Yahoo Finance Edge AI Software Market is Expected to Reach USD 2271.73 Million at a CAGR of 21.3% by 2027- Report by Market Research Future (MRFR)
New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Edge AI Software Market information by Components, by Services, Data Source, Application, Vertical and Region – forecast to 2027” market size to reach USD 2271.73 million, growing at a compound annual growth rate of 21.3% by 2027.
Market Scope:
Edge AI is a combination of 2 technologies, namely edge computing and artificial intelligence. It can process data generated at the edge of the network on local devices and imperative in making decisions. Market Research Future’s (MRFR) report on the edge AI software market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2021-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Edge AI Software Market Covered are:
Foghorn Systems (US)
Azion Technologies (US)
IBM Corporation (US)
ADAPDIX (US)
Synaptics (US)
ALEF EDGE (US)
ClearBlade (US)
Intel Corporation (US)
Microsoft Corporation (US)
TACT.Ai Technologies (US)
Gorilla Technology Group (Taiwan)
HPE (US)
TIBCO Software (US)
Oracle Corporation (US)
Amazon Web Services (US)
SIXSQ (Geneva)
Nutanix Inc. (US)
Octonion SA (Switzerland)
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Market USP Exclusively Encompassed:
Market Drivers
Intelligent Solutions to Drive Market Demand
The huge demand for intelligent solutions as well as utilization of AI algorithms to compute data from large sets without depending on the internet can drive market growth. Automation of cooling and heating systems to provide convenience and comfort to home owners can drive the market demand for edge AI software systems. Bundled products that work in a common connected platform are the latest selling point pursued by developers to drive sales of automation systems. For instance, Samsung Corporation has developed the SmartThings application to control a bevy of products on the platform. It can be used in creating ambience for single family and multi-family environments.
Transformation of Enterprises to Spur Market Growth
Smart homes can utilize edge AI software solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
Privacy and Security Concerns to Impede Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the edge AI software market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:
Solutions to Gain Market Share
By component, the edge AI software market has been segmented into solution and service. The solutions segment is further bifurcated into software tools and platforms. The service segment has been further segmented into training & consultation services, system integration & testing services, and support & maintenance services.
Sensor Data to be Biggest Data Source in Global Market
By data sources, the edge AI software market has been segmented into biometric data, video and image recognition, speech recognition, sensor data, and mobile data.
Video Surveillance Application to Gain Traction
By application, the edge AI software market has been segmented into energy management, access management, autonomous vehicles, video surveillance, remote monitoring & predictive maintenance, telemetry, and others. Video surveillance can gain a large market share owing to power of edge computing as well as compressing raw data by sending it to the cloud.
Telecom Vertical to Benefit the Maximum from Edge Computing
By vertical, the edge AI software market has been segmented into healthcare, government & public, manufacturing, energy & utilities, automotive, telecom, and others.
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Regional Analysis
North America to Lead Global Edge AI software Market
North America is anticipated to dominate the demand share of the edge AI software market owing to investments in modernization of infrastructure and technological advances in computing. Strides in artificial intelligence as well as government funded research programs coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing edge AI software solutions to conserve energy. Rollout of 5G services can influence decisions of large enterprises.
APAC to Display Highest CAGR
APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
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COVID-19 Impact on the Global Edge AI Software Market
The COVID-19 pandemic has made the healthcare sector realize the potential of edge AI. Increased funding in research to keep data across enterprises safe can drive market growth. The demand for edge computing post-pandemic as well as shift to digitalization by edtech and fintech sectors can provide growth avenues to the edge AI software market.
Industry News
Aramco, a leading energy and chemicals provider, has deployed edge powered solutions built on the FogHorn Lightining EdgeAI platform to provide predictive monitoring for equipment failure and automation of various processes.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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