Edge AI Software Market Is Projected To Reach USD 8049.8 Million by 2027
NEW DELHI, Nov. 22, 2021 /PRNewswire/ — According to research study conducted by Astute Analytica, we estimated that the Global Edge AI Software Market will grow at a CAGR of 29.8% during the forecast period of 2021-2027.
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‘The most demanding use of Edge AI has been seen in wearable devices.’
Edge AI is a system that consists of sophisticated Machine Learning algorithms that the process data generated by a local hardware device. It is a system that puts Edge Computing and Artificial Intelligence (AI) together. AI is a machine made to performs tasks that otherwise require human intelligent. Together Edge computing and AI brings many breakthrough advancements like self-driving cars, which helps prevent many accidents that occur due to human faults such as drunk or distracted driving. With most self-driving cars having electric engine, these cars have proven themselves to be environment friendly.
An application of edge technology can be seen in speakers of Google, Alexa or Apple Homepod, Apple Siri. Such devices have comprehensive computer algorithms that helps them to learn and improve automatically using a lot of given data and experience.
In-Depth Study of Market and What Effects It
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Key Players and Recent Developments
In the recent years, the use of artificial intelligence has increased rapidly. Now more human jobs are being done using AI technology to achieve increased efficiency at lower costs.
There are several players in the market that provides this technology intensively and the biggest providers are AWS, Google, IBM, Microsoft, Azion technologies, Anagog Ltd., Foghorn Systems, Inc. Chaos Prime, Inc. Gorilla Technology Group, Inc. Imagimob, Nutanix, Octonion, Synaptics, TIBCO Software, Veea Inc. Top 12-15 market players hold approximately 65-70% of the market share. The report evaluates that the market is projected to shift towards an oligopoly market during the forecast period. Some new developments in the global market for Edge AI software are listed below:
In 2019, Google launched Coral which is an AI platform to help its customers in creating products with local AI. Coral provides software on chips with machine learning algorithms that works without connecting to the cloud.
In 2020, Mimik Technology collaborated with IBM to create AI-enabled integrated workflow technologies to make edge computing more attainable for the manufacturing, retail, IoT, and healthcare industries.
In 2021, the National Payment Corporation of India (NPCI) launched an AI sophisticated product called pai to integrate and analyse data for companies such as RuPay, FASTag, AEPS, etc.
In 2021, Microsoft launched Azure Percept. The aim is to provide consumers hardware and services that can ease the use of Azure edge AI technologies.
In 2021, Paravision released a toolkit that is embedded with edge AI software that provides various facial recognition functions.
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Astute Analytica has segmented the Edge AI Software Market on the basis of Component, Data Source, Application, End-User and region:
In component segment, the software category holds approximately four times more market share as compared to services category in the year 2020. In the data source segment, Biometric Data has the highest CAGR of 30.4% closely followed by Sensor Data at second place. The market for edge AI software is segmented based upon components, data source, application, end users and regional.
By Data Source
By End Users
Banking and Insurance
Energy and Material
Health Care Infrastructure
Media And Entertainment
Public Sector Utilities
Travel, Transport and Logistics
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SOURCE Astute Analytica