Edge AI software Market worth $7.19 billion by 2030- Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Dec. 10, 2024 /PRNewswire/ -- The Edge AI software Market size is projected to increase from USD 1.92 billion in 2024 to USD 7.19 billion in 2030, with a 24.7% CAGR throughout the forecast period, according to a new report by MarketsandMarkets™.

The push toward autonomous technology relies on edge AI for real-time decision-making and data processing. Edge AI is used by businesses to provide custom and faster user experiences in real-time, including retailing and customer service industries. Edge AI has significant importance in the smart consumer devices sector since it can make effects for real-time processing and decision-making on devices such as smartphones, wearables, and home automation systems. Demand for localized processing increases due to demands made on lowered latency and improved privacy and lesser dependency on cloud connectivity. Emerging technologies are pushing the innovations in TinyML and advanced AI accelerators to make smart consumer devices agile and responsive to the needs of the user.

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Scope of the Report

By data modality, visual data is expected to account for the largest share during forecast period.

Visual data segment is expected to have the largest share within the data modality, due to the growing need for advanced analytics and real-time processing. This pattern is mostly due to the increase in smart gadgets such as cameras and sensors, producing copious amounts of visual data that need to be processed efficiently on-site. Integration of AI in visual data applications improves features like facial recognition, object detection, and video surveillance, proving pivotal in sectors like retail, healthcare, and security. Deep learning algorithms have made significant progress in enhancing the precision and effectiveness of visual data analysis, leading to its increased use in various sectors. As businesses realize the value of visual data in making better decisions and improving operational performance, investments in edge AI technologies focused on visual data are growing. This trend indicates a growing reliance on visual data that underlines the critical significance of edge AI in accelerating response times and reducing delays in processing data, and thus marking visual data as an important variable in the future trajectory of the Edge AI software Market.

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By offering, service segment is projected to grow at the fastest CAGR during the forecast period.

Within the edge AI software landscape, the service sector is expected to have the fastest growth during the forecast period, due to a number of technical and operational factors. Improvement in edge computing architectures in organizations results in high demand for support and consulting services that are niche. These services are fundamental to the deployment, tuning, and scaling of edge AI. This has enabled organizations to leverage the full potential of real-time data processing and advanced analytics in efficient ways. Among other important services, system integration, performance tuning, and routine maintenance are increasingly being sought by companies trying to enhance flexibility in their operations and minimize time for data transactions. The increasing complexity of AI algorithms and architectures necessitates service providers to come up with innovative approaches designed to meet specific operational needs. This is also further compounded by the speedy rise of IoT devices as well as the need for data to be processed locally.

Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific region is expected to show the fastest growth in the Edge AI software Market due to the growing investments in AI and ML technologies in the region, specifically in China, India, and Japan, which are embracing digital transformation. The vast population and increasing urbanization in the region are the key drivers with the rising electronics manufacturing sector in Asia Pacific that sustains advanced edge AI solutions within consumer devices. Governments in the region are adopting AI through policies and funding, and innovations in energy-efficient hardware and edge computing infrastructure are driving the adoption of edge AI solutions, which are locally adapted to meet requirements such as low-cost and scalable systems. The improvements in the technological infrastructure through government support and involvement in smart city initiatives are likely to stimulate the growth of the market. For instance, smart city initiatives in Singapore and South Korea, as well as China, are accelerating the deployment of edge AI, which requires advanced and decentralized data processing to handle large volumes of data generated by sensors and connected devices. As huge investments are made by governments and private sector players on these projects, edge AI is becoming an enabler in key aspects of managing urban complexities with locally learned intelligence. The region's expansive population, the fast rate of urbanization, as well as increasing access to the internet, makes it suitable for the growth of edge AI solutions.

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Top Key Companies in Edge AI software Market:

The major edge AI software providers include Microsoft (US), IBM (US), Google (US), AWS (US), Nutanix (US), Synaptics (US), Gorilla Technologies (UK), Infineon Technologies (Germany), Intel (US) and VEEA (US). These companies have used both organic and inorganic growth strategies, such as product launches, acquisitions, and partnerships, to strengthen their position in the Edge AI software Market.

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