CHICAGO, Feb. 12, 2019 /PRNewswire/ -- According to a new market research report "Edge AI Software Market by Component (Solutions and Services), Data Source, Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Edge AI Software Market size is expected to grow from USD 356 million in 2018 to USD 1,152 million by 2023, at a Compound Annual Growth Rate (CAGR) of 26.5% during the forecast period.
The major factors fueling the market growth include the increasing enterprise workloads on the cloud and rapid growth in the number of intelligent applications. The increasing adoption of edge AI software in autonomous vehicles' applications could provide growth opportunities for the edge AI software vendors in the market.
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The software tools segment is estimated to hold a larger market size during the forecast period
The vendors offer edge AI solutions as software tools and platforms. The edge AI software tools are a combination of Machine Learning (ML) and edge computing technology, and automatically turns raw data into events, insights, and predictions, without big data and costly analysis. The software tools that are being offered in the Edge AI Software Market are in the form of Software Development Kits (SDKs) and frameworks, which allow users to integrate AI capabilities in the application software.
Energy and utilities vertical is estimated to hold the largest market size during the forecast period
The energy and utilities vertical includes high-stake, technology-driven operations, which depend on real-time insights to provide proactive monitoring and protection against machinery and equipment failure. Most of the operations happen at a remote area and lack reliable network infrastructure; edge AI software provides data analytics on edge devices to enable real-time response, which is required for maximum production and safety.
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North America is estimated to hold the largest market size during the forecast period
North America is the major revenue-generating region in the global Edge AI Software Market. The region is witnessing major developments in the edge AI software space. Many AI solution providers in North America are experimenting in the Edge AI Software Market by integrating AI and ML functionalities with their existing edge AI solutions. They are also adopting various growth strategies to strengthen their position in the Edge AI Software Market.
The major vendors in the global Edge AI Software Market include IBM (US), Google (US), Microsoft (US), AWS (US), Nutanix (US), TIBCO (US), Octonion (Switzerland), SWIM.AI (US), Imagimob (Sweden), Anagog (Israel), Foghorn Systems (US), XNOR.AI (US), Bragi (Germany), Invision.AI (Canada), Tact.ai (US), and Veea Systems (England).
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