Leading the Charge: Edge AI Hardware Market Key Drivers, Trends, Growth, Outlook 2024-2033

The Edge AI Hardware by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Edge AI Hardware, The edge ai hardware market size has grown rapidly in recent years. It will grow from $6.64 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to market education and awareness, rise of iot devices, advancements in ai algorithms, demand for low latency, privacy and data security concerns..

The edge ai hardware market size is expected to see exponential growth in the next few years. It will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to advancements in hardware architecture, energy-efficient edge devices, edge-to-cloud balance, privacy and data security requirements, industry-specific solutions.. Major trends in the forecast period include ai model optimization for edge, hardware acceleration solutions, edge-to-cloud synergy, decentralized ai applications, federated learning adoption..

The rise in IoT applications is expected to boost the edge AI hardware market going forward. An IoT application is a group of services and programs that combine data from numerous IoT devices. IoT apps can gather data from throughout the factory floor and aggregate it to the network’s edge, hence, a rise in IoT applications is expected to boost the edge AI hardware market. For instance, according to the report published by Dataport, a Germany-based public-service provider, more than 10 billion IoT devices were in use in 2021. In 2030, it’s predicted that there will be more than 25.4 billion active IoT devices. IoT devices connect to the internet 152,200 times per minute by 2025. Therefore, the rise in IoT applications is driving the growth of the edge AI hardware market.

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The edge ai hardware market covered in this report is segmented –

1) By Component: Processor, Memory, Sensor, Other Components

2) By Device Type: Smartphones, Cameras, Robots, Wearables, Smart Speaker, Other Device Types

3) By End User: Consumer Electronics, Smart Home, Automotive, Government, Aerospace and Defense, Healthcare, Industrial, Construction, Other End Users

Technologically advanced products have emerged as the key trend gaining popularity in the edge AI hardware market. Major companies operating in the edge AI market are developing advanced technologies to strengthen their position in the market. For instance, in May 2022, Intel’s Habana Labs, an Israel-based creator of AI processors, launched second-generation AI processors for training and inferencing. The unique feature of second-generation AI processors is to close a market gap by offering customers high-performance, high-efficiency deep learning to compute options for both training workloads and inference deployments in the data center. In addition, it also lowers the entry barrier to AI for businesses of all sizes, which is what makes it stand out from competing technology.

The edge ai hardware market report table of contents includes: