Edge AI Market to Hit $66.47 Billion by 2030 at CAGR of 21.0%: Grand View Research, Inc.

SAN FRANCISCO, April 17, 2023 /PRNewswire/ -- The global edge AI market size is expected to reach USD 66.47 Billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 21.0% from 2023 to 2030. The growing demand for 5G in areas such as real-time virtual reality experiences, self-driving cars, and mission-critical applications drives further edge AI innovation. The rising demand for IoT-based edge computing services is expected to propel the market growth. IoT generates voluminous amounts of data that can be difficult or impossible to collect. Moreover, edge AI enables full utilization of IoT data by locally analyzing massive amounts of sensor data and automating operational decisions.

Key Industry Insights & Findings from the report:

• The hardware segment dominated the market with a revenue share of 53.6% in 2022. Edge chipsets have high processing capability and low power consumption, making them popular in IoT devices.
• The growing adoption of artificial intelligence products and services opens up lucrative growth opportunities in the edge AI industry, leading to market growth.
• Many businesses are looking for more ways to protect their data. Moreover, edge AI creates an enabling environment for data privacy because data computational activities are performed at the edge of the device or closer to the device, attracting businesses and leading to growth.
• The Asia Pacific region is expected to grow at the highest CAGR of 26.1% during the projected period. Key regional players are expanding their geographical presence by providing advanced technological solutions to developing nations. In Japan, companies are creating edge AI solutions for the automotive and manufacturing industries.

Read 100-page full market research report, "Edge AI Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Edge Cloud Infrastructure, Services), By End-use Industry, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Edge AI Market Growth & Trends

Edge computing allows for the transfer of AI processing tasks from the cloud to near-end devices, thereby overcoming the inherent problems of traditional cloud computing, such as high latency and a lack of security. Moreover, edge AI is gaining popularity in technical advances owing to low latency and bandwidth requirements. For instance, in June 2020, ADLINK Technology Inc., a company manufacturing edge computing products based in Taiwan, collaborated with Tier IV, a Japan-based deep-tech startup, and Taiwan-based Industrial Technology Research Institute (ITRI) to enable autonomous driving with the help of edge AI. This alliance aimed to accelerate the development of open-source self-driving technology to help develop intelligent transportation systems.

The integration of edge AI into AI devices enables data processing on the machine without sending additional data elsewhere. This significantly decreases processing time which can tremendously impact cultivating positive user experiences. Relocating AI computations to the network edge create opportunities for various applications, including new products and services. For instance, in July 2022, Innodisk Corporation, a computer hardware manufacturing company in Taiwan, released an edge computing solid-state drive product line. Edge AI SSDs within edge servers are intended to process data at high speeds at the source, improving latency and lowering costs.

Edge AI computing and 5G enhance network efficiency to support and deploy various real-time AI applications, including AI-based real-time video analytics for intelligent surveillance and security, smart farming, and industrial manufacturing automation. Many businesses are developing and upgrading hardware to improve the performance of cameras to satisfy the growing demand for surveillance dimensions offered by advanced video surveillance analytics. For instance, in March 2023, Hailo AI, a semiconductor manufacturer in Israel, announced a Hailo-15, an AI-centric vision processor. This processor is intended to be directly integrated into intelligent cameras to enhance video processing and analytics at the edge.

Edge AI Market Segmentation

Grand View Research has segmented the global edge AI market based on component, end-use industry, and region

Edge AI Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware
• Software
• Edge Cloud Infrastructure
• Services

Edge AI Market - End-use Industry Outlook (Revenue, USD Million, 2018 - 2030)

• Consumer Electronics
• Smart Cities
• Manufacturing
• Automotive
• Government
• Healthcare
• IT & Telecom
• Energy
• Retail
• Others

Edge AI Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• South America
• Brazil
• Mexico
• Middle East and Africa
• Kingdom of Saudi Arabia (KSA)
• UAE
• South Africa

List of Key Players in the Edge AI Market

• ADLINK Technology Inc.
• Alphabet Inc.
• Amazon.com, Inc
• Gorilla Technology Group
• Intel Corporation
• International Business Machines Corporation
• Microsoft Corporation
• Nutanix, Inc
• Synaptics Incorporated
• Viso.ai

Check out more related studies published by Grand View Research:

• Edge Computing Market - The global edge computing market size is expected to reach USD 155.90 billion by 2030, and is expected to expand at 37.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Artificial Intelligence (AI) integration into the edge environment is projected to drive market growth. An edge AI system is estimated to help businesses make decisions in real time in milliseconds. The need to minimize privacy concerns associated while transmitting large amounts of data, as well as latency and bandwidth issues that limit an organization's data transmission capabilities, are factors projected to fuel market growth in the coming years.
• Multi-access Edge Computing Market - The global multi-access edge computing market size is anticipated to reach USD 55,409.7 million by 2030, expanding at a CAGR of 47.2% during the forecast period, according to a new report by Grand View Research, Inc. The increasing adoption of Over-the-Top (OTT) media streaming services and rising demand for personalized content are estimated to drive market growth. The rising number of users opting for the OTT video delivery model is projected to encourage mobile networks and telecom companies to improve their existing infrastructure. The multi-access edge computing (MEC) architecture brings backend functions closer to the user network, which is anticipated to help Multichannel Video Programming Distributors (MVPD) meet consumer expectations.
• Edge Artificial Intelligence Chips Market - The global edge artificial intelligence chips market size is expected to reach USD 9.5 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 21.3% from 2020 to 2027. Semiconductor companies are experiencing high demand for their existing chips with hardware serving as a differentiator in AI. Also, these companies are developing workload-specific (training and inference) AI accelerators. For instance, Apple has implemented a neural engine in its A11 Bionic chip's processor to speed-up the third-party applications. The market is growing rapidly with the rising implementations of edge-based AI in smartphones and autonomous vehicles.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

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