Pune, June 29, 2023 (GLOBE NEWSWIRE) -- A global Information Technology & Telecommunication business-consulting firm, Maximize Market Research, has delivered a market intelligence and competitive landscape report on the “Edge AI Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Edge AI Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the Edge AI market growth from USD 14.54 Bn in 2022 to USD 54.38 Bn in 2029 at a CAGR of 20.1 percent.
Edge AI Market Report Scope and Research Methodology
| Market Size in 2022 | USD 14.54 Bn. |
| Market Size in 2029 | USD 54.38 Bn. |
| CAGR | 20.1 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2022 |
| Number of Pages | 276 |
| No. of Tables | 114 |
| No. of Charts and Figures | 112 |
| Segment Covered | Component, Application, Device Type, Data Sources and Industry |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Edge AI Market Report Scope and Research Methodology
The Edge AI market report includes the extensive usage of both primary and secondary data collection methods. The report involves various factors affecting the industry, including the competitive landscape, historical data, current trends in the market, upcoming technologies, and the market risks, opportunities, barriers, and challenges for the Edge AI market. For the competitive analysis of the Edge AI market, major industry players are mentioned by region, along with their price, financial standing, product, product portfolio, technical developments, mergers and acquisitions, joint ventures, and strategic alliances.
The bottom-up approach was used to establish the Edge AI market size and its estimation by various segments. Component, Application, Device Type, Data Sources and Industry are the segments used to analyze Edge AI to determine the favorable and unfavorable aspects that affect market growth. Regional analysis of Edge AI market was conducted at a local, regional and global level to understand Edge AI market penetration, price and demand analysis and competitive landscape. The report offers fundamental information on the Edge AI market such as stakeholders, investors and new entrants used to develop marketing plans and investments. SWOT analysis was used to provide the strengths and weaknesses of the Edge AI Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Edge AI Market.
Edge AI Market Overview
Edge AI is a computing paradigm that combines artificial intelligence (AI) with edge computing. It includes deploying AI algorithms and models directly on edge devices including sensors, cameras, gateways, and edge servers. The concept of Edge AI emerged as a response to the increasing need for real-time data processing and analysis, particularly in scenarios where latency, bandwidth, privacy, and security are critical. By bringing AI capabilities to the edge of the network, Edge AI enables faster decision-making and analysis without the need for continuous connectivity to the cloud.
Edge AI Market Dynamics
Edge AI brings artificial intelligence capabilities directly to edge devices, allowing for real-time processing and this is especially used in applications where low-latency decision-making is critical such as industrial automation, autonomous vehicles and Internet of Things (IoT) deployments. As a result, the increasing demand for real-time and low-latency processing boosts the Edge AI Market growth. The increasing advancement of hardware technology such as edge computing devices, system-on-chips (SoCs), and specialized AI accelerators is the driving factor for the market growth. These hardware advancements enable the efficient execution of AI algorithms on resource-constrained edge devices and help to grow the market. The growth of IoT devices and data, increasing concerns about data privacy and security and increasing need for real-time analytics are also the fuelling factors for the Edge AI Market growth.
The limited computing resources available on edge devices compared to cloud servers act as a major restraint for market growth. Data privacy and security and limited computational capabilities and connectivity on edge devices are also hampering factors for the market growth.
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Edge AI Market Regional Insights
North America dominated the Edge AI Market in 2022 and is expected to maintain its dominance over the forecast period. Edge AI brings the power of artificial intelligence and machine learning algorithms closer to the data source, enabling real-time processing and analysis. This is particularly crucial for applications that need low latency including autonomous vehicles, industrial automation and healthcare. The increasing demand for real-time decision-making and immediate insights is driving the adoption of Edge AI technologies in the region. The proliferation of Internet of Things (IoT) devices, increasing concerns about data privacy and security, advancements in hardware technology, industry-specific applications and a supportive regulatory environment are also the boosting factors for the regional Edge AI market growth
Europe is a significantly growing region for the Edge AI market. The strong focus on data privacy and security and the significant adoption of Edge AI in sectors such as industrial automation, transportation, and smart cities are the influencing factors for regional market growth. The countries in Europe emphasize regulations including GDPR, which influence the development of Edge AI solutions.
