New York, USA, Jan. 10, 2022 (GLOBE NEWSWIRE) -- A new report on the global edge AI software market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $3,093.2 million by 2027, rising at a CAGR of 28.8% from 2019 to 2027. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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Impact of COVID-19 Pandemic on the Edge AI Software Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global edge AI software market. The implementation of lockdown restrictions during the pandemic has ceased the normal functioning of several companies. Many companies have adopted remote working model to avoid the spread of virus. Hence, growing adoption of advanced technologies by companies during remote working process is likely to boost the demand for edge AI software for enabling complete automation in work processes; which is likely to fuel the market growth in the coming years.
Check out How COVID-19 impacts the Global Edge AI Software Market: https://www.researchdive.com/connect-to-analyst/399
Factors Impacting the Edge AI Software Market Growth:
The key factors boosting the growth of the global edge AI software market are the rising use of edge AI software in telecom industries as it offers advantages like contextual push intelligence, 360 insight capability across the connected systems, obtainability of productivity tools in a single place, and many others. Moreover, edge AI software helps in avoiding technical hitches of streaming and is able to store huge amounts of data to the cloud that consecutively improves the confidentiality of the stored data; this is projected to open doors to lucrative opportunities for the growth of the market in the forecast period. However, ethical issues as well as privacy concerns related to edge AI software, and absence of skilled personnel are expected to hinder the market growth.
Solution Sub-Segment to Hold a Leading Market Share
The solution sub-segment of the component segment is anticipated to grow significantly with a CAGR of 27.9% during the forecast period. This growth is chiefly owing to the fact that solution component aids in capturing data and can be used for designing models, application scenarios, and application software for enabling edge AI to run on different IoT devices.
Video and Image Recognition Sub-Segment to Dominate the Market
The video and image recognition sub-segment of the data source segment is anticipated to hold a foremost position in the market by growing with a CAGR of 27.9% during the forecast period. This is chiefly owing to the rising adoption of video and image recognition enterprise application solutions owing to their benefits such as data privacy and enhanced security.
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Autonomous Vehicles Sub-Segment to Hold a Foremost Market Position
The autonomous vehicles sub-segment of the application segment is anticipated to grow significantly with a CAGR of 28.2% in the forecast period. This growth is chiefly owing to the rising manufacturing of autonomous vehicles to reduce road accidents and enhance transportation systems.
Automotive Sub-Segment to Contribute the Market Growth
The automotive sub-segment of the end-user segment is anticipated to grow significantly with a CAGR of 27.7% during the forecast period. This is chiefly because of the usage of edge AI software solutions in the automotive sector for production of autonomous vehicles, development of sustainable transportation systems, and production of automotive components.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
North America Market to Observe Highest Growth
The report analyzes the global edge AI software market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is estimated to observe remarkable growth, rising with a CAGR of 27.5% in the forecast period. The growth of the region market is mainly because of the growing initiatives by government to support the development of edge AI software in this region.
Key Edge AI Software Market Players
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.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in January 2021, ONE Tech, a worldwide front-runner in edge AI technology, launched the MicroAI™ Atom Software Development Kit (SDK), which will be publicly available via the ONE Tech developer portal. This new edge AI software is capable of embedding and training AI models directly on MCU’s.
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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