Edge AI Software Market Generated $600 Million Revenue in 2020: P&S Intelligence

NEW YORK, July 13, 2021 /PRNewswire/ -- The surging number of applications being deployed on the cloud in several industries, rapid improvements being made in the internet of things (IoT) domain, advancements in numerous smart applications, and growing popularity of AI software are the major factors driving the expansion of the global edge AI software market. Due to these factors, the market generated $600 million revenue in 2020, and it is expected to exhibit huge expansion during 2021–2030, according to P&S Intelligence.

The imposition of lockdowns in several countries to mitigate the spread of the COVID-19 infection negatively impacted the operations of many businesses, but positively impacted the growth of the edge AI software market. The COVID-19 pandemic has facilitated the progress of the medical services sector, with many organizations making huge investments in edge AI software to increase its applications in this sector. Moreover, with the increasing digitalization rate in the medical care and training sectors, the demand for edge AI software is rising sharply. However, the increasing security and piracy concerns being raised are hampering the progress of the market, as data is stored in various microdata centers at edge nodes, that share real-time data with each other, which is highly vulnerable to cyberattacks.

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The global edge AI software market is divided into speech recognition, sensor data, mobile data, biometric data, and video & image recognition categories, based on data source. Out of these, the video & image recognition category will dominate the market till 2030. This is credited to the increasing number of picture acknowledgement and AI-controlled video applications such as face location for security reasons and movement discovery cameras and the mushrooming utilization of edge AI for video surveillance in order to prevent the occurrence of data theft.

Furthermore, the global edge AI software market is classified into access management, autonomous vehicles, remote monitoring and predictive maintenance, video surveillance, energy management, and telemetry, depending on application. Amongst these, the video surveillance category led the market in 2020. The increasing requirement for greater security and system detection is fueling the demand for edge AI for video surveillance. The autonomous vehicles category will exhibit rapid expansion in the coming years, due to the soaring investments being made in the self-driving technology.

Browse detailed report with COVID-19 impact analysis on Edge AI Software Market Research Report: By Data Source (Video and Image Recognition, Speech Recognition, Biometric Data, Sensor Data, Mobile Data), Component (Solution, Service), Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring and Predictive Maintenance, Telemetry, Energy Management), Vertical (Government and Public, Manufacturing, Automotive, Energy and Utility, Telecom, Healthcare) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/edge-ai-software-market-forecast

North America held the largest share in the market for edge AI software in 2020, and this trend will continue during the forecast period as well. This is ascribed to the surging investments being made in AI applications, increasing adoption of advanced technologies such as AI and IoT, and the existence of several leading industry players such as Intel Corporation and Microsoft Corporation in the region.

The players in the edge AI software market such as Synaptics Inc. and Microsoft Corporation are developing new tools and offering new services for bolstering their position in the industry. For instance,

In December 2020, Synaptics Inc. launched Katana, which is an edge AI platform, together with its partner, Eta Compute Inc. Katana is basically an energy-efficient edge AI software equipped with a low-power system on chip (SoC) architecture.

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In May 2019, Microsoft Corporation provided new updates for Azure. The Azure machine learning (ML) platform facilitates load determination in the energy sector, predictive maintenance in the manufacturing sector, item suggestions in the retail sector, and picture preparation in the medical services sector. The update released by Microsoft provides enterprise-grade model arrangement. 

International Business Machines Corporation (IBM), Microsoft Corporation, Intel Corporation, Google LLC, TIBCO Software Inc., Synaptics Inc., Eta Compute Inc., Octonion SA, Foghorn Systems Inc., Anagog Ltd., and Cloudera are some of the leading edge AI software market players.

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About P&S Intelligence

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SOURCE P&S Intelligence