New York, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global edge AI software market is expected to gather a revenue of $3,093.2 million by 2027, growing at a healthy CAGR of 28.8% in the 2019-2027 timeframe. This holistic report puts forward a brief overview of the edge AI software market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period of 2019-2027. All the necessary market figures are also provided in this report to help new entrants analyze the market with ease.
Dynamics of the Edge AI Software Market
Drivers: Since the last few years, there has been a growing utilization of edge AI software, especially in the telecom sector, which is anticipated to be the primary growth driver of the edge AI software market. Moreover, the increasing number of internet users across the globe has, in turn, led to an increase in the adoption of edge AI software in order to deliver enhanced working capacity. This is further expected to help in boosting the growth rate of the market in the forecast period.
Opportunities: The automobile industry has been increasingly using edge AI software for immediate data processing, which is expected to provide huge growth opportunities to the market in the forecast period. Additionally, a massive surge in the global number of internet users is expected to augment the growth rate of the market.
Restraints: The lack of skilled workforce is, however, expected to become a restraint in the full-fledged growth of the edge AI software market.
Impact of Covid-19 on the Edge AI Software Market
The Covid-19 pandemic affected millions of lives, directly or indirectly. The lockdowns ordered by various countries to curb the spread of the disease affected numerous industries by hampering the global supply chains. The edge AI software market, however, has been an exception and has registered an increase in the growth rate of the market during the pandemic. This growth is mainly attributed to the increased adoption of edge AI software by various manufacturing companies to introduce power automation in companies in order to tackle the problem of shortage of labor.
Segments of the Edge AI Software 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 Have the Highest Market Share
By component, the solution sub-segment, which accounted for $297.2 million in 2019, is predicted to have the most dominant market share and is predicted to grow with a CAGR of 27.9% in the estimated period. Solution components help in designing models and application software that enable running edge AI software on different IoT devices. Hence, solution components are increasingly used which is predicted to help in the growth of this sub-segment.
Data Source: Video and Image Recognition Sub-segment to Generate Maximum Revenue
By data source, the video and image recognition sub-segment is predicted to dominate the edge AI software market and rise with a CAGR of 27.9% in the forecast period. The growth of this sub-segment is mainly on account of an increase in the overall utilization of video and image data sources for suspect identification in AI accelerated systems.
Application: Autonomous Vehicles Sub-segment to be the Most Dominant
By application, the autonomous vehicles sub-segment is predicted to be the most dominant and grow with a CAGR of 28.2% in the forecast period. Increased manufacturing of autonomous vehicles and overall improvement in transportation systems are predicted to be the leading growth factors of this sub-segment.
End-Use: Automotive Sub-segment to be the Most Lucrative
By end-use, the automotive sub-segment is predicted to have the highest market share and grow with a CAGR of 27.7% by 2027. Growing utilization of edge AI software by the automotive sector for manufacturing autonomous vehicles and production of automotive parts is anticipated to push the sub-segment forward.
Region: Market in North America Region to be the Most Profitable
By regional analysis, the edge AI software market in the North America region is anticipated to be the most dominant sub-segment and surge with a CAGR of 27.5% in the forecast timeframe. Favorable government initiatives and presence of large companies in this part of the world are predicted to be the two main factors behind the growth of the market in this region.
Prominent Edge AI Software Market Players
Some of the prominent players in the edge AI software market are
- International Business Machine (IBM),
- Amazon Web Services
- Veea Inc.
- Foghorn Systems in Vision AI
- Tact.ai Technologies Inc.
- Imagimob AB., among others.
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire Here to get access to the Key Companies Development Strategic Report
For instance, in January 2022, Johnson Controls, a leading HVAC company, announced that it aims to acquire Foghorn, a leading developer of edge AI software. The integration of Johnson Controls’ OpenBlue capabilities and Foghorn’s edge-AI platform will help Johnson Controls tremendously in the coming period.
Finally, the report also summarizes many crucial aspects of the edge AI software market including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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