New York, US, Sept. 29, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Edge AI Software Market information by Data Source, by Components, by Vertical and Region – forecast to 2027” market size to grow at a compound annual growth rate of 21.3%.
The global edge AI software market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Dominant Key Players on Edge AI Software Market Covered Are:
- Microsoft Corporation (US)
- IBM Corporation (US)
- Amazon Web Services (US)
- Nutanix Inc. (US)
- Synaptics (US)
- TIBCO Software (US)
- Octonion SA (Switzerland)
- Intel Corporation (US)
- HPE (US)
- Oracle Corporation (US)
- Foghorn Systems (US)
- Gorilla Technology Group (Taiwan)
- Azion Technologies (US)
- ClearBlade (US)
- TACT.Ai Technologies (US)
- SIXSQ (Geneva)
- ADAPDIX (US)
- ALEF EDGE (US)
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Rising Introduction of 5G Network to Boost Market Growth
The rising introduction of 5G network worldwide will boost market growth over the forecast period. The introduction of 5G network is likely to bring together IT and telecommunications and also create new opportunities for high-end applications to further decrease computational complexity. 5G networks allow organization of data centers at edge configurations and also implementation of industry-specific platforms in standard ecosystems utilizing software-defined connectivity fundamentals and virtual machine.
Use of Wearable Devices to Offer Robust Opportunities
The use of wearable devices as they need computing on the go and cannot rely on remote cloud services will offer robust opportunities for the market over the forecast period.
Security Concerns to act as Market Restraints
Privacy & security concerns related to edge AI solutions and optimization of edge AI standards may act as market restraints over the forecast period.
Interoperability Issues to act as Market Challenge
The interoperability issues of edge AI software with core systems may act as market challenge over the forecast period.
Browse In-depth Market Research Report (141 Pages) on Edge AI Software Market:
Segmentation of Market covered in the research:
The global edge AI software market has been segmented based on vertical, application, data source, and component,
By component, the solution segment will lead the market over the forecast period.
By data sources, the mobile data segment will dominate the market over the forecast period.
By application, the video surveillance segment will spearhead the market over the forecast period.
By vertical, the healthcare segment will have the lions share in the market over the forecast period.
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North America to Domineer Edge AI Software Market
North America will domineer this market in the forecast period. Organizations in the region especially in the US have reaped the perks of deep learning technologies, machine learning, and artificial intelligence, well-established economies allowing edge AI software vendors in investing in new technologies, the region being the center of innovation where major IT players rolling out intelligent devices and collaborating with other companies, the region being a significant income creating region, significant improvements in the edge AI software space, numerous AI services suppliers in North America are testing in the edge AI software market by incorporating AI and ML functionalities with their current edge AI solutions thus additionally embracing different development methodologies for reinforcing their situation are adding to the global edge AI software market growth in the region.
APAC to Have Admirable Growth in Edge AI Software Market
The APAC region will have admirable growth over the forecast period for growing amount of data generated from edge devices across various verticals and increasing consumer spending on smart solutions in countries such as India, Australia, Japan, and China.
COVID-19 Impact on the Global Edge AI Software Market
The COVID-19 pandemic has left industries and businesses with little time for preparing or defending themselves from potential damages. The situation of the market is uncertain and can go up or down resting on the activities that are performed and the outcomes attained by the business. The crisis has impacted several sectors all across the globe. Most industrial units all across the globe have had to suspend or close their manufacturing operations due to it. The crisis epidemic had a huge impact on industries like food and beverage, manufacturing, automotive, and aircraft. The rapid spreading of the novel coronavirus all over the world has had a significant impact on the IT sector. Changing consumer behavior and choices due to the evolving global pandemic scenario has had a noteworthy effect on the IT sector. The WHO for instance declared the COVID-19 as global epidemic in March 2020 thus prompting some governments in declaring lockdowns. Owing to the downturn of the manufacturing sector and factory closures, the outbreak has had an effect on the economy. During the crisis, AI has discovered several key applications. It can quickly assess unusual symptoms and also other red flags that alert healthcare officials and patients. It helps in cost-effective decision making by enabling speedier decision making. With relevant algorithms it helps in the development of new diagnosis and management strategy for COVID-19 cases. Through the use of medical imaging technologies like magnetic resonance imaging (MRI) scans and computed tomography (CT) of human body parts, AI can help to diagnose infected cases.
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