BANGALORE, India, May 19, 2021 /PRNewswire/ -- The Edge AI Software Market is Segmented by Solutions (Software Tools, Platforms), by Application (Autonomous Vehicles Access Management Video Surveillance Remote Monitoring & Predictive Maintenance Telemetry Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Software Category.
The global Edge AI Software market size is projected to reach USD 3363.7 Million by 2026, from USD 713.4 Million in 2019, at a CAGR of 24.8% during the forecast period 2021-2026.
Major factors driving the growth of the Edge AI software market are:
- Increasing enterprise workloads on the cloud and rapid growth in the number of intelligent applications
- Advantages such as minimize the bandwidth required to execute the solution, and lower the latency of response time, secure data processing improves user experience with hyper-personalization and lowers costs by speeding up processes and making devices more energy efficient, are expected to increase the Edge AI software market.
- The growing popularity of edge AI software in autonomous vehicle applications
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TRENDS INFLUENCING THE GROWTH OF EDGE AI SOFTWARE MARKET
Rapid growth in the number of intelligent applications is expected to drive the growth of the edge AI software market. AI is experiencing significant development with the advent of multiple applications in various verticals. To provide efficient and actionable information, these systems need a lot of computational resources to perform tasks like collecting and processing data in real-time. When AI applications are run on cloud technologies, they experience latency problems, making it difficult to provide fast responses. Edge AI software moves computing resources to the network's edge, allowing applications to operate with low latency and high bandwidth.
The increasing growth of IoT is expected to propel the adoption of Edge AI software and thereby increase the market size. Companies may use edge AI to deploy their machine learning models to run locally on edge devices, reducing performance and latency issues. Artificial intelligence systems may provide real-time input to improve mission-critical applications. Edge AI would most likely support industrial-heavy applications like manufacturing and supply chain in the short term. Edge AI may also be used to automate product testing and inspection, resulting in higher quality and lower costs.
Furthermore, edge AI software is becoming more common among businesses as it supports essential AI applications like autonomous vehicles and robotics. This in turn is expected to drive the growth of the Edge AI software market.
Another factor that is expected to boost the growth of the Edge AI software market is the usage of wearable devices, as they require computing on the go and cannot rely on remote cloud services.
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EDGE AI SOFTWARE MARKET SHARE ANALYSIS
North America is expected to hold one of the largest market shares during the forecast period. Organizations in North America, especially in the United States, have taken advantage of AI, machine learning, and deep learning technologies to remain ahead of the competition. The region's economies are well-established, allowing edge AI software vendors to invest in new technologies.
On the other hand, APAC is expected to be one of the fastest-growing regions during the forecast period. The major factors fueling the growth of the edge AI software market in the APAC region are the growing amount of data generated from edge devices across various industry verticals, increasing consumer spending on smart solutions in countries, such as China, Japan, Australia, and India
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Edge AI Software Market by Solution
- Software Tools
Edge AI Software Market by Application
- Autonomous Vehicles
- Access Management
- Video Surveillance
- Remote Monitoring & Predictive Maintenance
Major Key Players in the Edge AI Software Market
- Foghorn Systems
- Veea Inc
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