New York, USA, May 26, 2021 (GLOBE NEWSWIRE) -- A latest report on the global edge AI software market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $3,093.2 million and rise with a remarkable CAGR of 28.8% from 2020 to 2027. The report offers a comprehensive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
Download FREE Sample Report of the Global Edge AI Software Market: https://www.researchdive.com/download-sample/399
COVID-19 Impact on the Market Growth:
The rise of the COVID-19 pandemic in 2020 made a positive impact on the growth of the market. This is mostly owing to the closure of various organizations due to implementation of lockdown during the pandemic. However, several companies are increasingly adopting edge AI software for complete automation in organizational processes to enable smooth functioning of the work processes amidst the crisis period.
Check out How COVID-19 impacts the Global Edge AI Software Market. Click here to Connect with our Analyst to get more Market Insight: https://www.researchdive.com/connect-to-analyst/399
Factors Impacting the Market Growth:
Growing utilization of edge AI software in the telecom sector due to its various advantages like contextual push intelligence, 360 insight capability across the connected systems, accessibility of productivity tools in single place, and others is boosting the growth of the global edge AI software market. Moreover, edge AI software can be used in connected vehicles for immediate processing of data with safe hardware that is used to run the connected or autonomous vehicles. This factor is expected to unlock profitable opportunities for the market growth during the forecast period. However, dearth of experienced labors and ethical issues related to edge AI software are anticipated to hinder the market growth.
The report segments the global edge AI software market into component, data source, application, end-user, and region.
Check out all Information and communication technology & media Industry Reports: https://www.researchdive.com/information-and-communication-technology-and-media
Solution Sub-Segment to Dominate the Market Growth
Among the component segment, the solution sub-segment is projected to grab highest market share by growing with a CAGR of 27.9% during the forecast period. The growth of this sub-segment is mainly because solution components aid in capturing data which can be used for designing models, application scenarios, and application software that allows edge AI software to run on different types of IoT devices.
Video and Image Recognition Sub-Segment to Observe Maximum Growth
Among the data source segment, the video and image recognition sub-segment is expected to experience maximum growth with a CAGR of 27.9% during the forecast period. The growth of this sub-segment is mainly because of the increasing usage of video and image data sources for efficiently detecting suspects in AI accelerated systems for evaluating and processing of videos and images.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Autonomous Vehicles Sub-Segment to Grab Major Market Share
Among the application segment, the autonomous vehicles sub-segment is expected to hold leading market share and grow with a CAGR of 28.2% during the forecast period. The growth of this sub-segment is mostly because of the surge in the manufacturing of autonomous vehicles to reduce road accidents and improve transport systems.
Automotive Sub-Segment to Observe Highest Growth
Among the end user segment, the automotive sub-segment is expected to hold leading market share, growing with a CAGR of 27.7% during the forecast period. The growth of this sub-segment is mostly because of the growing use of edge AI software in the automotive sector for numerous purposes including production of autonomous vehicles, development of sustainable transportation options, and manufacturing of automotive parts.
North America Region to Hold Major Market Share
The report analyzes the global edge AI software market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North American region market is expected to open profitable opportunities, rising with a CAGR of 27.5% during the estimated period. The growth of this region market is mainly owing to the existence of a large pool of companies in this region that use edge AI software in their work processes.
Major Players in the Market:
1. International Business Machine (IBM)
2. Microsoft Corporation
3. Foghorn Systems Inc.
4. In Vision AI
5. Anagog Ltd.
6. Amazon Web Services (AWS)
7. TIBCO Software Inc.
8. Imagimob AB
9. Veea Inc.
10. Tact.ai Technologies Inc.
For instance, in January 2021, ONE Tech, a worldwide front-runner in edge AI technology, launched the MicroAI™ Atom Software Development Kit (SDK), which is now publicly available through the ONE Tech developer portal. This is the world’s first edge AI software that integrates and trains AI models directly on microcontroller unit (MCU)-based hardware.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS
5G Infrastructure Market https://www.researchdive.com/covid-19-insights/307/5g-infrastructure-market
Fraud Detection and Prevention Market https://www.researchdive.com/covid-19-insights/233/global-fraud-detection-and-prevention-market
Chatbot Market https://www.researchdive.com/5985/chatbot-market
Advanced Persistent Threat (APT) Protection Market https://www.researchdive.com/8335/advanced-persistent-threat-apt-protection-market