CHICAGO, UNITED STATES, November 2, 2022 /EINPresswire.com/ — The global edge AI software market is expected to seize the opportunity of US$ 6,590 million during 2021-2027. The market is expected to grow to US$ 8,049.8 million by 2027 by registering a compound annual growth rate (CAGR) of 29.8% during the forecast period.
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Edge AI incorporates sophisticated Machine Learning algorithms that process data developed by a local hardware device. The combination of edge computing and AI results in robust advancements in various sectors, such as self-driving cars, which are growing in popularity across the globe. Apart from self-driving cars, edge AI plays a significant role in smart speakers offered by Google, Alexa, Apple Homepod, Apple Siri, etc.
Factors Influencing the Market
Wearable devices and smart devices are slowly becoming the new normal, which will open doors of opportunities for the edge AI software market. Smart wearables, such as smartwatches and smart glasses are integrated with edge AI technology to offer real-time data, and the demand for these devices has been growing steadily across the globe. For instance, Apple made headlines in the past as the firm recorded a 50% Y-o-Y increase in the demand for smartwatches in 2021.
The upscaling demand for highly advanced security systems with effective real-time face recognition will present attractive prospects for the market. Additionally, smart speakers are gaining prominence due to their interactive human interface. Moreover, the rising era of 5G is expected to build the new scope of the Edge AI software as the integration of these technologies can result in better customer experience.
Edge AI stores a large amount of data, which is highly prone to cyber-attacks, thereby restricting the market growth. Additionally, the dependency on these technologies is accelerating. Edge AI has gained a vital place in daily life with the growing reliance on smart devices, smart speakers, etc. Therefore, it creates vast opportunities for a cyber attacks. Apart from that, the fact that Internet-of-things (IoT) devices are more complicated to recover is further obstructing the growth of the edge AI software market.
Edge AI finds a vast range of applications in the banking sector, majorly in bots of services. However, the growing cases of fraud in banking domain may pose a challenge to the market growth.
The risk of cyberattacks can be reduced through a regulatory framework. For instance, the NIST Cybersecurity Framework was introduced with the aim to detect and protect systems from the risk of AI attacks.
The integration of Machine Learning (ML) with Edge AI software can significantly result in excellent IoT data analytics and decision-making. Moreover, it will also filter noise gathered by IoT devices, which could then be saved for analysis purposes. Various companies are working on this approach. For instance, Google unveiled numerous new projects in 2018 that include ML and Edge Computing on IoT, like Edge TPU.
Edge Ai finds a vast range of applications in the healthcare sector, majorly in the diagnostics and detection of diseases through precise and accurate real-time data analysis. Additionally, neurological diseases can significantly impact the person’s abilities to speak, interact, react, and move, which can be solved by edge AI through brain-computer interfaces.
Moreover, it eliminates the probability of human error in the detection of various diseases. The technology is growing in popularity with the rising trend of fitness bands to track real-time data on heart rate.
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Key Players and Recent Developments
The use of edge AI has increased in the past few years, forcing companies to perform the best in this strong competition. Various industry giants are maintaining a strong foothold through their outperforming devices. Some of the renowned companies thriving in the edge AI software market include AWS, Google, IBM, Microsoft, Azion technologies, Anagog Ltd., Foghorn Systems, Inc., Chaos Prime, Inc., Gorilla Technology Group, Inc., Imagimob, Nutanix, Octonion, Synaptics, TIBCO Software, Veea Inc., etc. These top industry players are emphasizing new launches and R&D.
In 2019, Google pulled the veil off its Coral, an AI platform to support customers in the development of products with local AI. Coral offers software on chips integrated with machine learning algorithms that do not require connectivity to clouds.
In 2020, Mimik Technology inked a partnership deal with IBM with the aim to develop AI-integrated workflow technologies. As a result, it will make edge computing more feasible in the manufacturing, retail, IoT, and healthcare spaces.
In 2021, the National Payment Corporation of India (NPCI) unveiled pai, an AI product that can be used to integrate and interpret data for companies, including RuPay, FASTag, AEPS, etc.
In 2021, Microsoft pulled the veil off its Azure Percept with the main focus to offer consumers hardware and services that could simplify the use of Azure edge AI technologies.
In 2021, Paravision unveiled a toolkit integrated with edge AI software that can carry out several facial recognition functions.
In terms of component, the software category leads with the largest market share that is around four times greater than the services category. Sensor Data is in second place in the data source area with a CAGR of 30.4%, closely behind Biometric Data in first.
o Software Tools
o Training and Consulting Services
o System Integration Testing
o Support and Maintenance
By Data Source
Video and Image Recognition
By End Users
Banking and Insurance
Energy and Material
Health Care Infrastructure
Media And Entertainment
Public Sector Utilities
Travel, Transport and Logistics
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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