New York, USA, Aug. 02, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global edge AI software market is anticipated to generate a revenue of $3,093.2 million at a CAGR of 28.8% during the analysis period, rising from $435.9 million in 2019.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: The rising demand for Edge AI software in the telecom sector is expected to enhance the growth of the market. This is because of the benefits of the Edge AI software such as contextual push intelligence, 360 insight capability across the connected systems, availability of productivity tools in one place, and others. Moreover, Edge AI software is used for management of data, improving speed, bandwidth, improved individual experience, enhanced data analysis, and reduction of latency. These are the factors enhancing the growth of the market during the forecast period.
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Restraint: The complexity of the edge AI software is expected to hinder the growth of the market during the forecast period.
Key Segments of the Market
The report has divided the market into different segments based on component, data source, application, end-use, and regional outlook.
Component: Solution Sub-Segment Expected to be the Most Lucrative
Solution sub-segment accounted for a revenue of $297.2 million in 2019 and is further expected to garner the highest revenue with a CAGR of 27.9% during the forecast period. Solution component involves the capture of data and designing models, application scenarios as well as the application software that enables to run edge AI on different IoT devices. These are the factors influencing the growth of the market segment.
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Data Source: Video and Image Recognition Sub-Segment Expected to be the Lucrative
Video and image recognition sub-segment recorded a revenue of $131.0 million in 2019 and is further predicted to generate a significant revenue at a CAGR of 27.9% during the forecast period. Extensive usage of video and image for identification of suspects in AI accelerated systems is expected to enhance the market growth during the upcoming years.
Application: Autonomous Vehicles Sub-Segment Expected to be the Most Profitable
Autonomous vehicles sub-segment is predicted to grow with a CAGR of 28.2% during the forecast period, increasing from $138.8 million in 2019. Increasing production of autonomous vehicles has enhanced the demand of Edge AI software, leading to the growth of the market segment.
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End-Use: Automotive Sub-Segment Expected to be the Most Lucrative
Automotive sub-segment surpassed $108.0 million in 2019 and is further expected to grow at a CAGR of 27.7% during the analysis period. The reason behind this growth is the various applications of edge AI software in automotive sectors. The software is used in manufacturing of autonomous vehicles, development of sustainable transportation, and production automotive parts. These are factors enhancing the growth of the market segment.
Region: North America Expected to Dominate the Market
North America region market is expected to grow at a CAGR of 27.5% in the forecast period rising from $216.0 million in 2019. Increasing number of high-tech companies and presence of the leading market players are the main factors boosting the growth of the market.
Key Players & Strategies
1. International Business Machine (IBM)
2. Microsoft Corporation
3. Foghorn Systems Inc.
4. In Vision AI
5. Anagog Ltd.
6. Amazon Web Services (AWS)
7. TIBCO Software Inc.
8. Imagimob AB
9. Veea Inc.
10. Tact.ai Technologies Inc.
In October 2019, FogHorn, a leading developer of edge computing software for commercial and industrial Internet of Things (IoT) solutions, announced the availability of new Lightning™ Edge AI platform features, including tools and enhancements to empower operations technology (OT) professionals. The new drag-and-drop analytic programming capabilities and rich visualization dashboards enable OT staff to derive insights more quickly from real-time data without the need for assistance from data science teams.
Covid-19 Impact Analysis
During the coronavirus pandemic, the global edge AI software market experienced a significant growth. The reason behind this growth is that during the period, companies are adopting edge AI software to complete the automation process and sustain the productivity.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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