Edge AI Market Segmentation
By Component
- Hardware
- Software
- Edge Cloud Infrastructure
- Services
On the basis of the Component, the market is segmented into Hardware, Software, Edge Cloud Infrastructure and Services. The Hardware is expected to have significant growth for the Edge AI Market during the forecast period. Hardware components envelop the physical devices and equipment used in Edge AI deployments. This involves edge servers, gateways, IoT devices, sensors, cameras, AI accelerators, and specialized chips designed to help AI workloads. Hardware is used for the processing, storage, and connectivity capabilities needed at the edge.
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By Application
- Video Surveillance
- Access Management
- Autonomous Vehicles
- Energy Management
- Others
Based on application, the market is categorized into Video Surveillance, Access Management, Autonomous Vehicles, Energy Management and Others. Video Surveillance is expected to grow at a significant CAGR for the Edge AI Market. Video surveillance is a widely adopted application of Edge AI. By deploying AI algorithms at the edge, video surveillance systems have been performing real-time video analytics, object detection and anomaly detection. Edge AI enables fast decision-making, minimizes bandwidth needs by transmission of only relevant video footage and enhances security and response times in critical situations.
By Device type
- Smartphones
- Cameras
- Robots
- Wearables
- Smart speakers
- Surveillance Cameras
- Edge Servers
- Smart Mirrors
By Data Sources
- Mobile Data
- Sensor Data
- Biometric Data
- Speech, Video and Image Recognition
By Industry
- Automotive
- Manufacturing
- Healthcare
- Energy and Utility
- Consumer Goods
- IT & Telecom
- Others (Retail)
Edge AI Market Key Players Include:
- Apple Inc. (United States)
- Oracle Corporation (United States)
- NVIDIA Corporation (United States)
- Intel Corporation (United States)
- Microsoft Corporation (United States)
- General Electric Company (GE) (United States)
- Honeywell International Inc. (United States)
- Hewlett Packard Enterprise (HPE) (United States)
- Amazon Web Services (AWS) (United States)
- Advanced Micro Devices, Inc. (AMD) (United States)
- Google LLC (United States)
- Advanced Micro Devices, Inc. (AMD) (United States)
- Xilinx, Inc. (United States)
- Cisco Systems, Inc. (United States)
- Dell Technologies Inc. (United States)
- IBM Corporation (United States, but major presence in Europe)
- IBM Corporation (United States, but major presence in Europe)
- Accenture PLC (Ireland)
- Siemens AG (Germany)
- SAP SE (Germany)
- Huawei Technologies Co., Ltd. (China)
- Samsung Electronics Co., Ltd. (South Korea)
- MediaTek Inc. (Taiwan)
- NEC Corporation (Japan)
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Key questions answered in the Edge AI Market are:
- What is Edge AI?
- What was the Edge AI market size in 2022?
- What is the growth rate of the Edge AI Market?
- Which are the factors expected to drive the Edge AI market growth?
- What are the different segments of the Edge AI Market?
- What are the factors restraining the growth of the Edge AI Market?
- What is the demand pattern of the Edge AI Market?
- What major challenges could the Edge AI Market face in the future?
- What segments are covered in the Edge AI Market?
- Who are the key players in the Global Edge AI market?
- What are the upcoming industry applications and trends for the Edge AI Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis of the Component, Application, Device Type, Data Sources, Industry and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Recommendations
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Edge AI Software Market – The market size is expected to reach USD 3073.6 Mn by 2029 at a CAGR of 24.4 percent during the forecast period. The market is driven by the increasing adoption of edge computing, advancements in AI algorithms and models and the proliferation of IoT devices.
AI Sensor Market – The market size is expected to reach USD 23.86 Bn by 2029 at a CAGR of 35 percent during the forecast period. The market is driven by the growing Internet of Things ecosystem and increasing demand for automation.
Cloud Data Security Market – The market size is expected to reach USD 12.57 Bn by 2029 at a CAGR of 15.8 percent during the forecast period. The market is driven by the increasing number of internet users and the adoption of cloud-based services by various businesses.
Cloud Applications Market – The market size is expected to reach USD 1314 Bn by 2029 at a CAGR of 19 percent during the forecast period. The market is driven by increasing demand for data mobility, cost savings in IT infrastructure for businesses and increasing the use of the mobile-based app.
Artificial Intelligence of Things Market – The market size is expected to reach USD 57.05 Bn by 2029 at a CAGR of 22.7 percent during the forecast period. The market is driven by the increasing adoption of the Artificial Intelligence of Things in several industries and high investments in IoT technologies by government and key players.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
