Edge AI Software Market to Value $4.1 Billion by 2028

CHICAGO, November 16, 2023 /PRNewswire/ — Intelligent computing at the edge of networks will continue to evolve due to advances in connectivity, industry-specific applications and algorithms. This dynamic landscape will define the future of the Edge AI software market. It is expected that companies in a variety of industries will use edge AI technologies to open up new opportunities for productivity, automation and instant decision-making.

The global Edge AI Software Market is expected to grow from USD 1.1 billion in 2023 to USD 4.1 billion in 2028, with a CAGR of 30.5% during the forecast period, according to MarketsandMarkets. The Edge AI software market is expanding rapidly, driven by the convergence of technologies such as AI, ML, embedded hardware, cloud infrastructure, networking technologies, developer tools, security measures, and open source initiatives. These advances enable powerful and efficient edge computing solutions that address critical challenges such as latency, privacy and bandwidth consumption, making edge AI a key driver of innovation and efficiency across industries.

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Scope of the report

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Solution segment to account for the largest market size during the forecast period.

Based on the offering segment, solutions are expected to have the largest market size during the forecast period. Edge AI software solutions are rapidly being adopted across various industries, driving significant progress and improving operational efficiency. From manufacturing to healthcare, transportation to agriculture, edge AI enables businesses to optimize processes, personalize experiences and improve security. For example, in manufacturing, edge AI enables real-time monitoring, predictive maintenance and anomaly detection, leading to reduced downtime and improved quality control. Retailers leverage edge AI for targeted campaigns, personalized recommendations and optimized store layout.

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Managed service for stands for higher CAGR during the forecast period.

Based on the services, managed services are expected to have the highest CAGR during the forecast period. Edge AI managed services are gaining popularity as organizations seek to harness the power of edge AI without the burden of in-house expertise and infrastructure management. These services provide comprehensive solutions that include hardware, software, implementation and ongoing maintenance, enabling companies to focus on their core competencies while leveraging the transformative capabilities of AI.

Asia and the Pacific to exhibit the highest CAGR during the forecast period.

CAGR of Asia and the Pacific estimated to be highest in the forecast period. Edge AI software adoption in APAC is gaining momentum, driven by factors such as the increasing availability of edge computing infrastructure, the growing need for real-time insights and the desire to reduce latency. Players in the region are adopting edge AI software to improve operational efficiency, enhance customer experiences and gain a competitive edge. Key cases include predictive maintenance, anomaly detection and autonomous decision making.

Top Key Companies in the Edge AI Software Market:

Major Vendors in the Global Edge AI Software Market Microsoft (US), IBM (US), Google (US), AWS (US)Nutanix (US), Synaptics (US), TIBCO (US), Octonion (Switzerland), Imagimob (Sweden), Anagog (Israel), Veea (USA), Gorilla Technology (China), Azion (USA), Bragi (Germany)Tact.ai (USA), Ekinops (France), Clearblade (USA), Aleph Edge (US), Adapdix (US), byteLAKE (Poland), Reality AI (USA), Deci (Israel)Edgeworx (US), Swim (US), Invision AI (Canada), Horizon Robotics (China), Kneron (USA), DeepBrainz (India), Johnson Controls(Ireland), and Blaize (USA).

Recent developments:

• Microsoft has entered into a collaboration with Pivotable to accelerate data center innovation. Pivotable is a company that develops data processing units (DPUs) optimized for AI workloads. Microsoft plans to use Pivotable‘s DPUs to accelerate the performance of Azure IoT Edge and other edge AI solutions.

• Cisco and Nutanix have formed a global strategic partnership to accelerate hybrid multicloud deployment by offering a hyperconverged IT modernization and business transformation solution.

• IBM and Bharti Airtel have formed a partnership. The partnership will enable Indian businesses to access secure edge cloud services that will help them accelerate innovation, improve efficiency and reduce costs.

• Google and Amazon Web Services (AWS) have partnered to make it easier for developers to build and deploy edge AI applications. The two companies have integrated their edge AI platforms so that developers can use the same tools and APIs to build and deploy edge AI applications on both Google Cloud and AWS.

• Energous and Veea have partnered to enable complete wireless power deployments by integrating Energous PowerBridges and Veea’s Edge Platform with Wiliot IoT Pixels. The partnership aims to enable the next generation of real-time asset tracking applications in industrial, logistics and retail applications.

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Edge AI Software Market Advantages:

• By removing the need to transfer data to centralized cloud servers, Edge AI reduces latency and allows real-time processing of data locally. Applications that require quick decisions must take this into account.

• Edge AI optimizes bandwidth utilization and eases network congestion by processing data at the edge, eliminating the need to send massive amounts of raw data to the cloud.

• Edge AI minimizes the need to send data to remote servers, enabling sensitive data to be processed locally and addressing privacy concerns. In sectors such as healthcare and banking, this is particularly crucial.

• Edge AI systems can operate in low or offline connectivity contexts, guaranteeing uninterrupted operation even in the event of sporadic or non-existent internet connectivity.

• The responsiveness of apps and systems is enhanced by Edge AI, which allows devices to make important choices instantly without relying on cloud processing.

• Edge AI-powered apps provide a faster and more responsive user experience because processing takes place locally, eliminating the need for external cloud servers.

• By helping to offload certain processing processes from the cloud, Edge AI may reduce costs associated with data transit and cloud server usage.

• By reducing the dependence on a constant Internet connection, Edge AI improves the reliability of systems and applications in situations where network access is irregular.

Objectives of the report

• To define, describe and forecast the Edge AI Software market by supply, data type, verticals and region

• To provide detailed information related to important factors (drivers, restraints, opportunities and industry-specific challenges) influencing market growth

• To analyze the micro markets in terms of individual growth trends, prospects and their contribution to the overall market

• To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the Edge AI Software market

• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders

• To forecast the market size of segments for five main regions: North America, Europe, Asia and the Pacific, Middle East & Africaand Latin America

• To profile key players and thoroughly analyze their market positions and core competencies

• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Edge AI Software market

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