New York, USA, Oct. 12, 2020 (GLOBE NEWSWIRE) -- The Global Edge AI Software Market forecast shall cross $3,093.2 million by 2027, growing at a CAGR of 28.8% in the estimated period.
Edge AI includes various AI algorithms processed on a hardware device. These algorithms mostly use data created on devices and helps in operating the device without the need to be connected in order to work properly. With the help of AI software, devices can process and take decisions independently without any connection.
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COVID-19 Impact on the Global Edge Artificial Intelligence (AI) Software Market
The novel coronavirus outbreak has impacted the global edge AI software market positively during the pandemic. Due to the pandemic across the globe, several organisations have been shut, impacting the operational flow of the market. Enterprises supporting work from home, automation in manufacturing units and rise in the demand for predictive analytics among organisations are factors predicted to drive the global market at the time of the coronavirus outbreak.
Edge AI is defined as the process of bringing distributed computational framework of enterprise application where data can be created, and various actions can be taken. Edge AI software are utilized in air quality sampling machines, AI enhanced entertainment, drones, industrial IoT applications, and smart speakers. It is also utilized in industrial settings that enhance the creation of analytical expressions, validation of sensors, and enables to visualize results of analytical expressions. Thus, rise in the utilization of edge AI software for above applications are anticipated to drive the demand of global edge AI software market in the estimated timeframe. In addition, increasing utilization of edge AI software in increasing agricultural efficiency is anticipated to provide opportunity in the projected timeframe.
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Ethical issues related with the software have been predicted to hamper the market growth. For instance, based on the data fed into the systems the software indicates whether a person is eligible for a loan. Edge AI software helps in taking the decision automatically, which is ethically incorrect. Most organisations cannot secure this data, which is predicted to hamper the market in the estimated period.
Service sub-segment is predicted to have the maximum growth rate in the estimated period. Service sub-segment is predicted to generate a revenue of $1,102.4 million by 2027 with a CAGR of 30.7% in the estimated period. Increasing adoption of edge AI software by most organizations is directly impacting the services for training, maintenance, and other services which is predicted to drive the sub-segment in the estimated period.
Bio-metric data source sub-segment is predicted to have the highest growth in the forecast period. Bio-metric data source sub-segment is predicted to generate a revenue of $657.4 million by 2027 with a CAGR of 29.7% in the estimated period. Various organizations are continuously focusing on better alternatives to replace conventional security methods as bio metric is used to overcome the issue. Moreover, fingerprint scans are being used for verification of employees at the workplace as well as identifying the consumers to fulfil KYB and KYC regulations, which is predicted to boost the sub-segment market in the estimated period.
Remote monitoring and predictive maintenance sub-segment is predicted to grow enormously in the estimated period. Remote monitoring and predictive maintenance sub-segment is predicted to generate a revenue of $ 595.9 million by 2027 with a CAGR of 29.7% in the estimated period. Remote monitoring of machines by utilizing edge AI software is one of the major software for various industries such as healthcare and manufacturing and is predicted to drive the sub-segment in the estimated period.
Telecom sub-segment is predicted to have maximum growth rate in the estimated period. Telecom sub-segment is predicted to generate a revenue of $727.9 million by 2027 with a CAGR of 29.8% in the estimated period. Rise in the adoption of edge AI software by telecom operators with respect to AI based applications, which enables the companies to solve previously intractable challenges such as data fluctuations, signal dropping issues and other challenges through network optimization, which is predicted to boost the sub-segment market in the estimated period.
Asia-Pacific region market is predicted to have the highest growth rate in the estimated period. Asia-Pacific region market is predicted to generate a revenue of $476.4 million by 2027 with a CAGR of 32.4% in the estimated period. Increasing investments by various Asia-Pacific economies to modernize the production facilities by using edge AI software systems is predicted to drive the region market in the estimated period. Moreover, Edge AI software is used to support various Sustainable Development Goals (SDGs) in various industry verticals such as healthcare, education, energy, industry, innovation work, agriculture, and infrastructure is predicted to drive the sub-segment in the estimated period.
Major Market Players
- International Business Machine (IBM)
- Microsoft Corporation
- Foghorn Systems Inc.
- In Vision AI
- Anagog Ltd.
- Amazon Web Services (AWS)
- TIBCO Software Inc.
- Imagimob AB
- Veea Inc.
- Tact.ai Technologies Inc.
To emphasize more on the competitive landscape analysis of established enterprises, the porter’s five force model is explained in the report.
Porter’s Five Forces Analysis for Edge AI Software Market:
• Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be low. The bargaining power of suppliers is very moderate.
• Bargaining Power of Consumers: In this market, the concentration of buyers is high. The bargaining power of consumers is moderate.
• Threat of New Entrants: Huge initial investments are essential to start a new edge AI software organization. The threat of new entrants is Low.
• Threat of Substitutes: This market has numerous alternatives of products; moreover, technology also offers high switching costs for clients. The threat of substitutes is high.
• Competitive Rivalry in the Market: The edge AI software market has only major players to sell their products and it becomes difficult for small and medium enterprises and local manufacturer to get into the market. The competitive rivalry in the industry is Moderate.
Further, the report outlines several aspects of all these industry players such as SWOT analysis, recent strategic moves & developments, financial performance, and product portfolio. Click Here To Get Absolute Top Companies Development Strategies Summary Report
COVID-19 Impact on the Global Edge Artificial Intelligence (AI) Software Industry