The global edge AI software market size to grow from USD 590 million in 2020 to USD 1,835 million by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period. Various factors such as increasing enterprise workloads on the cloud and rapid growth in the number of intelligent applications are expected to drive the adoption of the edge AI solutions and services.
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The mobile data segment to hold higher CAGR during the forecast period
The edge AI software market by data source has been segmented into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. The mobile data segment is projected to grow at the highest CAGR during the forecast period as there has been tremendous growth in the data generated through mobile devices due to the excessive number of mobile users. Edge AI enables processing the generated data at the edge. Hence, less information needs to be sent to the cloud and back, leading to the adoption of edge AI solutions and services.
Energy management application segment to have the highest CAGR during the forecast period
The edge AI software market by application has been segmented into autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry, energy management, and others (point of sales, field service support, precision agriculture, AR/VR, and smart wearables). Using edge AI for energy management can reduce the overall costs and optimize the energy consumption by applying various techniques for predicting the optimal load of the system in real-time leading to its growth in edgeAI software market.
According to MarketsandMarkets, edge AI software enables aggregation, processing, computation, and analysis of data present near or on the edge devices by leveraging AI and IoT technologies. The software helps to process data on edge nodes even in remote and decentralized networks, without cloud connectivity. Integrating AI with IoT in edge devices helps enterprises to minimize latency, reduce bandwidth, reduce threats, avoid duplication, improve reliability, and maintain compliance.
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Some of the key players operating in the edge AI software market include Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Nutanix (US), Synaptics Incorporated (US), SWIM.AI Inc. (US), Imagimob AB (Sweden), Anagog Ltd. (Israel), TIBCO Software Inc. (US), Octonion SA. (Switzerland), FogHorn Systems (US), Bragi (Germany), Gorilla Technology Group (Taiwan), SixSq Sàrl (Switzerland), Azion Technologies LLC (US), ClearBlade Inc. (US), Alef Edge Inc. (US), Adapdix (US), byteLAKE (Poland), Reality Analytics Inc. (US), Deci (Israel), StrataHive (India), edgeworx (US), Invision AI Inc. (Canada), Veea Inc. (US), and Tact.ai Technologies, Inc. (US), Horizon Robotics (China), Kneron Inc. (US), and DeepBrainz AI (India). These edge AI software vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global edge AI software market.
Microsoft was founded in 1975 and is headquartered in Washington, US. The company develops software, services, devices, and solutions to compete in the area of intelligent cloud and intelligent edge. With continuous investments in cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content, and deliver solution support and consulting services. Its product offerings include operating systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s platforms and tools help drive the productivity of small businesses, competitiveness of large businesses, and efficiency of the public sector. The company’s platform accelerates innovation across the spectrum of intelligent edge devices, from IoT sensors to gateway devices and edge hardware to build, manage, and secure edge workloads. Microsoft will invest USD 1 billion over the next four years in new technologies and innovative climate solutions. In November 2020, the company has also pledged a USD 50 million investment in AI for Earth to accelerate innovation. In the edge AI software market, Azure platform that is intelligent, consistent, and comprehensive from cloud to edge.
IBM is a multinational technology and consulting corporation founded in the year 1911 and it is headquartered in New York, US. It offers infrastructure, hosting, and consulting services and operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. It caters to various industry verticals that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a robust presence in the Americas, Europe, MEA, and APAC and clients in more than 175 countries. In the edge AI software market, IBM offers IBM Edge Application Manager, IBM Storage, IBM Maximo Visual Inspection, and IBM Maximo Worker Insights. These solutions helps discover actionable data-driven insights to drive customer engagement, reveal revenue-increasing opportunities, and outsmart frauds for protecting revenue and reputation.
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