Edge AI Software Market worth $4.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 16, 2023 /PRNewswire/ -- Intelligent computing at the edge of networks will continue to evolve due to advancements in connectivity, industry-specific applications, and algorithms. This dynamic landscape will define the future of the Edge AI Software Market. It is anticipated that businesses in a variety of industries would use Edge AI technologies to open up new avenues for productivity, automation, and instantaneous decision-making.

The global Edge AI Software Market is projected to grow from USD 1.1 billion in 2023 to USD 4.1 billion by 2028, at a CAGR of 30.5% during the forecast period, according to MarketsandMarkets. The Edge AI Software Market is expanding rapidly, driven by the convergence of technologies such as AI, ML, embedded hardware, cloud infrastructure, network technologies, developer tools, security measures, and open-source initiatives. These advancements are enabling powerful and efficient edge computing solutions that address critical challenges such as latency, privacy, and bandwidth consumption, making edge AI a key driver of innovation and efficiency across industries.

Browse in-depth TOC on "Edge AI Software Market"

250 - Tables
56 - Figures
350 - Pages

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Scope of the Report

Solutions segment to account for the largest market size during the forecast period.

Based on the offering segment, solutions are anticipated to hold the largest market size during the forecast period. Edge AI software solutions are being rapidly adopted across various industries, driving significant advancements and enhancing operational efficiency. From manufacturing to healthcare, transportation to agriculture, edge AI is empowering businesses to optimize processes, personalize experiences, and improve safety. For instance, in manufacturing, edge AI enables real-time monitoring, predictive maintenance, and anomaly detection, leading to reduced downtime and improved quality control. Retailers leverage edge AI for targeted promotions, personalized recommendations, and optimized store layouts.

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Managed service to account for higher CAGR during the forecast period.

Based on the services, managed services are anticipated to hold the highest CAGR during the forecast period. Edge AI managed services are gaining popularity as organizations seek to harness the power of edge AI without the burden of in-house expertise and infrastructure management. These services provide comprehensive solutions, encompassing hardware, software, deployment, and ongoing maintenance, enabling businesses to focus on their core competencies while leveraging edge AI's transformative capabilities.

Asia Pacific to exhibit the highest CAGR during the forecast period.

The CAGR of Asia Pacific is estimated to be highest during the forecast period. Edge AI software adoption in APAC is gaining momentum, driven by factors such as the increasing availability of edge computing infrastructure, the growing need for real-time insights, and the desire to reduce latency. Players in the region are adopting edge AI software to improve operational efficiency, enhance customer experiences, and gain a competitive edge. Key use cases include predictive maintenance, anomaly detection, and autonomous decision-making.

Top Key Companies in Edge AI Software Market:

Major vendors in the global Edge AI Software Market Microsoft (US), IBM (US), Google (US), AWS (US), Nutanix (US), Synaptics (US), TIBCO (US), Octonion (Switzerland), Imagimob (Sweden), Anagog (Israel), Veea (US), Gorilla Technology (China), Azion (US), Bragi (Germany), Tact.ai (US), Ekinops (France), Clearblade (US), Alef Edge (US), Adapdix (US), byteLAKE (Poland), Reality AI (US), Deci (Israel), Edgeworx (US), Swim (US), Invision AI (Canada), Horizon Robotics (China), Kneron (US), DeepBrainz (India), Johnson Controls(Ireland), and Blaize(US).

Recent Developments:

• Microsoft has partnered with Fungible to accelerate datacenter innovation. Fungible is a company that develops data processing units (DPUs) that are optimized for AI workloads. Microsoft plans to use Fungible's DPUs to accelerate the performance of Azure IoT Edge and other edge AI solutions.
• Cisco and Nutanix have formed a global strategic partnership to accelerate hybrid multicloud deployments by offering a hyperconverged IT modernization and business transformation solution.
• IBM and Bharti Airtel have formed a partnership. The partnership will enable Indian enterprises to access secured edge cloud services, which will help them to accelerate innovation, improve efficiency, and reduce costs.
• Google and Amazon Web Services (AWS) have partnered to make it easier for developers to build and deploy edge AI applications. The two companies have integrated their edge AI platforms, so that developers can use the same tools and APIs to build and deploy edge AI applications on both Google Cloud and AWS.
• Energous and Veea have partnered to enable complete wireless power deployments, integrating Energous PowerBridges and Veea's Edge Platform with Wiliot IoT Pixels. The partnership aims to enable the next generation of real-time asset tracking applications in industrial, logistics, and retail applications.

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Edge AI Software Market Advantages:

• By removing the need to transfer data to centralised cloud servers, Edge AI reduces latency and allows real-time processing of data locally. Applications that demand quick decisions must take this into consideration.
• Edge AI optimises bandwidth utilisation and eases network congestion by processing data at the edge, eliminating the need to send massive volumes of raw data to the cloud.
• Edge AI minimises the need to send data to external servers, allowing sensitive data to be processed locally and resolving privacy issues. In sectors like healthcare and banking, this is especially crucial.
• Edge AI systems can perform in low- or offline-connection contexts, guaranteeing uninterrupted operation even in the event of sporadic or nonexistent internet connectivity.
• The responsiveness of apps and systems is improved by Edge AI, which allows devices to make important choices instantly without depending on cloud processing.
• Edge AI-powered apps provide a faster and more responsive user experience because processing takes place locally, eliminating the need for remote cloud servers.
• By helping to offload certain processing processes from the cloud, Edge AI may be able to reduce expenses related to data transit and cloud server usage.
• By reducing reliance on a constant internet connection, Edge AI improves the dependability of systems and applications in situations when network access is erratic.

Report Objectives

• To define, describe, and predict the Edge AI Software Market by offering, data type, verticals, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Edge AI Software Market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Edge AI Software Market

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