Edge AI Software Market, by Component (Solution and Service), By data source (Video and Image Recognition, Speech Recognition, Bio-Metric Data, Sensor Data and Mobile Data), by application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Energy Management and Others), by End-use (Manufacturing, Automotive, Telecom, Healthcare, Government and Public and Others) and Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2027

RA00399

Pages: 284

Aug 2020

The global edge AI software market accounted for $435.9 million in 2019 and is predicted to generate a revenue of $3,093.2 million by 2027 with a CAGR of 28.8% in the estimated period. North America accounted for $216.0 million in 2019 and is predicted to grow with a CAGR of 27.5% in the estimated period. Rise in the utilisation of edge AI software is predicted to be the major driving factor for the global market in the estimated period.

Market Analysis

Edge AI is defined as a process in which AI algorithms such as data from sensors or signals are processed on hardware and the software used for this purpose is known as edge AI software. Edge AI software allows real time operation such as data creation and decision actions. Edge AI software are utilized in production of wearables that enhance battery life of wearable devices. In addition, edge AI software avoids complications of streaming and can store large amount of data to the cloud that in turn enhances the privacy of the stored data. Besides, this software is utilized in telecom and enterprise segment that supports multi-cloud and enables to run edge AI analytical software that helps to gain complete action in less time.

COVID 19 Impact on the Edge AI Software Market

The pandemic has created a positive impact on the global edge AI software market. It has been noticed that due to pandemic most of the organisations are shut down. The manufacturing units have been impacted negatively due to the pandemic. Most companies are preferring to adopt edge AI software for complete automation in work processes to run the operational flow smoothly, which is predicted to boost the global market in the estimated period.

Increasing utilization of edge AI software in telecom end-user is anticipated to drive the global edge AI software market

Edge AI software are utilized in telecom sector owing to the advantages such as 360 insight capability across the connected systems, contextual push intelligence, availability of productivity tools in one place, and others. Growing number of internet users around the globe has led to the modernization of connected networks so that edge AI software can deliver enhanced working capacity. Telecom companies used to operate network on hardware systems earlier, but with the edge AI software, telecom industry can handle growing number of connected devices with ease. Edge AI software is utilized in connected vehicles as it helps to process data immediately with safe hardware that is utilized to run the connected cars or autonomous vehicles. For instance, Pony.AI and Bosch have collaborated on fleet management of automobile vehicles with the help of AI software. Edge AI software is utilized in management of various data which in turn enables business to improve speed, bandwidth, enhanced data analysis, improved individual experience, and decrease latency, which is predicted to boost the global market in the estimated period.

Ethical issue, privacy concern and lack of skilled employees is predicted to hamper the market growth in the forecast period

Edge AI software are helpful in business enhancement but ethical issues are restricting the use of edge AI software. Moreover, the edge AI software is a new technology for most organisations. The lack of skilled labour in this field is predicted to hinder the market growth in the estimated period.