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Artificial Intelligence

Edge AI Software Market is Expected to Reach USD 2271.73 Million at a CAGR of 21.3% by 2027- Report by Market Research Future (MRFR)

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New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Edge AI Software Market information by Components, by Services, Data Source, Application, Vertical and Region – forecast to 2027” market size to reach USD 2271.73 million, growing at a compound annual growth rate of 21.3% by 2027.

Market Scope:
Edge AI is a combination of 2 technologies, namely edge computing and artificial intelligence. It can process data generated at the edge of the network on local devices and imperative in making decisions. Market Research Future’s (MRFR) report on the edge AI software market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2021-2027) while taking into consideration the effects of the COVID-19 pandemic.

Dominant Key Players on Edge AI Software Market Covered are:

  • Foghorn Systems (US)
  • Azion Technologies (US)
  • IBM Corporation (US)
  • ADAPDIX (US)
  • Synaptics (US)
  • ALEF EDGE (US)
  • ClearBlade (US)
  • Intel Corporation (US)
  • Microsoft Corporation (US)
  • TACT.Ai Technologies (US)
  • Gorilla Technology Group (Taiwan)
  • HPE (US)
  • TIBCO Software (US)
  • Oracle Corporation (US)
  • Amazon Web Services (US)
  • SIXSQ (Geneva)
  • Nutanix Inc. (US)
  • Octonion SA (Switzerland)

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Market USP Exclusively Encompassed:
Market Drivers
Intelligent Solutions to Drive Market Demand
The huge demand for intelligent solutions as well as utilization of AI algorithms to compute data from large sets without depending on the internet can drive market growth. Automation of cooling and heating systems to provide convenience and comfort to home owners can drive the market demand for edge AI software systems. Bundled products that work in a common connected platform are the latest selling point pursued by developers to drive sales of automation systems. For instance, Samsung Corporation has developed the SmartThings application to control a bevy of products on the platform. It can be used in creating ambience for single family and multi-family environments.

Transformation of Enterprises to Spur Market Growth
Smart homes can utilize edge AI software solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.

Privacy and Security Concerns to Impede Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the edge AI software market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.

Browse In-depth Market Research Report (141 Pages) on Edge AI Software Market: 
https://www.marketresearchfuture.com/reports/edge-ai-software-market-10597

Segmentation of Market Covered in the Research:
Solutions to Gain Market Share
By component, the edge AI software market has been segmented into solution and service. The solutions segment is further bifurcated into software tools and platforms. The service segment has been further segmented into training & consultation services, system integration & testing services, and support & maintenance services.

Sensor Data to be Biggest Data Source in Global Market
By data sources, the edge AI software market has been segmented into biometric data, video and image recognition, speech recognition, sensor data, and mobile data.

Video Surveillance Application to Gain Traction
By application, the edge AI software market has been segmented into energy management, access management, autonomous vehicles, video surveillance, remote monitoring & predictive maintenance, telemetry, and others. Video surveillance can gain a large market share owing to power of edge computing as well as compressing raw data by sending it to the cloud.

Telecom Vertical to Benefit the Maximum from Edge Computing
By vertical, the edge AI software market has been segmented into healthcare, government & public, manufacturing, energy & utilities, automotive, telecom, and others.

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Regional Analysis
North America to Lead Global Edge AI software Market
North America is anticipated to dominate the demand share of the edge AI software market owing to investments in modernization of infrastructure and technological advances in computing. Strides in artificial intelligence as well as government funded research programs coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing edge AI software solutions to conserve energy. Rollout of 5G services can influence decisions of large enterprises.

APAC to Display Highest CAGR
APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.

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COVID-19 Impact on the Global Edge AI Software Market
The COVID-19 pandemic has made the healthcare sector realize the potential of edge AI. Increased funding in research to keep data across enterprises safe can drive market growth. The demand for edge computing post-pandemic as well as shift to digitalization by edtech and fintech sectors can provide growth avenues to the edge AI software market.

Industry News
Aramco, a leading energy and chemicals provider, has deployed edge powered solutions built on the FogHorn Lightining EdgeAI platform to provide predictive monitoring for equipment failure and automation of various processes.

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

The Channel Company Announces New Chief Revenue Officer Wayne Silverman

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WESTBOROUGH, Mass., April 16, 2024 /PRNewswire/ — The Channel Company, a global provider of news, insights, strategy, events, and marketing services for the information technology industry, announced today that Wayne Silverman has joined the executive team as Chief Revenue Officer. Silverman will lead all aspects of The Channel Company’s worldwide revenue growth initiatives, sales strategy innovation, and customer engagement.

