOBE NEWSWIRE) -- The global edge AI market size was valued at USD 11.98 billion in 2021. The market is projected to grow from USD 15.60 billion in 2022 to USD 107.47 billion by 2029, exhibiting a CAGR of 31.7% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Edge AI Market Forecast, 2022-2029.”
Increasing Number of IoT Connected Devices amid Pandemic to Boost Market Opportunity
The COVID-19 pandemic had an effect on the global economy, limiting the flow of goods and services. As a result, businesses had to deal with unheard-of difficulties in generating money.
The pandemic had a marginal effect on the market. Early on during COVID-19, the manufacture of edge computing goods and equipment was halted as a result of trade restrictions put in place by governments in various nations, which caused a decline in the market for edge AI.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 31.7% |
| 2029 Value Projection | USD 107.47 billion |
| Base Year | 2021 |
| Edge AI Market Size in 2021 | USD 11.98 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 135 |
Segments:
Growing Use of Smartphones, Wearables, and Smartwatches to Augment Segmental Demand
Based on component, the market is segmented into hardware, network, edge cloud infrastructure, software, and support services. The hardware segment captures largest share in the market and it is expected to continue its dominance by growing at a significant CAGR during the forecast period.
Consumer Goods to Propel the Market Growth Owing to Increasing Applications in Smart Homes & Smart Cities
Based on industry, the market is categorized into automotive, manufacturing, healthcare, energy & utility, consumer goods, IT & telecom, and others. Manufacturing holds the largest edge AI market share owing to the rising applications of this technology in factory automation processes.
Geographically, the market is divided into five key regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified and their strategies to bolster the edge AI market growth are shared in the report.
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Drivers and Restraints:
Rising Demand for Autonomous Vehicles & Robotics to Drive Market Growth
For self-driven vehicles to operate effectively, real-time data communication to the cloud is required. Advanced AI and ML technologies that support these autonomous driving systems' decision-making fill this need. In order to increase efficiency, eliminate waste, increase safety, and ease traffic congestion, autonomous vehicles link to the edge.
Moreover, due to low latency and bandwidth requirements, edge AI applications in robotics are becoming more and more common. Some of the places where such technology-infused robotics are deployed are drones, smart factories, and smart ports.
Regional Insights:
North America to Lead Backed by Adoption of Innovative Technology
The market growth in North America is being driven by a strong emphasis on the adoption of cutting-edge technology by businesses in the region, particularly the U.S., which is essential to keep ahead of the competition.
Due to the rising demand for edge AI solutions in the manufacturing, automotive, energy and utilities, and other sectors in the U.K., Germany, France, and Italy, Europe is predicted to have a significant part of the market.
The market in the Middle East and Africa is driven by the region's increasing adoption of innovative technologies.
Competitive Landscape:
Partnerships among Companies to Secure their Brand Values in the Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
Key Industry Development:
July 2022: Gorilla Technology collaborated with SUNTEL to surge sales and provide solutions to Japanese clienteles. SUNTEL is a trading company that specializes in information and communications. The products traded under the contract comprise Gorilla IVAR edge AI software, BAP, smart attendance, AI appliances, and smart retail.
List of Key Players Mentioned in the Report:
- Alphabet Inc. (U.S.)
- Amazon.com, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- Nutanix, Inc. (U.S.)
- Intel Corporation (U.S.)
- Synaptics Incorporated (U.S.)
- ADLINK Technology Inc. (Taiwan)
- Gorilla Technology Group (Taiwan)
- Viso.ai (Switzerland)
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Global Edge AI Key Players Market Share Insights and Analysis, 2021
- Global Edge AI Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Network
- Edge Cloud Infrastructure
- Software
- Support Services
- By Industry (USD)
- Automotive
- Manufacturing
- Healthcare
- Energy & Utility
- Consumer Goods
- IT & Telecom
- Others (Retail, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Edge AI Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Network
- Edge Cloud Infrastructure
- Software
- Support Services
- By Industry (USD)
- Automotive
- Manufacturing
- Healthcare
- Energy & Utility
- Consumer Goods
- IT & Telecom
- Others (Retail, etc.)
- By Country (USD)
- United States
- By Industry
- Canada
- By Industry
- Mexico
- By Industry
- United States
- South America Edge AI Market Size Estimates and Forecasts, By Segments, 2018-2029
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