Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Edge Artificial Intelligence Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global edge artificial intelligence market has grown exponentially in recent years. It will grow from $19.46 billion in 2023 to $24.48 billion in 2024 at a compound annual growth rate (CAGR) of 25.8%. The growth observed in the historical period can be attributed to the proliferation of IoT devices, a heightened demand for edge computing, a surge in edge-based applications, the emergence of smart cities, and an increased need for real-time processing.
The edge artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $61.63 billion in 2028 at a compound annual growth rate (CAGR) of 26%. The anticipated growth in the forecast period can be attributed to the escalating integration of edge AI in healthcare, the rapid expansion of edge AI in retail, regulatory backing for edge computing, the burgeoning edge AI ecosystem, and the increasing complexity of AI workloads. Key trends expected in the forecast period encompass technological advancements, product innovations, enhancements in edge AI security, chiplet integration, and the adoption of federated learning techniques.
The onward progression of 5G networks serves as a catalyst for the growth of the edge artificial intelligence market. As an illustration, as of February 2023, T-Mobile International AG, a Germany-based mobile telecommunications company, reported an excess of 1 billion active 5G subscriptions, with projections indicating that 5 billion individuals will possess 5G subscriptions by the culmination of 2028. Consequently, the expansion of 5G networks emerges as a pivotal driver propelling the edge artificial intelligence market.
Prominent entities within the edge artificial intelligence domain are strategically channeling their efforts towards technological advancements, exemplified by the provision of AI Services at the Edge. For example, in October 2023, Macrometa, a US-based information technology company, unveiled PhotonIQ, a suite of edge services meticulously designed to deliver swifter, more efficient, and more secure digital experiences across various sectors, including eCommerce, gaming, and financial services. These real-time AI services yield several benefits for businesses, encompassing heightened website performance and Lighthouse scores, enhanced search and personalization experiences for users, and augmented security and dependability during periods of heightened traffic. PhotonIQ augments dynamic data and application performance with AI at the edge, seamlessly integrating with Content Delivery Networks (CDNs) such as AkamAI for prompt enterprise deployment within a timeframe of under 60 days.
In August 2023, Sidus Space, a US-based engineering services company, finalized the acquisition of Exo-Space for an undisclosed sum. Through this strategic move, Sidus not only underscores its dedication to bolstering its market presence in Earth and space observation services but also showcases its ability to leverage the burgeoning AI industry. Exo-Space, a cutting-edge US-based firm, specializes in Edge Artificial Intelligence (AI) software and hardware tailored for space applications.
North America was the largest region in the edge artificial intelligence market in 2023. The regions covered in the edge artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the edge AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Component: Hardware; Software; Services
2) By Deployment Mode: On-Premise; Cloud-Based
3) By Data Sources: Mobile Data; Sensor Data; Biometric Data; Speech, Video and Image Recognition
4) By Application: Video Surveillance; Access Management; Autonomous Vehicles
5) By End-Use Industry: IT And Telecom; Automotive
Key Companies Mentioned: Alphabet Inc.; Google; Microsoft Corporation; Amazon Web Services; International Business Machines Corporation
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $24.48 Billion |
| Forecasted Market Value (USD) by 2028 | $61.63 Billion |
| Compound Annual Growth Rate | 26.0% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Alphabet Inc.
- Microsoft Corporation
- Amazon Web Services
- International Business Machines Corporation
- NVIDIA Corporation
- Baidu, Inc.
- Intel Corporation
- Renesas Electronics Corporation
- Nutanix, Inc.
- Synaptics Incorporated
- ADTRAN, Inc.
- Cloudera, Inc.
- TIBCO Software Inc.
- DataRobot, Inc.
- Bragi GmbH
- Tact.ai Technologies, Inc.
- Gorilla Technology Group
- Azion Technologies
- Veea Inc.
- FogHorn Systems, Inc.
- ClearBlade Inc.
- Octonion SA
- Anagog Ltd.
- Dori AI
- Adapdix
- SWIM.AI Inc
- Avassa
- Imagimob AB
- XNOR.AI
For more information about this report visit https://www.researchandmarkets.com/r/hb3nzq
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