Pune, India, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global edge AI market size was valued at USD 11.98 billion in 2022 and is projected to reach USD 107.47 billion by 2030, exhibiting a CAGR of 31.7% over the forecast period. Fortune Business Insights presents this information in their latest report titled "Global Edge AI Market Forecast, 2022-2029."
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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.
Key Takeaways
- Edge AI market size in North America was USD 4.89 billion in 2021
- Increasing Number of IoT Connected Devices amid Pandemic to Boost Market Opportunity
- Growing Use of Smartphones, Wearables, and Smartwatches to Augment Segmental Demand
- Consumer Goods to Propel the Market Growth Owing to Increasing Applications in Smart Homes & Smart Cities
Discover the Leading Players Featured in the Report:
“Companies leading the global edge AI market are 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)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 31.7% |
| 2029 Value Projection | USD 107.47 Billion |
| Base Year | 2021 |
| Edge AI Market Size in 2022 | USD 11.98 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 135 |
| Segments covered | Component, Industry and Geography |
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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.
Segmentation
By Component
- Hardware
- Network
- Edge Cloud Infrastructure
- Software
- Support Services
By Industry
- Automotive
- Manufacturing
- Healthcare
- Energy & Utility
- Consumer Goods
- IT & Telecom
- Others (Retail)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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.
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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.
FAQs
How big is the edge AI market?
The global edge AI market size was USD 11.98 billion in 2021. It is expected to reach USD 107.47 billion by 2029.
How fast is the edge AI market growing?
The global edge AI market will exhibit a CAGR of 31.7% during the forecast period, 2022-2027.
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