According
to the new market research report "Edge AI Software Market by Component (Solutions and Services), Data
Source, Application (Autonomous Vehicles, Access Management, Video
Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry),
Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global edge AI software market size is expected to
grow from USD 356 million in 2018 to USD 1,152 million by 2023, at a Compound
Annual Growth Rate (CAGR) of 26.5% during the forecast period.
The
major factors fueling the market growth include the increasing enterprise
workloads on the cloud and rapid growth in the number of intelligent
applications. The increasing adoption of edge AI software in autonomous
vehicles’ applications could provide growth opportunities for the edge AI
software vendors in the market.
The
software tools segment is estimated to hold a larger market size during the
forecast period
The
vendors offer edge AI solutions as software tools and platforms. The edge AI
software tools are a combination of Machine Learning (ML) and edge computing
technology, and automatically turns raw data into events, insights, and
predictions, without big data and costly analysis. The software tools that are
being offered in the edge AI software market are in the form of Software Development
Kits (SDKs) and frameworks, which allow users to integrate AI capabilities in
the application software.
Browse and
in-depth TOC on "Edge AI
Software Market"
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Energy
and utilities vertical is estimated to hold the largest market size during the
forecast period
The
energy and utilities vertical includes high-stake, technology-driven
operations, which depend on real-time insights to provide proactive monitoring
and protection against machinery and equipment failure. Most of the operations
happen at a remote area and lack reliable network infrastructure; edge AI
software provides data analytics on edge devices to enable real-time response,
which is required for maximum production and safety.
North
America is estimated to hold the largest market size during the forecast period
North
America is the major revenue-generating region in the global edge AI software
market. The region is witnessing major developments in the edge AI software
space. Many AI solution providers in North America are experimenting in the
edge AI software market by integrating AI and ML functionalities with their
existing edge AI solutions. They are also adopting various growth strategies to
strengthen their position in the edge AI software market.
The
major vendors in the global edge AI software market include IBM (US), Google
(US), Microsoft (US), AWS (US), Nutanix (US), TIBCO (US), Octonion
(Switzerland), SWIM.AI (US), Imagimob (Sweden), Anagog (Israel), Foghorn
Systems (US), XNOR.AI (US), Bragi (Germany), Invision.AI (Canada), Tact.ai
(US), and Veea Systems (England).
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