Global Edge Artificial Intelligence (AI) Software Market Size to Reach USD 5,241.46 Million in 2032 | Emergen Research

vancouver, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The global edge Artificial Intelligence (AI) software market size reached USD 585.1 Million in 2020 and is expected to register a CAGR of 20.1% during the forecast period, according to latest analysis by Emergen Research. Increasing enterprise workloads on cloud is a key factor expected to drive global edge AI software market revenue growth during the forecast period. increasing developments in Internet of Things (IoT) technology is another factor expected to further augment market revenue growth going ahead. Rising demand for device-side computation is also expected to boost growth of the global edge AI software market to a significant extent over the forecast period.

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However, interoperability issues of edge AI software with core systems is expected to hamper global edge AI software market growth to some extent during the forecast period.

Scope of Research

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Major Companies and Competitive Landscape

The global edge AI software market is fairly fragmented, with a number of large and medium-sized market players accounting for a major share in global revenue. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, adopting more advanced technologies in edge AI software solutions, developing, testing, and introducing new and more efficient solutions in the market. Some prominent players operating in the edge artificial intelligence software market are:

• Microsoft Corporation
• Alphabet Inc.
• Nutanix, Inc.
• International Business Machines Corporation
• Synaptics Incorporated
• Bragi GmbH
• TIBCO Software Inc.
• FogHorn Systems, Inc.
• Invision AI Inc.
• Amazon Web Services

Strategic Development

In December 2020, Synaptics Incorporated and Eta Compute, Inc. collaborated to introduce the Katana edge AI platform, which integrates Synaptics' low-power SoC design with energy-efficient AI software.

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Some Key Highlights From the Report

• Increasing demand for edge AI software-related services such as training, consulting, system integration, testing, support, and maintenance, with rising implementation of edge AI software, is driving revenue growth of the service segment, which is expected to register a significantly rapid CAGR over the forecast period.
• The mobile data segment is expected to register significant revenue growth over the forecast period due to increasing demand for edge AI software to process large volume of mobile generated data.
• The energy management segment is expected to register significant growth in terms of revenue share during the forecast period due to increasing implementation of edge AI software to maximize energy consumption and minimize total costs.
• The BFSI segment is expected to register significant revenue growth over the forecast period due to rapid deployment of edge AI software driven by growing concerns regarding online payment fraud in the BFSI sector.
• Asia Pacific is expected to register fastest revenue growth rate during the forecast period due to customer expenditure on smart devices and rising funding and initiatives by governments in this region to improve the AI ecosystem in countries in the region.
• In May 2019, Microsoft Corporation introduced Azure Machine Learning upgrades. Product recommendations in retail, predictive modelling in energy production, image analysis in healthcare, and predictive maintenance in manufacturing are all feasible with the Azure Machine learning application. Microsoft's upgrade simplifies and accelerates Machine Learning of the entire process by enabling enterprise-grade model implementation, administration, and monitoring.
  

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Emergen Research has segmented the global edge AI software market on the basis of component, data source, application, end-use, and region:

• Component Outlook (Revenue, USD Million; 2019–2032)
  • Services
  • Solutions
• Data Source Outlook (Revenue, USD Million; 2019–2032)
  • Mobile Data
  • Biometric Data
  • Video & Image Recognition
  • Sensor Data
  • Speech Recognition
• Application Outlook (Revenue, USD Million; 2019–2032)
  • Video Surveillance
  • Telemetry
  • Autonomous Vehicles
  • Remote Monitoring
  • Field Service Support
  • Energy Management
  • Smart Wearables
  • Precision Agriculture
  • Predictive Maintenance
  • Access Management
  • Point of Sales
  • Augmented Reality & Virtual Reality
  • Others
• End-Use Outlook (Revenue, USD Million; 2019–2032)
  • Manufacturing
  • Government
  • BFSI
  • Healthcare
  • Retail
  • Telecom
  • Media & Entertainment
  • Energy & Utilities
  • Automotive
  • Others
• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. BENELUX
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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