Westford, USA, June 06, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Edge Artificial Intelligence (AI) Market will attain a value of USD 185.95 Billion by 2031, with a CAGR of 31.7% over the forecast period (2024-2031). Increased integration of edge AI in healthcare, rapid growth in retail, regulatory backing for edge computing, increasingly extensive ecosystem, as well as increasing complexity in AI workloads are among the known factors contributing to the growth of edge artificial intelligence (AI). Technological growths, product creativity, improvements in the security also assist in edge AI and chiplet incorporation.
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Edge Artificial Intelligence (AI) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $20.55 Billion |
| Estimated Value by 2031 | $185.95 Billion |
| Growth Rate | Poised to grow at a CAGR of 31.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, End Use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | AI Market Revolutionizing Real-Time Analytics, Convergence, and Security |
| Key Market Opportunities | Increasing focus of automation experts on pairing robotic arms with mobile platforms such as AMRs or AGVs |
| Key Market Drivers | Rise in Awareness regarding Artificial Intelligence (AI) |
Computational Power and Efficiency at the Edge of Hardware Component to help Dominate the Market
Specialized AI chips and processors are developing, leading to hardware becoming the dominant element in the global market. These advances make it possible for real-time data processing and decision-making, subsequently enhancing computing strength as well as economy at the edge. As a result, this increases usage across industries, propelling market expansion and securing the dominant position of the hardware segment.
Real-Time Analytics and Rapid Decision-Making of Video Surveillance Application to Emerge as Dominant in the Market
The demand for quick decision-making and real-time analytics has put the video surveillance application at the top of the global edge AI market. Immediate danger detection and response are made possible by improved AI algorithms, which boost operational effectiveness and security. As a result, this promotes broad use in security systems, solidifying video surveillance's hegemony in the Edge AI market.
High Adoption Rate of AI Based Servers Allowing North America to Hold Sway Over Edge Artificial Intelligence (AI) Market
North America held the greatest share of the market in large part as firms in the region—especially those in the US—placed a high premium on incorporating cutting-edge technologies like machine learning, deep learning, and artificial intelligence (AI). The U.S. government's main focus is on implementing artificial intelligence technology nationwide.
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Edge Artificial Intelligence (AI) Market Insight
Drivers:
- Growing Need for Robotics and Autonomous Cars
- High Requirement for Processing Data in Real Time
- Rise in Awareness Regarding Artificial Intelligence (AI)
Restraints:
- Security Vulnerabilities and Vulnerable Malware Infiltration to Obstruct
- Challenges of Edge AI in Computing Constraints, Data Privacy, and Security
- Limited On-Device Training and Limited Number of AI Experts
Prominent Players in Edge Artificial Intelligence (AI) Market
- Samsung Electronics Co., Ltd. (South Korea)
- Accenture PLC (Ireland)
- SAP SE (Germany)
- Oracle Corporation (US)
- MediaTek Inc. (Taiwan)
- IBM Corporation (US)
- Huawei Technologies Co., Ltd. (China)
- Siemens AG (Germany)
- Apple Inc. (US)
- Baidu, Inc. (China)
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Key Questions Answered in Global Edge Artificial Intelligence (AI) Market Report
- What is the estimated market size for Global Edge Artificial Intelligence (AI) by 2031, and what is the anticipated compound annual growth rate (CAGR) for the 2024–2031 projection period?
- What aspects of the Edge AI market are expected to increase during the forecast period?
- Why is the global edge AI market dominated by video surveillance applications?
This report provides the following insights:
- Analysis of key drivers (Advanced ML along with AI technologies to help autonomous driving systems, connecting to the edge AI; autonomous cars increase productivity, growing demand for real-time data processing, no delay associated with cloud-based data processing and improving operational responsiveness & efficiency), restraints (Edge Al apps are vulnerable to security risks, industries overlooking the lack of experience & understanding of edge AI and edge computing necessitates standardised units & is very dependent on hardware), opportunities (Dedicated AI processors for on-device hardware, emergence of the 5G network to bring IT & telecom together and increase in demand for edge computing in IoT), and challenges (Limited on-device training & limited number of AI experts and optimization of edge AI standards) influencing the growth of edge artificial intelligence (AI) market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the edge artificial intelligence (AI) market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the edge artificial intelligence (AI) market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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