Global Edge AI Software Market (2020 to 2026) - Emergence of the 5G Network to Bring IT and Telecom Together
DUBLIN, Feb. 24, 2021 /PRNewswire/ -- The "Edge AI Software Market by Component (Solutions and Services), Data Source, Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring and Predictive Maintenance, and Telemetry), Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global edge AI software market size to grow from USD 590 million in 2020 to USD 1,835 million by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period.
As the world braces for the continued impact of the COVID-19 pandemic, every industry has been affected. To mitigate pandemic risks, organizations around the world are taking adequate measures such as remote working capabilities, remote asset maintenance and monitoring, plant automation, and telehealth. A high positive impact has been witnessed in the healthcare vertical, as firms have started realizing the potential of edge AI software in combating the impact of COVID-19. This has led to increased funding and research to keep businesses safe and secure across the value chain. It is expected that the market will witness slow growth during the pandemic and bounce back with a higher adoption rate across verticals post-pandemic. Organizations worldwide have been using digital infrastructure to continue with their usual business activities as it serves as an essential infrastructure. Healthcare, the public sector, and education verticals are adopting digitalization at an unprecedented rate. Several clouds and edge companies are offering their computational services for free to the frontline workers to reduce the impact of COVID-19.
The system integration and testing services segment to grow at a higher CAGR during the forecast period
The training and consulting services segment is expected to account for the largest market size, while the system integration and testing services segment is projected to have the highest CAGR during the forecast period. The technicalities involved in implementing edge AI software solutions boost the growth of training and consulting services while the need to ensure the interoperability of edge AI software with hardware components from different vendors would boost the growth of system integration and testing services.
The video and image recognition segment to have the largest market size during the forecast period
The edge AI software market by data source has been segmented into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. Video and image content analysis has introduced the automation of tasks due to advancements made in deep learning. They help to automatically recognize temporal and spatial events in videos and images. A person who moves suspiciously, traffic signs that are not obeyed, the sudden appearance of flames, and smoke are few events detected through video and image content analysis.
Energy management application segment to have the highest CAGR during the forecast period
The edge AI software market by application has been segmented into autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry, nergy management, and others (point of sales, field service support, precision agriculture, AR/VR, and smart wearables). Using edge AI for energy management can reduce the overall costs and optimize energy consumption by applying various techniques for predicting the optimal load of the system in real-time leading to its growth in edgeAI software market.
Among regions, North America accounts for the largest market size during the forecast period
The organizations in North America, especially the US, have leveraged the benefits of AI, ML, and deep learning technologies to stay ahead in the market. The region has well-established economies, which enable edge AI software vendors to invest in new technologies. Furthermore, it is regarded as the center of innovation where major IT players are rolling out intelligent devices and collaborating with other companies in the edge AI software market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
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SOURCE Research and Markets