Silverman joins The Channel Company most recently from Spiceworks Ziff Davis (SWZD), where he served as Chief Revenue Officer. He also brings more than 25 years of digital media, technology, SaaS, and big data experience within global roles. Silverman has driven revenue innovation and growth across prominent companies including CBS, Dun & Bradstreet, International Data Group (IDG), CNET, and Business.com where he held senior leadership positions. 
“We are thrilled to welcome Wayne to the team,” said Matthew Yorke, CEO of The Channel Company. “His global expertise within the technology and digital media industries alongside his unwavering dedication to customer experience will continue to elevate how we deliver for our clients and drive expanded opportunities for our organization.”
“It’s a privilege to step into the role of CRO at The Channel Company during such a pivotal period for the company,” Silverman stated. “As we look ahead, the tech sector is poised for a transformation with artificial intelligence taking center stage. The Channel Company, with its esteemed media outlets, signature events, and expert marketing and consulting offerings, will be instrumental for our partners, clients, and the entire tech community. I am eager to collaborate with the talented team here at The Channel Company to deliver innovative, outcome-driven services to our clients as this market evolves.”
About The Channel Company
The Channel Company, Inc. is the global leader in data-driven growth acceleration solutions and services for the IT channel. With 40+ years of channel expertise and a premier portfolio of editorial brands, marketing and event services, and strategic consulting, we help technology vendors, solution providers, and IT decision-makers worldwide unlock better business outcomes. The Channel Company is a portfolio company of investment funds managed by EagleTree Capital, a New York City-based private equity firm. For more information, visit thechannelco.com.   
About EagleTree Capital:
EagleTree Capital is a leading New York-based middle-market private equity firm, with over $5.6 billion of assets under management, that has completed over 40 private equity investments and over 95 add-on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: media and business services, consumer, and water and specialty industrial. For more information, visit www.eagletree.com or find EagleTree on LinkedIn.
Media contact: Corporate Communications, [email protected]
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Artificial Intelligence

vLex Launches Vastly Expanded Vincent Legal GenAI Toolset, and AI-Focused Co-Development Lab

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Global Legal Intelligence Innovator Adds Litigation and Transactional GenAI Tools, and vLex Labs, an AI-Focused Co-Development Unit
MIAMI, April 16, 2024 /PRNewswire/ — Today legal intelligence innovator vLex launched a powerful suite of generative AI-backed document analysis tools for litigation and transactional practitioners to the Vincent AI platform. Vincent AI Document Analyze augments lawyers’ responses to legal documents, drawing from the world’s most comprehensive global library of legal information.

In addition, vLex now offers vLex Labs to select Vincent customers – enabling them to create proprietary AI-powered workflows with the help of a dedicated team.
These developments underscore vLex’s commitment to developing innovative legal research solutions that go beyond retrieval to revolutionize how legal professionals work.
“With Vincent AI, you no longer have to choose between innovative technology and comprehensive content,” said vLex CEO Lluís Faus. “Our platform offers a seamless integration of both, setting a new standard in efficiency, customization, and effectiveness across all legal practices.”
Vincent AI Document Analyze
Vincent AI Document Analyze offers customizable GenAI-backed workflows that enable legal professionals to interrogate legal documents and use Vincent’s legal analysis abilities to begin drafting strategic responses. Benefits include:
Rapid Analysis: Vincent summarizes documents, and compares law across jurisdictions, replacing hours of non-billable time in minutes.Rapid Response: Vincent analyzes claims, generates defenses, and anticipates counterarguments.Streamlined Contract Analysis: Vincent instantly carries out tasks such as identifying problematic clauses, and providing mitigation steps.All insights are linked to primary and secondary law materials in vLex’s global repository, enabling verification with one click.
The new document analysis feature can be used with documents from any region. Vincent AI’s research workflows are available to legal professionals in the US, the UK, Ireland, Spain, the EU, Singapore, Mexico, Chile, and Colombia, with New Zealand launching in May 2024.
vLex Labs
vLex also launched vLex Labs – an exclusive in-house service that provides Enterprise customers access to leading experts on legal AI, uniting industry leaders such as Fastcase, Docket Alarm, Justis, and NextChapter.
Leading the team will be Dan Hoadley, who recently joined vLex as Head of R&D. The team will have a global scope, and work with firms to co-develop custom workflows, prepare data, and more.
About vLex
vLex is a global legal intelligence platform that provides legal professionals with access to the most extensive collection of legal and regulatory information worldwide, all on one award-winning, AI-powered, platform. vLex includes the Fastcase, Docket Alarm and NextChapter brands, and is trusted by more than two million lawyers, researchers, government departments, and law schools in more than 200 jurisdictions. The 2023 merger with Fastcase furthered vLex’s commitment to developing AI-driven solutions for the world’s legal industry and delivering the world’s largest global law library of over one billion legal documents on a single platform. Get updates at https://vlex.com/press and on Twitter @vlex. 
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Artificial Intelligence

