New York, USA, Oct. 27, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global edge AI software market is expected to garner a revenue of $3,093.2 million and rise at a noteworthy CAGR of 28.8% during the analysis period.
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Covid-19 Impact of the Global Edge AI Software Market
The outbreak of the Covid-19 pandemic has devastated several industries with its outbreak, however, it has had a positive impact on the edge AI software market. Due to check the spread of the deadly coronavirus, many industries and organizations were shut down. During this period, many organizations switched to adopting edge AI software for complete automation of work for processes and to monitor the workflow smoothly and remotely. These factors have enhanced the vertical growth of the market during the crisis.
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As per our analysts, due to the increasing utilization of edge AI software in telecom end-user worldwide, the global edge AI software market is expected to witness remarkable growth during the estimated period. This is mainly because of the several advantages of the edge AI software such as 360 insight capability across the connected systems, availability of productive tools in one place, and many more. Moreover, the growing number of internet users all across the globe is further anticipated to drive the growth of the edge AI software market to deliver enhanced working capacity. Besides, the wide range of utilization of edge AI software in the management of various data to enable various businesses to enhance data analysis, improve speed and bandwidth, and decrease latency is further expected to fortify the growth of the market during the analysis period. However, the privacy concern, ethical issues, and lack of skilled employees may hinder the growth of the market over the forecast period.
Segments of the Global Edge AI Software Market
The report has been divided the market into segments namely, component, data source, application, end-user, and region.
Component: Solution Sub-Segment to be Most Profitable
The solution sub-segment is predicted to grow at a CAGR of 27.9% throughout the analysis period. This is mainly due to the capacity of the solution component to capture data that can be used for designing models. Moreover, the growing usage of solution components as application software to run several edges AI on different IoT devices is further anticipated to boost the growth of the edge AI software market throughout the analysis period.
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Data Source: Video and Image Recognition Sub-Segment to be Most Lucrative
The video and image recognition sub-segment is expected to rise at a noteworthy CAGR of 27.9% over the forecast period. The increasing utilization of video and image data sources for the identification of suspects in AI accelerated systems efficiently is the major factor expected to fortify the growth of the market sub-segment.
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Application: Autonomous Vehicles Sub-Segment to Have Largest Market Share
The autonomous vehicles sub-segment is expected to grow at a healthy CAGR of 28.2% and is predicted to dominate the market over the estimated period. The increasing production of autonomous vehicles to minimize road accidents and improved transportation systems are vital factors expected to amplify the growth of the edge AI software market during the analysis time period.
End-User: Automotive Sub-Segment to Have the Maximum Market Share
The automotive sub-segment is anticipated to rise at a CAGR of 27.7% during the forecast period. The growing utilization of automotive sectors for various objectives such as to develop sustainable transportation, manufacture autonomous vehicles and many more are the factors expected to uplift the growth of the market sub-segment during the estimated period.
Region: The North American Region Expected to Have Huge of Growth Opportunities
The North American region is projected to grow at a CAGR of 27.5% and is expected to dominate the edge AI software market during the forecast period. This is mainly because of the presence of a large number of companies and the adoption of various advanced technology in this region. Moreover, the favorable government initiatives to support the development of edge AI software are further expected to foster the regional growth of the market during the analysis time period.
Key Players of the Market
1. International Business Machine (IBM)
2. Microsoft Corporation
3. Foghorn Systems Inc.
4. In Vision AI
5. Anagog Ltd.
6. Amazon Web Services (AWS)
7. TIBCO Software Inc.
8. Imagimob AB
9. Veea Inc.
10. Tact.ai Technologies Inc.
These players broadly working on the development of new business strategies and tactics to attain a leading position in the global industry.
For instance, in August 2021, Adapdix, a leading United States AI-powered automation software company, has announced acquisition with Edge Intelligence, a renowned developer of the first geographically distributed data management platform for analytics. The aim of this acquisition is to build edge computing and hybrid cloud environments to expand offerings across the edge automation markets all across the globe.
Further, the report also presents other important aspects including product portfolio, the financial performance of key players, SWOT analysis, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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