CHICAGO, May 4, 2020 /PRNewswire/ -- According to MarketsandMarkets™ analysis on the "COVID-19 Impact on Edge AI Software Market by Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry and Energy Management), Data Source, Vertical and Region - Global Forecast to 2021", the COVID-19 Impact on Edge AI Software Market size is expected to result in the market growing from USD 470 million in 2019 to USD 665 million by 2021, at a Compound Annual Growth Rate (CAGR) of 19% during the forecast period.
Over the years, organizations have enhanced the level of innovation; and with the outbreak of COVID-19, a majority of operations have been compromised. This has forced organizations to function in a non-optimized manner, as a result of which they are looking for innovative areas that can improve their revenue by a small percentage.
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Video surveillance application to witness the highest growth during the forecast period within the global edge AI software market
The use of video surveillance has been extended from operations rooms to mobile devices; COVID-19 has expediated the use of video surveillance use cases. Telehealth in the healthcare sector has become a new norm, as health organizations around the world, such as WHO, and CDC have presented guidelines for its use. Thus, many healthcare organizations are utilizing telehealth to keep their workers safe and treat patients. Private doctors and healthcare institutions are providing online consulting amidst country lockdowns.
Government across the globe are making use of advanced video surveillance techniques such as drones, CCTV cameras to manage social distancing, monitor quarantined people and track the spread of virus. China, Russia and South Korea are making use of video analytics to closely monitor its citizens and potentially protect them from virus. Once the lockdown eases, many more industries are expected to see a higher adoption of video analytics tools, making video surveillance market to grow at higher rate than earlier expected.
The biometrics data source is expected to witness below-average growth during the forecast period in the global edge AI software market
Current biometrics system comprises touch-based systems, the outbreak of COVID-19 is projected to set a new norm by rejecting the use of touch-based systems and adoption of touchless biometrics system, as it helps in limiting the spread of virus. Non-invasive biometrics system such as computer image processing, face scanner is being adopted by the organizations in near future.
However, due to the COVID-19 pandemic, countries entering a lockdown phase to contain the spread of the virus, which has resulted in the shutting down of manufacturing activities in the country. This has led to a significantly declining usage of biometrics systems. This has reduced the overall usage of edge AI software across the industry.
North America edge AI software market to witness a higher impact of COVID-19 and will show a steady growth during the forecast period
COVID-19 pandemic has the highest impact on North America. Businesses & organizations in North America are facing significant pressure on revenue and cash flows, which is adversely impacting enterprise IT spend. North America, a manufacturing-driven economy, has already felt the impact of COVID-19. For instance, Ford, General Motors and Fiat Chrysler have closed all their US manufacturing plants to slow the spread of virus and demand has been reduced drastically.
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However, North America, being one of the most developed regions, has invested substantially in advanced technologies such as AI, ML and analytics. The developed infrastructure and growth in demand for digitalized technologies across North America is supposed to drive the adoption of edge AI software once the lockdown period ends. Government and private organizations have already started to making strides. The US government is using edge AI to procure location data from smartphones to help to track the spread of COVID-19 infections. Industries are using AI tools to create different predictive models to prepare themselves in the post-pandemic world.
The major vendors in the edge AI software market include Google (US), Microsoft (US), AWS (US), IBM (US), Nutanix (US), TIBCO (US), Octonion (US), SWIM AI (US), Imagibob (US), Anagog (Israel), Veea (US), Foghorn Systems (US), Xnor.AI (US), Bragi (US), Invision AI (US), Tact AI (US),
AI in IoT Market by Component (Platforms, Software Solutions, and Services), Technology (ML and Deep Learning, and NLP), Vertical (Transportation and Mobility, Energy and Utilities, Manufacturing, and Retail), and Region - Global Forecast to 2024
Edge AI Hardware Market by Device (Smartphones, Cameras, Robots, Automobile, Smart Speakers, Wearables, and Smart Mirror), Processor (CPU, GPU, ASIC and Others), Power Consumption, Process, End User Industry, and Region - Global Forecast to 2024
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