Selbyville, Delaware,, Nov. 03, 2022 (GLOBE NEWSWIRE) --
The edge AI market valuation is anticipated to exceed USD 70 billion by 2032, as reported in a research study by Global Market Insights Inc.
The report identifies the soaring demand for quick and convenient financial transactions in light of the growing digitization and customer preferences as key factors augmenting market trends. Edge AI solutions help enterprises in the IT and telecommunications industries offer remote-working employees secure access to internal resources. Additionally, these solutions lower the price and maintenance expenses related to physical network infrastructure. The rising consumer inclination toward smart homes is also supporting product integration for monitoring temperature, gas density, and humidity, and for home surveillance, which is set to drive market expansion.
Cybercrime risks may hinder edge AI market progression
With the rising prevalence of cybercrimes across the internet, the demand for edge AI solutions is poised to decline over the coming years. Cybercrimes, including phishing, hacking, online identity theft, and ransomware attacks, among others, result in major financial losses and cause massive disruptions in the operations of businesses. However, the surging focus on devising solutions to prevent such cyber-attacks and the widespread implementation of laws and government programs to combat cybercrime may contribute to resolving the issue.
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Prominent efforts to improve online services to impel edge AI demand in BSFI sector
The use of edge AI to connect administrative buildings and corporate branches to the existing infrastructure in the BSFI industry to remain high in the future. The edge AI market share value the BSFI end-use segment is projected to depict more than 15% growth rate through 2032. To ensure quick and improved service delivery, banks and financial service providers are embracing smart terminals while working to develop online services to address consumer demands and boost customer satisfaction.
Growing demand for high-performance computing platforms to push software segment growth
The software segment is estimated to witness over 40% CAGR between 2023 and 2032. The segment growth is attributed to the growing demand for high-performance computing platforms and operating systems across enterprises. Edge AI software is used widely in manufacturing and other industrial settings to automate production and identify defects using AI technology.
Widespread IT adoption to bolster remote monitoring segment revenues
The edge AI market share from the remote monitoring application segment is expected to register approximately 25% gains from 2023 to 2032. Prevalent decentralization of the edge environment as well as extensive deployment of IT infrastructure across multiple remote sites are propelling the need for remote monitoring in an edge AI environment, which is likely to foster the segment outlook in the future.
Government measures to advance digital transformation to strengthen the LATAM market
According to the report, the Latin America edge AI market size is predicted to reach USD 9 billion by 2032 on account of the supportive government initiatives focused on promoting digital transformation in workplaces. In addition, the presence of numerous data center facilities is speculated to further stimulate product penetration in the region.
Competitive strategies by prominent players to strengthen market scenario
In order to sustain their market position, firms are facilitating the development of novel manufacturing processes and implementing effective growth strategies. For instance, in April 2022, technology giant Google acquired MobiledgeX, a specialist in edge computing management founded by Deutsche Telekom. With this move, the firms set out to increase the availability of edge computing in Germany while advancing edge AI technology. Companies profiled in the edge AI market report include Google (Alphabet Inc), Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Nvidia, Synaptics Incorporated, Qualcomm Technologies Inc., Xilinx, and others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Edge AI industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Component trends
2.5 End-use trends
2.6 Application trends
Chapter 3 Edge AI Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.4 Evolution of Edge AI technology
3.5 Industry ecosystem analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Investment portfolio
3.9 News
3.10 Regulatory landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls & challenges
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
