How Has the Edge AI Software Market Evolved Historically and What is its Current Size?
The edge ai software market has seen considerable growth due to a variety of factors.
• Recent years have seen an explosive growth in the edge AI software market size. The market, which is expected to expand from $1.76 billion in 2024, is projected to reach $2.3 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 30.5%.
This remarkable uptick during the historic period is due to several reasons such as advancements in technology, a surge in the need for real-time processing, an increment in the number of Internet of Things (IoT) gadgets, an escalation in data complexity at the edge, and enhancements in the infrastructure of edge computing.
What Is The Projected Growth Of The Edge AI Software Template Market?
The edge ai software market is expected to maintain its strong growth trajectory in upcoming years.
• The Edge AI software market is anticipated to expand significantly in the coming years, reaching a valuation of $5.87 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 26.3%.
Several factors can be attributed to this growth during the forecast period, such as improved edge AI hardware abilities, the integration of 5G technology, the widening usage of AI for edge applications in healthcare, increased focus on data security and privacy, and the growing incorporation of edge AI in self-driving cars. Key trends expected during the forecast period are business consolidations, application of Edge AI in industrial automation, the use of Edge AI for video insight and monitoring, the deployment of Edge AI in smart cities, personalization of user experiences through Edge AI, and Edge AI's role in facilitating edge-to-cloud interaction.
What Are The Key Drivers Fueling Growth In The Edge AI Software Market?
The surge in the uptake of 5G network technology is anticipated to stimulate the expansion of the edge AI software market in the future. Being the fifth evolution of mobile network technology, 5G presents a major leap ahead from its forerunners, such as 2G, 3G, and 4G/LTE. Due to its high speeds, reduced latency, and enhanced capacity to handle copious connected devices, 5G technology is increasingly being employed, paving the way for progress in fields like IoT, healthcare, and driverless vehicles. For edge AI software, the 5G network technology is instrumental in providing rapid data transmission and negligible delay, a critical factor for on-the-spot AI processing at the edge. As an illustration, in April 2023, as reported by 5G Americas, a US-based trade organization in the industry, there was a jump of 76% in global 5G wireless connections from the close of 2021 to the close of 2022, amounting to a total of 1.05 billion connections. Consequently, the rising uptake of 5G network technology is fueling the expansion of the edge AI software market.
What Are The Principal Market Segments In The Global Edge AI Software Industry?
The edge AI software market covered in this report is segmented –
1) By Component: Solution, Software Tools, Platform, Services, Training And Consulting Services, System Integration Testing, Support And Maintenance
2) By Data Type: Video And Image Data, Audio Data, Text And Language Data, Environmental And Location Data, Biometric Data, Multi-Modal Data
3) By Application: Access Control, Autonomous Vehicles, Energy Management, Predictive Maintenance, Remote Monitoring, Telemetry, Video Surveillance, Other Applications
4) By Vertical: Banking, Financial Services, And Insurance, Government And Public Sector, Healthcare And Life Sciences, Telecommunications, Energy And Utilities, Manufacturing, Automotive, Transportations, And Logistics, Media And Entertainment, Other Verticals
Subsegments:
1) By Solution: Application-Specific Solutions, Industry-Specific Solutions
2) By Software Tools: Development Tools, Analytics Tools, Monitoring Tools
3) By Platform: Edge Computing Platforms, AI Frameworks, IoT Platforms
4) By Services: Consulting Services, Managed Services
5) By Training And Consulting Services: Training Programs, Strategy Consulting
6) By System Integration Testing: Functional Testing, Performance Testing, Security Testing
7) By Support And Maintenance: Technical Support, Software Updates, System Maintenance Services
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What Trends Are Reshaping The Future Of The Edge AI Software Market?
Leading companies within the edge AI software market are shifting their focus towards introducing cutting-edge solutions, such as the edge AI suite. Essentially, an edge AI suite is an all-inclusive set of software tools, systems, and services that work together to facilitate the application of AI functions at the periphery of a network. Take for instance, STMicroelectronics NV, a semiconductor manufacturing firm based in Switzerland. In December 2023, they unveiled their 'ST Edge AI Suite'. This suite is in sync with their hardware and software tools, speeding up the introduction and execution of a plethora of interconnected, self-governing devices equipped with on-site AI, thereby making the design and deployment of such solutions on a broad scale seamless. This suite will undoubtedly expand and amalgamate an array of software tools, appraisals, and development kits that have been introduced over the past ten years, all the while harnessing the existing AI ecosystem in the domain of machine learning (ML).
Who Are the Key Players In The Edge AI Software Market?
Major companies operating in the edge ai software market report are:
• Alphabet Inc.
• Google LLC
• Microsoft Corporation
• Amazon Web Services
• Intel Corporation
• International Business Machines Corporation
• NVIDIA Corporation
• Baidu Inc.
• Renesas Electronics Corporation
• Synaptics Incorporated
• Nutanix Inc.
• TIBCO Software Inc.
• Cloudera Inc.
• DataRobot Inc.
• Bragi GmbH
• Gorilla Technology Group
• Tact.ai Technologies Inc.
• FogHorn Systems Inc.
• ClearBlade Inc.
• Octonion SA
• Anagog Ltd.
• Imagimob AB
• Azion Technologies
• Avassa
• Adapdix
• SWIM.AI Inc.
• Veea Inc.
• XNOR.AI Inc.
What Are The Regional Insights Into The Edge AI Software Market?
North America was the largest region in the edge AI software market in 2024. The regions covered in the edge ai software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
