Global Edge AI Software Market Estimated to Surpass $3,093.2 Million by 2027

A latest report published by Research Dive reveals that the global edge AI software market is estimated to exceed $3,093.2 million by 2027, growing at a CAGR of 28.8% from 2020 to 2027. This report endows exhaustive data and analysis of the current scenario and future growth of the market. The report is a reliable research study, delivering detailed market statistics for new players, stakeholders, investors, market players, shareholders, etc.

Factors Impacting the Market Growth:

According to the report, the increased use of edge AI software in the telecom sector, due to its benefits like contextual push intelligence, 360 insight capability across the connected systems, accessibility to productivity tools in one place, and many more, is leading to the growth of the global edge AI software market. Rising usage of the Internet worldwide has paved way for innovations and advancements in the edge AI software, thus delivering enhanced working capacity in connected networks. The report segments the market into component, data source, application, end-user, and region.

Solution Segment to Show Enormous Growth amidst the Forecast Period

By component, the report divides the market into solution and services. Among these, the solution segment is projected to seize the highest share of the market by growing at a CAGR of 27.9% during the course of the estimated timeframe. This is mainly due to advanced features of the solution component, such as ability to captured data and design models, and application scenarios and the application software that helps in functioning edge AI software on different IoT devices.

Video and Image Recognition Segment to Seize Major Market Share during the Forecast Period

By data source, the report divides the market into video and image recognition, speech recognition, bio-metric data, sensor data, and mobile data. Among these, the video and image recognition segment is estimated to show significant growth by growing with a CAGR of 27.9% during the forecast timeframe. This growth is mainly due to augmented use of video and image data source for efficiently identifying suspects in AI accelerated systems for analyzing and processing of images and videos in various application areas.

North American Market to Exhibit Remarkable Growth

The report evaluates the global edge AI software market across several regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the North American market is projected to grow with a CAGR of 27.5% during the projected timeframe. This is mainly due to the presence of large number of companies and implementation of numerous advanced technologies in the region.

Effect of COVID-19 on the Market Growth:

The COVID-19 pandemic has made an optimistic impact on the global edge AI software industry as many businesses are adopting edge AI software for complete automation in work processes and run the operational flow efficiently in the course of the pandemic. However, the shutdown of edge AI software production companies amidst the lockdown has affected the market growth to a certain extent.

Leading Players in the Market:

The leading players listed in the report are:

• Anagog Ltd.
• International Business Machine (IBM)
• Imagimob AB
• TIBCO Software Inc.
• Microsoft Corporation
• Foghorn Systems, Inc.
• Tact.ai Technologies Inc.
• Veea Inc.
• In Vision AI
• Amazon Web Services (AWS)

The report delivers several business policies and strategies of the foremost players functioning in the industry, which includes latest strategic moves & advances, product/service offerings, business performance, and SWOT analysis.