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
The global edge Artificial Intelligence (AI) software market size to grow at a Compound Annual Growth Rate (CAGR) of 26.5% during the forecast period
MarketsandMarkets forecasts the global edge AI software market size to grow from USD 356 million in 2018 to USD 1,152 million by 2023, at a CAGR of 26.5% during 2018-2023. The major growth factors for the market include the increasing amounts of enterprise workloads on the cloud and the rapid growth in the number of intelligent applications. Privacy and security concerns related to edge AI solutions may restrain the market growth.
The autonomous vehicles application is estimated to grow at the highest rate during the forecast period
The edge AI software market by application includes autonomous vehicles; access management; video surveillance; remote monitoring and predictive maintainence; telemetry; energy mangement and others. The autonomous vehicles application is expected to grow at the highest rate, due to the increased demand for edge AI to support autonomous and connected vehicles’ infrastructure.
The mobile data segment is estimated to grow at the highest rate during the forecast period
Based on data sources, the edge AI software market has been segmented into video and image recognition. speech recognition, biometric data, sensor data, and mobile data source. The mobile data source segement is expected to grow at the highest rate during the forecast period, due to the increasing demand to deploy edge AI software to analyze huge amounts of data generated by mobile devices.
Among regions, Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period
In the edge AI software market by region, APAC is expected to grow at the highest rate during the forecast period. The growth in the number of AI vendors in major APAC countries, such as China, India, and Japan and technological advancements, is expected to be a key growth driver for the market in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the edge AI software market.
By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%
By Region: Europe: 20%, APAC: 30%, North America: 40%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering edge AI software solutions. It profiles major vendors in the global edge AI software market including 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). It also includes an in-depth competitive analysis of the key players in the edge AI software market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The report segments the global edge AI software market by component, data source, application, vertical, and region. The component segment comprises solutions and services. The solution segment in the edge AI software market is also sub divided into software tools and platform. The services segment is also sub segmented into training and consulting, system integration and testing, and support and maintenance. The edge AI software market by data source has been categorized into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. The edge AI software market by application has been categorized into autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry, energy managment and others (point-of-sales, field service support, precision agriculture, Augmented Reality (AR)/Virtual Reality (VR), smart wearables). The edge AI software market by verticals covers government and public; manufacturing; automotive; energy and utilties; telecom; healthcare and others (retail and eCommerce, media and entertainment, and Banking, Financial Services, and Insurance [BFSI]). The report covers the edge AI software market with respect to 5 major regions, namely North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global edge AI software market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
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