Atomicwork Launches New Digital Workplace Experience Solution Powered by Cohere’s Enterprise AI Platform

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SAN FRANCISCO, April 16, 2024 /PRNewswire/ — Atomicwork, the leading provider of AI-powered IT service management for modern enterprises, has announced the launch of its new digital workplace experience solution in collaboration with Cohere, the leading enterprise AI platform, to help businesses accelerate their workspace productivity and IT support automation.

Atom AI, Atomicwork’s digital assistant, delivers intelligent and contextual solutions to employee support questions to enhance workplace support experience and boost IT teams’ productivity. The solution eliminates the need for end users to switch between different business applications to find information, and enables them to get instant help on modern collaboration tools like Microsoft Teams or Slack, fostering efficient and proactive support.
Key highlights of the launch include:
Advanced AI Automation: Built-in Atom AI skills that autonomously solve end to end IT support issues by understanding end users’ work context, delivering true self-service for employees while accelerating efficiency for IT teams.Enhanced Employee Productivity: Advanced enterprise knowledge and search capabilities across a host of business applications and internal knowledge bases, delivered in the flow of an employee’s work, to help them find the right information quickly, boosting employee productivity and experience.Seamless Enterprise IT Integration: Embedded iPaas in the Atomicwork platform enabling IT teams to seamlessly integrate business applications and internal services to deliver modern enterprise service management use cases while reducing IT integration complexity.Atomicwork’s launch of the digital workspace experience solution is powered by Cohere, and their most advanced and scalable large language model, Command R+. Purpose-built for real-world enterprise use cases, Command R+ along with Cohere’s Rerank model, enables Atomicwork to deliver Atom AI with high accuracy and performance.
Commenting on the launch of a digital workplace experience solution and the collaboration with Cohere, Vijay Rayapati, Atomicwork’s CEO, stated, “We want to empower IT leaders to transform their digital experience journey with our new solution. This strategic collaboration of Atomicwork with Cohere enables us to deliver advanced and secure enterprise AI capabilities for our clients to streamline business workflow automations.”
“We’re excited Atomicwork is using Cohere’s industry-leading Command R model family to power their new digital workplace experience solution. Atomicwork’s software has the potential to significantly boost productivity for enterprise IT teams. We look forward to seeing the real-world benefits leaders like Atomicwork develop with our technology to help transform the global IT sector with AI,” said Abhishek Sinha, VP of Product at Cohere.
“Cohere’s new Command-R+ model delivers state-of-the-art accuracy, while offering a remarkable 50% reduction in latency when compared to more expensive models. This powerful combination of performance and efficiency empowers our AI-first approach to unlock new possibilities and provide exceptional experiences for our customers,” said Kiran Darisi, CTO, Atomicwork.
About Atomicwork
Atomicwork is a digital workplace experience platform that aims to deliver modern service management to enterprises. The platform empowers businesses to deliver fast and scalable internal support for their employees and end users, thereby enhancing employee experience with enterprise efficiency. Seamlessly integrating with existing enterprise applications and internal IT systems, Atomicwork connects employees, internal processes, and business systems, enhancing efficiency in workplace support, service, and operations.
About Cohere
Cohere is the leading AI platform for enterprise. Its world-class AI is uniquely suited to the needs of business, unlocking unprecedented ease-of-use, accessibility, and data privacy. Cohere’s platform is cloud-agnostic, accessible through API as a managed service, and can be deployed on virtual private cloud (VPC) or even on-site to meet companies where their data is, offering the highest levels of flexibility and control. Founded by Google Brain alumni and a co-author of the seminal Transformer research paper, Cohere is on a mission to transform enterprises and their products with AI that unlocks a more intuitive way to generate, search, and summarize information than ever before.
Press contact
Sairam [email protected] 
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