New York, USA, June 06, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global edge AI software market is predicted to grow at a stable CAGR of 28.8%, thereby garnering a revenue of $3,093.2 million by 2027. This holistic report provides an overarching overview of the nature of the edge AI software market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2019-2027 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market:
Drivers: Increasing number of internet users, since the start of the millennium, has led to the modernization of connected networks across the globe. As a result, in order to deliver enhanced working capacity, there has been a growth in demand for edge AI software which is expected to boost the market in the forecast timeframe. Moreover, the growing utilization of edge AI software in the telecom sector is predicted to be an important growth driver of the edge AI software market.
Opportunities: Increasing usage of edge AI software in the automobile industry, as edge AI software help in immediate data processing, is expected to provide huge growth opportunities to the market in the forecast period. Apart from this, the growing number of global internet users is expected to boost the market further.
Restraints: The lack of skilled employees, however, might prove to be a hindrance in the growth trajectory of the edge AI software market.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The edge AI software market, however, has seen growth in the pandemic years. As almost all manufacturing companies were shut down, many of these companies started using the services of various edge AI software to power automation in order to undertake the manufacturing works. This led to an increase in demand for edge AI software in the pandemic years.
Segments of the Market:
The report has divided the edge AI software market into certain segments based on component, data source, application, end-use, and region.
Component: Solution Sub-Segment to be the Most Dominant
By component, the solution sub-segment is predicted to have the most dominant market share and is predicted to grow with a CAGR of 27.9% in the estimated period. The main reason for the growth of this sub-segment is the wide applicability of the solution component as it can be used for designing models, running AI on different IoT software, etc.
Data Source: Video and Image Recognition Sub-Segment to Have the Highest Market Share
By data source, the video and image recognition sub-segment is predicted to grow enormously in the forecast timeframe with a stunning CAGR of 27.9%. The growing utilization of video and image data sources for the identification of suspects in AI accelerated systems is predicted to become one of the most important growth drivers of this sub-segment.
Application: Autonomous Vehicles Sub-segment to be the Most Profitable
By application, the autonomous vehicles sub-segment of the edge AI software market is predicted to have the highest market share in the forecast timeframe and grow with a fascinating CAGR of 28.2%. Over the last few years, there has been a growth in the production of autonomous vehicles to minimize road accidents, which is expected to boost this sub-segment in the analysis timeframe.
End-Use: Automotive Sub-segment to Witness Substantial Growth
By end-use, the automotive sub-segment is predicted to have the highest market share in the forecast timeframe and grow with a healthy CAGR of 27.7%. Growing adoption of edge AI software while manufacturing of autonomous vehicles is predicted to be the primary growth driver of this sub-segment in the forecast period.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the edge AI software market in the North America region is projected to become the most dominant sub-segment and is anticipated to grow with a CAGR of 27.5% in the 2019-2027 timeframe. The growing adoption of edge AI software by different industries and the presence of large companies in the North America region is expected to be the main growth driver of the market.
Region: North America Region has a lucrative growth rate (Avail Customization)
Prominent Market Players:
Some prominent market players in the edge AI software market are
- International Business Machine (IBM)
- Anagog
- TIBCO
- Microsoft
- Amazon Web Services
- Veea Inc.
- Foghorn Systems in Vision AI
- Tact.ai Technologies Inc.
- Imagimob AB., among others.
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market. – Grab the Full Report here
For instance, in May 2021, STMicroelectronics, a global leader in semiconductor device manufacturing announced the acquisition of Cartesian, a France-based edge AI software specialist. This acquisition is predicted to help STMicroelectronics consolidate its AI and similar technology portfolio.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the edge AI software market including the latest strategic developments, SWOT analysis, the financial performance of the key players, and product portfolio.
More about Edge Ai Software Market:
- Global Edge AI Software Market to Grow Exponentially During the Forecast Period Owing to Advancements in Technology
- Advantages and Applications of Edge AI- The New Marvel of Technology
