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Edge AI Market is segmented into Component, Application, Device Type, Data Sources and Industry for market analysis. Increasing advancement of hardware technology and the increasing demand for real-time and low-latency processing are expected to drive Edge AI Market. The Edge AI Market was estimated using a bottom-up approach.

Pune, June 29, 2023 (GLOBE NEWSWIRE) -- A global Information Technology & Telecommunication business-consulting firm, Maximize Market Research, has delivered a market intelligence and competitive landscape report on the Edge AI Market. The report is a combination of primary data and secondary data and domain expert has analyzed the Edge AI Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the Edge AI market growth from USD 14.54 Bn in 2022 to USD 54.38 Bn in 2029 at a CAGR of 20.1 percent.

Edge AI Market Report Scope and Research Methodology

Market Size in 2022

USD 14.54 Bn.

Market Size in 2029

USD 54.38 Bn.

CAGR

20.1 percent (2022-2029)

Forecast Period

2022-2029

Base Year

2022

Number of Pages

276

No. of Tables

114

No. of Charts and Figures

112

Segment Covered

Component, Application, Device Type, Data Sources and Industry

Regional Scope

North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage

Market Share, Size & Forecast by Revenue | 20222029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players Market Ranking Analysis.

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Edge AI Market Report Scope and Research Methodology

The Edge AI market report includes the extensive usage of both primary and secondary data collection methods. The report involves various factors affecting the industry, including the competitive landscape, historical data, current trends in the market, upcoming technologies, and the market risks, opportunities, barriers, and challenges for the Edge AI market. For the competitive analysis of the Edge AI market, major industry players are mentioned by region, along with their price, financial standing, product, product portfolio, technical developments, mergers and acquisitions, joint ventures, and strategic alliances.

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The bottom-up approach was used to establish the Edge AI market size and its estimation by various segments. Component, Application, Device Type, Data Sources and Industry are the segments used to analyze Edge AI to determine the favorable and unfavorable aspects that affect market growth. Regional analysis of Edge AI market was conducted at a local, regional and global level to understand Edge AI market penetration, price and demand analysis and competitive landscape. The report offers fundamental information on the Edge AI market such as stakeholders, investors and new entrants used to develop marketing plans and investments. SWOT analysis was used to provide the strengths and weaknesses of the Edge AI Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Edge AI Market.

Edge AI Market Overview

Edge AI is a computing paradigm that combines artificial intelligence (AI) with edge computing. It includes deploying AI algorithms and models directly on edge devices including sensors, cameras, gateways, and edge servers. The concept of Edge AI emerged as a response to the increasing need for real-time data processing and analysis, particularly in scenarios where latency, bandwidth, privacy, and security are critical. By bringing AI capabilities to the edge of the network, Edge AI enables faster decision-making and analysis without the need for continuous connectivity to the cloud.

Edge AI Market Dynamics

Edge AI brings artificial intelligence capabilities directly to edge devices, allowing for real-time processing and this is especially used in applications where low-latency decision-making is critical such as industrial automation, autonomous vehicles and Internet of Things (IoT) deployments. As a result, the increasing demand for real-time and low-latency processing boosts the Edge AI Market growth. The increasing advancement of hardware technology such as edge computing devices, system-on-chips (SoCs), and specialized AI accelerators is the driving factor for the market growth. These hardware advancements enable the efficient execution of AI algorithms on resource-constrained edge devices and help to grow the market. The growth of IoT devices and data, increasing concerns about data privacy and security and increasing need for real-time analytics are also the fuelling factors for the Edge AI Market growth.

The limited computing resources available on edge devices compared to cloud servers act as a major restraint for market growth. Data privacy and security and limited computational capabilities and connectivity on edge devices are also hampering factors for the market growth.

Edge AI Market Regional Insights

North America dominated the Edge AI Market in 2022 and is expected to maintain its dominance over the forecast period. Edge AI brings the power of artificial intelligence and machine learning algorithms closer to the data source, enabling real-time processing and analysis. This is particularly crucial for applications that need low latency including autonomous vehicles, industrial automation and healthcare. The increasing demand for real-time decision-making and immediate insights is driving the adoption of Edge AI technologies in the region. The proliferation of Internet of Things (IoT) devices, increasing concerns about data privacy and security, advancements in hardware technology, industry-specific applications and a supportive regulatory environment are also the boosting factors for the regional Edge AI market growth

Europe is a significantly growing region for the Edge AI market. The strong focus on data privacy and security and the significant adoption of Edge AI in sectors such as industrial automation, transportation, and smart cities are the influencing factors for regional market growth. The countries in Europe emphasize regulations including GDPR, which influence the development of Edge AI solutions.

Edge AI Market Segmentation

By Component

On the basis of the Component, the market is segmented into Hardware, Software, Edge Cloud Infrastructure and Services. The Hardware is expected to have significant growth for the Edge AI Market during the forecast period. Hardware components envelop the physical devices and equipment used in Edge AI deployments. This involves edge servers, gateways, IoT devices, sensors, cameras, AI accelerators, and specialized chips designed to help AI workloads. Hardware is used for the processing, storage, and connectivity capabilities needed at the edge.

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By Application

Video Surveillance

Access Management

Autonomous Vehicles

Energy Management

Others

Based on application, the market is categorized into Video Surveillance, Access Management, Autonomous Vehicles, Energy Management and Others. Video Surveillance is expected to grow at a significant CAGR for the Edge AI Market. Video surveillance is a widely adopted application of Edge AI. By deploying AI algorithms at the edge, video surveillance systems have been performing real-time video analytics, object detection and anomaly detection. Edge AI enables fast decision-making, minimizes bandwidth needs by transmission of only relevant video footage and enhances security and response times in critical situations.

By Device type

Smartphones

Cameras

Robots

Wearables

Smart speakers

Surveillance Cameras

Edge Servers

Smart Mirrors

By Data Sources

By Industry

Automotive

Manufacturing

Healthcare

Energy and Utility

Consumer Goods

IT & Telecom

Others (Retail)

Edge AI Market Key Players Include:

Apple Inc. (United States)

Oracle Corporation (United States)

NVIDIA Corporation (United States)

Intel Corporation (United States)

Microsoft Corporation (United States)

General Electric Company (GE) (United States)

Honeywell International Inc. (United States)

Hewlett Packard Enterprise (HPE) (United States)

Amazon Web Services (AWS) (United States)

Advanced Micro Devices, Inc. (AMD) (United States)

Google LLC (United States)

Advanced Micro Devices, Inc. (AMD) (United States)

Xilinx, Inc. (United States)

Cisco Systems, Inc. (United States)

Dell Technologies Inc. (United States)

IBM Corporation (United States, but major presence in Europe)

IBM Corporation (United States, but major presence in Europe)

Accenture PLC (Ireland)

Siemens AG (Germany)

SAP SE (Germany)

Huawei Technologies Co., Ltd. (China)

Samsung Electronics Co., Ltd. (South Korea)

MediaTek Inc. (Taiwan)

NEC Corporation (Japan)

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Key questions answered in the Edge AI Market are:

What is Edge AI?

What was the Edge AI market size in 2022?

What is the growth rate of the Edge AI Market?

Which are the factors expected to drive the Edge AI market growth?

What are the different segments of the Edge AI Market?

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Edge AI Market to Hit USD 54.38 Bn by 2029 at a CAGR of 20.1 percent: Says Maximize Market Research - Yahoo Finance