Edge AI Hardware Market: 44% of Growth to Originate from North America | By Component (memory, processor, and others) and Geography | Global Opportunity Analysis and Industry Forecast, 2022-2026
NEW YORK, April 1, 2022 /PRNewswire/ -- The Edge AI Hardware Market value is set to grow by USD 6.93 billion, progressing at a CAGR of 17.37% from 2021 to 2026, as per the latest report by Technavio.
This growth can be attributed to rise in IoT application by various end-user industries coupled with increase in demand for smart homes and smart cities. However, lack of skilled AI professionals can hamper the growth of the market during the next few years.
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Edge AI Hardware Market Geography Outlook (Revenue, USD bn, 2021-2026)
44% of the market's growth will originate from North America during the forecast period. The US is the key market for edge AI hardware in North America. Market growth in this region will be faster than the growth of the market in other regions.
The growing number of IoT devices, the ever-increasing need for faster processing devices, increasing government support, and a strong technical background will facilitate the edge AI hardware market growth in North America over the forecast period.
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Some of the Major Edge AI Hardware Companies:
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Rise in IoT Application by Various End-user Industries to Drive the Market Growth
IoT technology is the keystone for various enterprises to digitally transform, allowing them to improve existing operations while also developing and tracking new business models. Businesses and service providers have viewed IoT as a significant driver for enhancing digital transformation and unlocking operational efficiency. The acceptance of IoT technology across end-user sectors such as manufacturing, automotive, and healthcare is increasing. IoT is powering the next industrial revolution of intelligent connectivity, as the traditional manufacturing sector undergoes a digital transformation. This is altering how businesses approach increasingly complex systems and machines to increase productivity and reduce downtime. These factors will drive the market growth during the forecast period.
Lack of Skilled AI Professionals to Challenge the Market Growth
Various organizations are fully invested in AI, yet more than half lack the necessary in-house skilled expertise to carry out their strategy. According to AI statistics, in 2020, more than 9 in 10 (91%) top businesses had an ongoing investment in AI. However, most of them admitted that they lack the necessary mix of experienced AI talent in-house to implement their strategies. Indeed, a shortage of skilled talent was recognized as the most significant barrier to the advancement of their AI initiatives, followed by a lack of budget, a lack of access to the right technology, and a lack of useful data challenging the market growth. However, a lack of skilled professionals can hamper the growth of the market.
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Edge AI Hardware Market Component Outlook (Revenue, USD bn, 2021-2026)
The edge AI hardware market share growth by the memory segment will be significant during the forecast period. AI edge chip designers are testing several forms of memory for their upcoming applications. Vendors are pursuing a variety of memory strategies, including traditional memories such as static random-access memory (SRAM) and others, NOT-OR (NOR) flash for a newer technology known as analog in-memory computing, phase-change memory, magnetoresistive random-access memory (MRAM), resistive random-access memory (ReRAM), and other next-generation memories. These factors will contribute to the growth of the segment during the forecast period.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Component
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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