Market Research Future (MRFR) projects the global edge AI software market to reach USD 2271.73 million at a CAGR of 21.3% from 2021–2027 (forecast period).
Increasing Demand for Edge AI-Enabled Devices
There is a long list of cutting-edge AI applications. Smartphones and semi-autonomous vehicles or intelligent devices can do facial recognition and provide real-time traffic information. Other Edge AI-enabled things include video games, smart speakers, robots, drones, security cameras, and wearable health monitoring devices. The detection of security cameras will benefit from edge AI. Traditional surveillance cameras record images for hours before storing and retrieving them as needed. However, with Edge AI, the algorithmic procedures will be performed in real-time within the system itself, allowing the cameras to detect and evaluate suspicious activity in real-time, resulting in more efficient and cost-effective services. Edge AI will increase autonomous vehicles' ability to interpret data and visuals in real-time to identify traffic signs, people, other cars, and roads, hence improving transportation security. Edge AI will save expenses and improve safety in industrial IoT. (IIoT). Machine Learning will recompile data from the entire process in real-time, while AI will monitor machinery for potential errors or faults in the production chain.
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The Global Market to Witness Growth Amid COVID-19 Crisis
The rapid global adoption of COVID-19 has had a considerable influence on the IT sector. Consumer preferences and behavior have shifted as a result of the emerging global pandemic scenario, which has had a substantial impact on the IT sector over the anticipated timeframe. For example, in March 2020, the World Health Organization (WHO) declared COVID-19 to be a global epidemic, causing several nations to impose lockdowns. The pandemic has had an impact on the economy as a result of the manufacturing sector's slump and factory closures. However, during the Covid-19 pandemic, AI discovered several crucial applications. AI can detect atypical symptoms and other "red flags" fast, warning patients and healthcare officials. It contributes to more cost-effective decision-making by allowing for faster decision-making. It contributes to the development of a unique diagnosis and management strategy for COVID 19 cases by utilizing applicable algorithms. AI can aid in the diagnosis of infected patients by using medical imaging technologies like computed tomography (CT), and magnetic resonance imaging (MRI) scans of human body parts.
The worldwide edge AI software market has been segmented based on components, data source, and vertical.
By component, the global edge AI software market has been segmented into solution and service.
By data sources, the global edge AI software market has been segmented into video and image recognition, sensor data, speech recognition, biometric data, and mobile data.
By application, the global edge AI software market has been segmented into autonomous vehicles, telemetry, access management, video surveillance, remote monitoring & predictive maintenance, energy management, and others.
By vertical, the global edge AI software market has been segmented into government & public, manufacturing, automotive, energy & utilities, telecom, healthcare, and others.
Increasing Technological Advancements in the APAC Region to Bolster the Edge AI Software Market
During the projection period, Asia Pacific is expected to be the fastest-growing regional market. The Asia Pacific market has been segregated into China, Japan, India, and the rest of the region. The region is undergoing rapid edge AI software market growth as a result of a variety of factors, including expanding local businesses and government programs geared at AI development. The major APAC countries are technologically advanced and provide substantial investment and income opportunities. The increasing volume of data generated by edge devices across several industrial verticals, as well as increased consumer expenditure on smart solutions in countries such as China, Japan, Australia, and India, are propelling the APAC edge AI software market forward.
Some of the key players active in the global market are TIBCO Software (US), Microsoft Corporation (US), Synaptics (US), IBM Corporation (US), Amazon Web Services (US), Nutanix Inc. (US), Octonion SA (Switzerland), Intel Corporation (US), HPE (US), Gorilla Technology Group (Taiwan), Oracle Corporation (US), ClearBlade (US), SIXSQ (Geneva), Foghorn Systems (US), Azion Technologies (US), TACT.Ai Technologies (US), ADAPDIX (US), and ALEF EDGE (US).
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