Artificial Intelligence
Global Edge AI Software Market to Reach US$ 27,457.7 Mn by 2031 at 35.9% CAGR | Asia Pacific Dominates Market with 44% Share: Astute Analytica
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New Delhi, April 06, 2023 (GLOBE NEWSWIRE) — Global edge AI software market was valued at US$ 1,734.8 Mn in 2022 and is forecast to record a revenue of US$ 27,457.7 Mn by 2031, at a CAGR of 35.9% during the forecast period 2023-2031.
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The global Edge AI software market has been on an upward trajectory in recent years and is expected to continue to grow in the future. Edge AI involves the deployment of AI algorithms and models on devices such as smartphones, cameras, drones, and other IoT devices. This allows for data to be processed locally instead of relying on cloud-based servers, which results in faster decision-making and lower latency.
There are several factors driving the growth of the Edge AI software market, including the increasing adoption of IoT devices, the need for real-time decision-making, and the growing demand for low-latency inference. Additionally, the report emphasizes the rising demand for edge computing, the proliferation of connected devices, and the requirement for real-time analytics as contributing factors.
Furthermore, the report highlights the increasing demand for efficient data processing and real-time decision-making as key drivers of market growth. Overall, the future outlook for the global market is promising, and it is expected to continue expanding due to these factors.
Current Outlook of the Global Edge AI Software Market is Lucrative
The United States government has identified Edge AI as a priority area for research and development. The National Institute of Standards and Technology (NIST) is actively working on developing standards and guidelines for Edge AI to ensure interoperability, portability, and security. NIST has also established a testing program for Edge AI systems to evaluate their performance and reliability.
In addition, the Defense Advanced Research Projects Agency (DARPA), a research and development agency of the United States Department of Defense, has launched several programs focused on Edge AI. For example, the Adapting Cross-Domain Kill-Webs (ACK) program aims to develop Edge AI capabilities that can rapidly and dynamically optimize cross-domain kill-webs, while the Edge-Directed Cyber Technologies for Reliable Mission (EdgeCT) program focuses on developing Edge AI technologies to improve the resiliency of cyber-physical systems.
The European Union is also investing in Edge AI research and development. The European Commission has launched several initiatives, such as the Edge Computing Initiative and the Next Generation Internet of Things (NGIoT) initiative, aimed at fostering the development of Edge AI technologies in Europe. The NGIoT initiative aims to develop a comprehensive strategy for the development and deployment of IoT technologies, including Edge AI.
Explosive Growth Expected in Edge AI Software Market – Software Segment to Generate Over 80% of Revenue Share
Edge AI software can be broadly classified into two types: software and services. The software segment includes software solutions that are designed to run on edge devices and perform tasks such as data processing, machine learning, and artificial intelligence. The services segment includes services such as consulting, training, and support that are provided to help organizations implement and manage edge AI solutions.
According to a report by Astute Analytica, the software segment is expected to account for more than 80% of the total revenue generated by the Edge AI software market. This can be attributed to the increasing demand for edge computing solutions and the growing adoption of artificial intelligence and machine learning in various industries.
The software segment includes a range of software solutions, such as:
- Edge AI platforms: These are software platforms that allow for the development, deployment, and management of edge AI applications. Examples include IBM Edge Application Manager, Google Cloud IoT Edge, and AWS Greengrass.
- Edge AI libraries and frameworks: These are software libraries and frameworks that provide pre-built functions and algorithms for edge AI applications. Examples include TensorFlow, PyTorch, and Apache MXNet.
- Edge AI tools: These are software tools that are designed to simplify the development and deployment of edge AI applications. Examples include Microsoft Azure IoT Edge, Google Cloud IoT Core, and AWS IoT.
The growth of the software segment can also be attributed to the increasing demand for edge AI solutions in industries such as healthcare, manufacturing, transportation, and retail. These industries are using edge AI solutions to improve efficiency, reduce costs, and enhance customer experiences.
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Edge AI Software Market is Reshaping the Travel, Transport, and Logistics Industry
The adoption of edge AI solutions in the travel, transport, and logistics industry is a testament to the industry’s commitment to innovation and efficiency. By harnessing the power of real-time data processing and analysis, this industry can improve its operations, reduce costs, and enhance the customer experience. Moreover, the COVID-19 pandemic has brought to the forefront the need for contactless and touchless solutions. The adoption of edge AI solutions in this industry has enabled the development of facial recognition, voice recognition, and other contactless technologies that have become critical in the current environment.
As we look to the future, it is clear that the travel, transport, and logistics industry will continue to be a key consumer of edge AI software and generate more than 19% revenue of the market. With the ongoing development of autonomous vehicles, smart traffic management, and predictive maintenance, this industry is poised to achieve unprecedented levels of efficiency and safety. As such, it is crucial that businesses operating in this industry stay up-to-date with the latest edge AI developments to remain competitive in the marketplace.
Edge AI Software Market: A Game-Changer in Revolutionizing Energy Management, With 21% Revenue Share
Astute Analytica’s recent report has shown that edge AI software is revolutionizing energy management by providing real-time analysis of data from sensors and devices. This technology has the potential to optimize energy usage, reduce waste, and improve efficiency, leading to cost savings and a more sustainable approach to energy management. One of the key drivers of edge AI software in power management is its ability to perform energy optimization. By analyzing data from sensors and devices, edge AI software can identify patterns and trends in energy usage, which can be used to optimize energy usage and reduce waste. This can result in significant cost savings and a more sustainable approach to energy management.
Apart from this, edge AI software in power management is increasingly being used for predictive maintenance. By monitoring the performance of power systems and predicting when maintenance is needed, edge AI software can prevent equipment failures and reduce downtime, improving overall efficiency and reducing costs.
Asia Pacific Dominates the Global Edge AI Software Market with Over 44% Market Share
Astute Analytica’s analysis has shown that the global market is growing rapidly, with Asia Pacific expected to dominate with more than 44% market share. North America is expected to remain the second largest consumer with more than 22% revenue share. The growth of the edge AI software market can be attributed to several factors, including the increasing demand for real-time processing and analysis of data, the proliferation of connected devices, and the need for more efficient and sustainable energy management.
In Asia Pacific, the dominance of edge AI software can be attributed to the region’s rapidly growing industrial sector, particularly in countries such as China and India. These countries have large populations and rapidly growing economies, which are driving demand for more efficient and cost-effective energy management solutions.
In North America, the demand for edge AI software is being driven by the region’s large and mature industrial sector, particularly in the United States. The US is a major market for edge AI software, with companies in industries such as manufacturing, transportation, and energy management increasingly adopting this technology to improve efficiency and reduce costs.
In Europe, the edge AI software market is also growing rapidly, with countries such as Germany, France, and the United Kingdom leading the way. These countries have strong industrial sectors and are investing heavily in research and development to stay competitive in the global market.
Some of the Top Market Players Are:
- Alef Edge, Inc.
- Anagog Ltd.
- AWS
- Azion Technologies
- Bragi.Com
- Chaos Prime, Inc.
- Clearblade, Inc.
- Foghorn Systems, Inc.
- Gorilla Technology Group, Inc.
- IBM
- Imagimob
- Microsoft
- Nutanix
- Octonion
- Sixsq Sarl
- Synaptics
- TACT.AI
- TIBCO Software
- Veea Inc.
- Other Prominent Players
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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