Edge AI Software Market worth $3.1 billion by 2027- Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 1, 2022 /PRNewswire/ -- The Global Edge AI Software Market size is projected to grow from USD 0.8 billion in 2022 to USD 3.1 billion by 2027, at a compound annual growth rate (CAGR) of 28.9% during the forecast period, according to a new report by MarketsandMarkets™.  The Edge AI Software Market is expected to grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the Edge AI Software Market are ever-increasing enterprise workloads on the cloud, rapid growth in the number of intelligent applications, and exponentially growing data volume and network traffic.

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Video & image recognition segment to register largest market size during the forecast period

Edge AI software is segmented based on data source into video and image recognition, speech recognition, iris & facial data, sensor data, and mobile data. It offers real-time processing of data generated from different sources such as CCTV cameras, biometric devices, sensors, and mobile devices. Edge computing provides opportunities to move AI workloads from the cloud to the edge for video recognition & analytics, offering improved response times and bandwidth savings, among other advantages. Edge AI and video analytics explained Edge AI is the concept of moving analytics and AI abilities to the edge data processing location that is as close to a machine as possible and does not have to use the cloud. Video recognition & analytics, on the other hand, is the concept of processing data from video footage.

Services segment to witness higher CAGR during the forecast period

Services form an integral part of the software lifecycle, including deployment, integration, product upgrade, maintenance, training, and consulting. Professional services are obtained directly from parent companies. Edge AI combines multiple technologies to automate complex end-to-end business processes that involve decision-making and continuous learning. Services form an integral part of the software lifecycle, including deployment, integration, product upgrade, maintenance, training, and consulting.

Large Enterprises to register for the highest market size during the forecast period

Based on organization size, the Edge AI Software Market has been segmented into SMEs and large enterprises. SMEs are enterprises with an employee strength of 1–1,000, while large enterprises have an employee strength of more than 1,000. Large enterprises have a large corporate network and many revenue streams. They are keen to invest in new and the latest technologies to effectively run their business. The Edge AI Software Market has a stronghold in large enterprises, as the partner network of large enterprises is more complex than SMEs. The existing system integration with advanced Edge AI solutions is a challenge faced by large enterprises.

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North America to account for the largest market size during the forecast period

Based on regions, the Edge AI Software Market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America is one of the largest adopters among all the regions of edge AI software. The top countries contributing to the growth of the Edge AI Software Market include the US and Canada. Organizations in this region, especially the US, have leveraged the benefits of AI, ML, and deep learning technologies to stay ahead in the market. The market is majorly driven by factors such as advancements in AI-powered Internet of Things (IoT) for intelligent systems and smart applications and the use of edge AI computing in 5G network, which enables better data control, reduced costs, quick insights, and continuous operation.

North America has been the most promising region across verticals such as manufacturing, automotive, energy and utilities, and telecom. The government and public sectors in this region have also joined the race to become a technologically advanced sector for catering to a broad customer base. North America is contributing significantly to the market and is expected to grow further. The US is the biggest adopter of edge AI software in this region. Furthermore, the presence of global vendors such as IBM, Google, Microsoft, and AWS plays a vital role in implementing edge AI solutions in the market.

Some major players in the Edge AI Software Market include Microsoft (US), IBM (US), Google (US), AWS (US), Nutanix (US), Synaptics (US), TIBCO (US), Octonion (Switzerland), Imagimob (Sweden), Anagog (Israel), Veea (US), Gorilla Technology (China), Foghorn Systems (Ireland), Azion (US), Bragi (Germany), Tact.ai (US), SixSq (Geneva), Clearblade (US), Alef Edge (US), Adapdix (US), byteLAKE (Poland), Reality AI (US), Deci (Israel), Edgeworx (US), Swim (US), Invision AI (Canada), Horizon Robotics (China), Kneron (US), and DeepBrainz (India).

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