The edge ai software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Edge AI Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The edge ai software market size has grown exponentially in recent years. It will grow from $1.35 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to increasing enterprise workloads on the cloud.
The edge ai software market size is expected to see exponential growth in the next few years. It will grow to $4.68 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to low latency, real-time processing and bandwidth efficiency. Major trends in the forecast period include mergers and acquisitions.
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Scope Of Edge AI Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Edge AI Software Market Overview
Market Drivers –
The increasing adoption of 5G network technology is expected to propel the growth of the edge AI software market going forward. 5G network technology is the fifth generation of mobile network technology, representing a significant advancement over its predecessors (2G, 3G, and 4G/LTE). 5G network technology is used in edge AI software to offer faster data transmission and minimal lag, which is crucial for real-time AI processing at the edge. For instance, in April 2023, according to 5G Americas, a US-based industry trade organization, there was a 76% growth in global 5G wireless connections from the end of 2021 to the end of 2022, reaching a total of 1.05 billion connections. Therefore, the increasing adoption of 5G network technology is driving the growth of the edge AI software market.
Market Trends —
Major companies operating in the edge AI software market are focusing on developing innovative solutions, such as the edge AI suite. An edge AI suite typically refers to a comprehensive set of software tools, frameworks, and services that collectively enable the implementation of artificial intelligence (AI) capabilities at the edge of a network. For instance, in December 2023, STMicroelectronics NV, a Switzerland-based semiconductor manufacturing company, launched ‘ST Edge AI Suite’. It is integrated with software tools and compatible with the company’s hardware, which accelerates the initiation and implementation of countless connected, autonomous devices embedded with local artificial intelligence, facilitating the seamless design and deployment of such solutions on a large scale. It will broaden and consolidate various software tools, evaluations, and development kits introduced over the last decade, all while utilizing the established AI ecosystem within machine learning (ML).
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
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Regional Insights —
North America was the largest region in the edge AI software market in 2023. The regions covered in the edge ai software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies —
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.
Table of Contents
1. Executive Summary
2. Edge AI Software Market Report Structure
3. Edge AI Software Market Trends And Strategies
4. Edge AI Software Market — Macro Economic Scenario
5. Edge AI Software Market Size And Growth
…..
27. Edge AI Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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