Edge AI Software Market Worth $1.1 Billion in 2023 Projected to Hit $4.1 Billion by 2028: Trends & Analysis by Offering, Data Type, Vertical, and Region

Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Edge AI Software Market by Offering (Solutions (Standalone and Integrated) and Services), Data Type (Video & Image Data, Audio Data, Text & Language Data, Biometric Data, and Multi-modal Data), Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global market for Edge Al Software is projected to grow from USD 1.1 billion in 2023 to USD 4.1 billion by 2028, at a CAGR of 30.5% during the forecast period. Edge AI software is revolutionizing industries worldwide, driven by its ability to process data in real-time, minimize latency, and bolster security. This exponential growth can be attributed to several factors, including the proliferation of IoT devices generating massive amounts of data that require real-time processing. Edge AI software effectively addresses this need by analyzing data on the edge, eliminating the need for cloud transmission. Additionally, edge AI software reduces latency by processing data closer to the source, ensuring real-time responses critical for applications such as autonomous vehicles and smart cities. Furthermore, it enhances security by isolating data on the edge, making it more resistant to unauthorized access.

The market study covers Edge AI software across various segments. It aims to estimate the market size and the growth potential across different segments, such as offering, data type, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Major vendors offering Edge AI software solutions and services across the globe are 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), Azion (US), Bragi (Germany), Tact.ai (US), Ekinops (France), Clearblade (US), Alef Edge (US), Adapdix (US), byteLAKE (Poland), Reality Al (US), Deci (Israel), Edgeworx (US), Swim (US), Invision Al (Canada), Horizon Robotics (China), Kneron (US), DeepBrainz (India), Johnson Controls (Ireland), and Blaize (US).

The healthcare & life sciences vertical is projected to hold the largest CAGR during the forecast period

Edge AI software is being adopted in the healthcare and life sciences vertical to enable smart medical facilities with digital diagnosis and remote patient monitoring. The adoption of Edge AI in healthcare is critical for both patients and healthcare providers, as it can automate tasks, enable autonomous monitoring of hospital rooms and patients, and monitor vital signs. Edge AI computing usage cases can greatly extend the range of health services, and large chip manufacturers have been investing heavily in Edge AI. Edge AI is utilized for in-hospital patient monitoring, fall detection, radiology, and anomaly and injury detection. Real-time insights and alerts can be given to operators as suspicious activity or objects are detected.

Among data type, video and image data to account for the largest market during the forecast period

Edge AI software is being adopted in image and voice data to enable computer vision in business and mission-critical systems. Edge AI involves deploying AI applications in devices throughout the physical world, allowing computations to be done close to where data is actually created, rather than at a centralized cloud computing facility or private data centre. Edge AI devices include smart speakers, smartphones, laptops, robots, self-driven cars, drones, and surveillance cameras that use video analytics. Object detection and recognition are key features of Edge AI software. AI image recognition technology is a core application of deep learning. AI systems can pick up hidden patterns in collections of images and make independent, smart decisions. The benefits of edge AI include increased privacy, reduced power, and faster real-time analytics at higher speeds, lower costs, and with less power.

Among service, professional services is anticipated to account for the largest market share during the forecast period

Edge AI software is revolutionizing professional services by enabling real-time data analysis and decision-making. This technology allows for predictive maintenance, fraud detection, risk assessment, compliance monitoring, and remote monitoring, all while ensuring data privacy and minimizing latency. As a result, edge AI is transforming the way professional services are delivered, leading to improved efficiency, productivity, and customer satisfaction.

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

The adoption of edge AI software in North America is rapidly gaining traction, driven by government initiatives, industry adoption, and technological advancements. Government support is accelerating the integration of edge AI into critical infrastructure and services, while businesses are embracing edge AI for predictive maintenance, real-time patient monitoring, autonomous vehicles, and smart city infrastructure. With continued innovation and adoption, edge AI is poised to play a transformative role in various sectors across North America.

Key Attributes

Report AttributeDetails
No. of Pages331
Forecast Period2023-2028
Estimated Market Value (USD) in 2023$1.1 Billion
Forecasted Market Value (USD) by 2028$4.1 Billion
Compound Annual Growth Rate30.5%
Regions CoveredGlobal

Market Dynamics

  • Drivers
    • Ever-Increasing Enterprise Workloads on Cloud
    • Rapid Growth in Number of Intelligent Applications
    • Exponential Growth of Data Volume and Network Traffic
    • Increase in Use of IoT Driving Demand for Edge Ai Software
    • Rise in Adoption of 5G Network Technology
  • Restraints
    • Privacy and Security Concerns Related to Edge Ai Solutions
    • Inadequate Number of Ai Experts
  • Opportunities
    • Emergence of 5G Network to Bring It and Telecom Together
    • Advent of Autonomous Vehicles Coupled with Connected Car Infrastructure
    • Rise in Need for Edge Computing in IoT
    • Exploring Emerging Applications in Various Fields
  • Challenges
    • Interoperability Issues Slowing Adoption of Edge Ai Software
    • Optimization of Edge Ai Standards

Technology Analysis

  • Key Technology
    • AI
    • Edge Computing
    • IoT
    • Computer Vision
  • Complimentary Technology
    • 5G
    • Quantum Computing
    • AR/VR
  • Adjacent Technology
    • Cloud Computing
    • Blockchain
    • Human-Machine Interface

Case Study Analysis

  • Healthcare & Life Sciences
    • HCA Healthcare Used Red Hat Solutions to Create Real-Time Predictive Analytics System to Detect Sepsis Accurately and Rapidly
    • Top Robotic and Digital Surgery Startups Implemented Nvidia Medical Edge AI Computing Platform
  • Government & Public Sector
    • Gorilla Supported Taoyuan Airport's Smart City Approach
  • Manufacturing
    • Schindler Optimized Elevator Performance with On-Board Edge Computing
    • Food Manufacturer Turned to Tibco Spotfire Analytics to Ensure Complex Data Visibility
    • Brembo Chose Tibco Spotfire Analytics for Implementation of Analytics Platforms
  • Transportation & Logistics
    • Jetblue Setup Real-Time Data and Integration Platform Using Tibco Technologies
    • Imagimob Used Sensor Technology and AI to Develop Sensorbeat
  • Energy and Utilities
    • Sparkcognition Improved Safety by Preventing Critical Asset Failure with AI at Edge
    • Hubco Upgraded to Maximo for Oil and Gas 7.6 Software and Integrated Its It Environment
  • Telecom
    • XL Axiata Leveraged Tibco Technology to Improve Customer Experience
    • Algar Telecom Deployed Tibco Spotfire Software for Better Decision-Making
  • Other Verticals
    • Omelete Created Numerous Edge Applications on Azion Platform to Accelerate Content Delivery
    • Lojas Renner Used Edge Applications to Deliver Large Volume of Requests on Black Friday

Companies Profiled

  • Microsoft
  • IBM
  • Google
  • AWS
  • Nutanix
  • Synaptics
  • Gorilla Technology
  • Veea
  • Anagog
  • Imagimob
  • Tibco Software
  • Octonion
  • Azion
  • Bragi
  • Blaize
  • Tact.AI
  • Ekinops
  • Clearblade
  • Alef Edge
  • Johnson Controls
  • Bytelake
  • Reality AI
  • Deci AI
  • Edgeworx
  • Swim.AI
  • Invision AI
  • Horizon Robotics
  • Kneron
  • Deepbrainz
  • Adapdix

For more information about this report visit https://www.researchandmarkets.com/r/y2ycyt

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Global Edge AI Software Market

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