Edge AI Software Market worth $4.1 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 16, 2023 /PRNewswire/ -- Intelligent computing at the edge of networks will continue to evolve due to advancements in connectivity, industry-specific applications, and algorithms. This dynamic landscape will define the future of the Edge AI Software Market. It is anticipated that businesses in a variety of industries would use Edge AI technologies to open up new avenues for productivity, automation, and instantaneous decision-making.
The global Edge AI Software Market is projected to grow from USD 1.1 billion in 2023 to USD 4.1 billion by 2028, at 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, network technologies, developer tools, security measures, and open-source initiatives. These advancements are enabling 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
Solutions segment to account for the largest market size during the forecast period.
Based on the offering segment, solutions are anticipated to hold the largest market size during the forecast period. Edge AI software solutions are being rapidly adopted across various industries, driving significant advancements and enhancing operational efficiency. From manufacturing to healthcare, transportation to agriculture, edge AI is empowering businesses to optimize processes, personalize experiences, and improve safety. For instance, 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 promotions, personalized recommendations, and optimized store layouts.
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Managed service to account for higher CAGR during the forecast period.
Based on the services, managed services are anticipated to hold 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, encompassing hardware, software, deployment, and ongoing maintenance, enabling businesses to focus on their core competencies while leveraging edge AI's transformative capabilities.
Asia Pacific to exhibit the highest CAGR during the forecast period.
The CAGR of Asia Pacific is estimated to be highest during 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 use cases include predictive maintenance, anomaly detection, and autonomous decision-making.
Top Key Companies in 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 (US), Gorilla Technology (China), Azion (US), Bragi (Germany), Tact.ai (US), Ekinops (France), Clearblade (US), Alef Edge (US), Adapdix (US), byteLAKE (Poland), Reality AI (US), Deci (Israel), Edgeworx (US), Swim (US), Invision AI (Canada), Horizon Robotics (China), Kneron (US), DeepBrainz (India), Johnson Controls(Ireland), and Blaize(US).
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Edge AI Software Market Advantages:
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