New York, United States, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Edge AI software empowers edge devices with the capabilities of artificial intelligence, enabling real-time data processing at the source rather than relying on remote cloud servers. This approach mitigates latency, safeguards data privacy, and optimizes bandwidth consumption, making it well-suited for applications such as smart cities, healthcare, autonomous vehicles, industrial automation, and more. The increasing prevalence of IoT devices, the demand for low-latency and real-time decision-making, the need for privacy in sensitive applications, and the expansion of 5G networks are key drivers for the adoption of Edge AI. By processing data locally, Edge AI facilitates faster responses, energy efficiency, and greater autonomy, making it a crucial component in industries that prioritize speed and operational efficiency.
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Market Dynamics
Advancements in Energy-Efficient AI Chips and Hardware drive the global Edge AI Software market
The development of specialized AI hardware, such as energy-efficient processors and AI accelerators designed for edge computing, is a major driver of Edge AI adoption. Companies are developing specialized chips optimized for low-power, high-performance AI tasks on edge devices. These chips extend operational lifetimes in IoT devices, drones, and smart sensors, expanding the potential of Edge AI in resource-constrained environments. For instance, on August 6, 2024, Japan’s emerging company EdgeCortix is making energy-efficient AI chips and software for the edge.
Growing Demand for Edge AI in Cybersecurity and Threat Detection creates opportunities for the global edge AI Software market
Edge AI offers a significant opportunity in real-time threat detection and prevention. By processing data locally, it can identify and mitigate security threats faster than cloud-based systems, reducing the risk of data breaches. This approach is particularly valuable in sectors like finance, healthcare, and critical infrastructure, where rapid response and localized security measures are paramount. As businesses prioritize robust, on-device security solutions, this trend is expected to gain traction. For instance, on 12 February 2024, Edge AI hub receives USD 54.01 Bn funding for research into cyber threats.
Regional Analysis
North America is the most significant global Edge AI software market shareholder and is anticipated to exhibit a CAGR of XX% during the forecast period. North America's Edge AI market is driven by the region's focus on advanced technologies. The U.S., a key player, is leading the way in AI adoption. Government initiatives and companies like Innodisk, showcasing AI solutions at events like NVIDIA GTC, are contributing to the region's market growth. The tech advancement and the Tech giants in the US leading the edge AI software demand. Biden-Harris Administration Announces New USD 30 Million in Investment in Innovative IT Technologies.
According to the US Department of State, AI-related federal contracts increased by almost 1,200%, from USD 355 million in the period leading up to August 2022, to USD 4.6 billion in the period leading up to August 2023. In the US automakers will invest nearly USD 50 billion in autonomous vehicle development through 2025. In January 2024, the US Army extended its agreement with the University of Michigan's Automotive Research Center by five years, with a potential investment of up to USD 100 million to increase work on autonomous vehicle technologies which need the edge AI for direction detection.
Europe is expected to maintain a significant market share due to the increasing popularity of edge AI solutions in manufacturing, automotive, energy & utilities, and other sectors across the U.K., Germany, France, and Italy. Market players are investing heavily in R&D to develop advanced-edge AI solutions. The increasing prevalence of IoT devices, the demand for low-latency and real-time decision-making, and the growing emphasis on data privacy are driving the adoption of edge AI software in Europe.
Between 2018 and 2022, the UK self-driving vehicle sector alone generated USD 593.75 million of direct investment and created 1,500 new jobs that need the edge AI software in cars. France published a national AI strategy with USD 2.63 million to be invested in the creation of AI clusters by 2030. Microsoft To Invest USD 3.52 million in Germany for its AI proliferation. Hence the market for edge AI software is increasing in the European region.
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Key Highlights
- The Global Edge AI Software Market size was valued at USD 19.65 billion in 2023 and is projected to grow from USD 26.5 billion in 2024 to USD 264.59 billion by 2032, exhibiting a CAGR of 32.4% during the forecast period (2024-2032).
- Based on data sources, the global Edge AI software market is segmented into Video and Image Recognition, Speech Recognition, Biometric Data, Sensor Data, and Mobile Data. The video and image recognition segment owns the highest market share and is estimated to exhibit a CAGR of XX% during the forecast period.
- Based on Component, the global Edge AI software market is segmented into Solutions, and Services. The Solution segment owns the highest market share and is estimated to exhibit a CAGR of XX% during the forecast period.
- Based on End users, the global Edge AI software market is segmented into Automotive, Manufacturing, Healthcare, Energy & Utility, Retail & Consumer Goods, IT & Telecom, and Others. The Automotive segment owns the highest market share and is estimated to exhibit a CAGR of XX% during the forecast period.
- North America is the most significant global Edge AI software Market shareholder and is anticipated to exhibit a CAGR of XX% during the forecast period.
Competitive Players
- Alphabet (Google's parent company)
- IBM
- Microsoft
- Amazon
- Intel
- Synaptics
- ADLINK
- Edge Impulse
- Viso.ai
- Akamai Technologies
Recent Developments
- In March 2024, Neural Magic and Akamai Technologies announced a strategic partnership to improve deep learning capabilities on Akamai's distributed computing infrastructure. This collaboration aims to drive innovation in edge AI inference across multiple industries.
- On Nov 7, 2023, IBM announced that it is launching a USD500 million venture fund to invest in a range of AI companies.
- Feb. 26, 2024, Lenovo unveiled next-generation Integrated Edge AI Solutions for Telco that help enterprises go beyond the data center to harness vast bodies of data at the far edge for transformative AI applications at scale while reducing energy consumption.
Segmentation
- By Data Source
-
- Video and Image Recognition
- Speech Recognition
- Biometric Data
- Sensor Data
- Mobile Data
- By Component
-
- Solutions
- Services
- By End users
-
- Automotive
- Manufacturing
- Healthcare
- Energy & Utility, Retail & Consumer Goods
- IT & Telecom
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East And Africa
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