Edge AI Software Market Research Report: By Data Source (Video and Image Recognition, Speech Recognition, Biometric Data, Sensor Data, Mobile Data), Component (Solution, Service), Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring and Predictive Maintenance, Telemetry, Energy Management), Vertical (Government and Public, Manufacturing, Automotive, Energy and Utility, Telecom, Healthcare) - Global Industry Analysis and Growth Forecast to 2030

Market Overview

The global edge artificial intelligence (AI) software market value was $600 million in 2020, and during the forecast period (2021–2030), it is expected to grow at a substantial rate. The increasing usage of cloud-based applications in many sectors, fast improvements in the internet of things (IoT) technology, and developments in a number of smart applications are significant driving elements for the edge AI software market.

The implementation of lockdown due to COVID-19 had a positive impact on the global market for edge AI software. The usage of this software has surged in the healthcare sector as firms have begun to understand its capability in battling COVID-19. For instance, it aids in decision making by collecting data from various sectors. Organizations worldwide have been utilizing computerized infrastructure to proceed with their typical business exercises. The medical care and training verticals are embracing digitalization at an exceptional rate.

Video & Image Recognition Category To Hold Largest Share in Forecast Period

The video & image recognition category within the data source segment attained the largest share in the market in 2020, and in the coming years, it is predicted to continue to hold the major market share. This can be primarily ascribed to the increasing demand for edge AI software for video surveillance applications because it is designed to minimize risks and maximize crime prevention.

Video Surveillance Application Category To Hold Largest Market Size In Coming Years

The major application area in the edge AI software market is video surveillance, and it is expected to have the largest market size during the forecast period. The increasing requirement for security and observing frameworks, which are software-based and used by developers, pushing the interest in edge AI software for video surveillance.

Additionally, the autonomous vehicles category is projected to observe substantial progress during the forecast period. This can be mostly credited to the growing interest and investments in autonomous vehicles by automakers. The increasing development of autonomous vehicles, including level 3 and level 4 variants, has increased the opportunity for the adoption of edge AI software.

North America Continues To Be Largest Market

North America was the largest market for edge AI software in 2020, and it would show significant growth in the forecast period. This can be ascribed to the major focus on technical research and development in the region, which had led to the earlier adoption of new technologies, including AI, here than in other regions around the world.

Developments in IoT Applications Leading To Increasing Demand for Edge AI Software

Developments in IoT applications can be seen as a key factor increasing the interest in edge AI software, as edge computing addresses the challenges of IoT. IoT applications deal with devices that interact with each other using the internet; AI allows the devices to learn from the data gathered. IoT empowers the trading of information between different parts of a machine or production line over a wireless network. Many market players are putting resources into the improvement of IoT-based gadgets and applications to gain a significant position in the market. In 2019, AI-based food traffic monitoring software was developed, which allows store owners to collect data about the client traffic patterns in the shop.

Increasing Demand for Intelligent Applications Drives Market

The rapid developments in AI software have resulted in an increase in the demand for intelligent applications. These applications require a high computing power for gathering and processing information continuously, to give effective and significant outcomes. The rising need for the efficiency of ongoing data processing is propelling the interest in AI software. Therefore, AI-enabled applications are being developed by many market players for various sectors, which would help the edge AI software market grow.

Increasing Enterprise Workload on Cloud another Key Market Driver

As enterprises are rapidly shifting to cloud computing and AI is gaining interest, the demand for edge AI software is predicted to soar. AI applications deployed on the cloud often offer slow responses, and they also have latency issues. Edge AI software offers a solution to this issue by placing the computer resources at the edge of the network, which helps in enabling applications to function with low latency and high bandwidth. This would be one of the major reasons for the growth of the edge AI software market in the coming years.

Market Players Launching New Services and Tools

Some of the major players operating in the global edge AI software market are IBM Corporation, Intel Corporation, Microsoft Corporation, Google LLC, Octonion SA, TIBCO Software Inc., Cloudera Inc., Foghorn Systems Inc., Synaptics Inc., Anagog Ltd., and Eta Compute Inc.

In recent years, these firms have launched new services, tools, and applications to gain a significant position in the market.

In May 2020, IBM launched many new solutions and services, such as Edge Application Manager and Telco Network Cloud Manager, with its partners, including Intel Corporation, in order to support organizations and telecom companies in the change to edge computing in the 5G era. The edge application manager is an autonomous management solution used to enable IoT, AI, and analytics. With it, enterprises’ workload can be organized and remotely managed, to deliver real-time analysis and insights.

In October 2019, FogHorn Systems Inc. introduced new features in its Lightning Edge AI platform, while the existing features were enhanced for better performance. Many new tools, such as drag-and-drop analytical programming capabilities and high-quality visualization dashboards, were launched for improvement in the operations technology, to enable professionals to derive data fast, without additional help.

Some of Key Players in Edge AI Software Market Are:

Market Size Breakdown by Segments

The global edge AI software market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Based on Data Source

• Video and Image Recognition
• Speech Recognition
• Biometric Data
• Sensor Data
• Mobile Data

Based on Component

• Solution
  • Software tools
  • Platform        
• Service
  • Training and consulting
  • System integration and testing
  • Support and maintenance

Based on Application

• Autonomous Vehicles
• Access Management
• Video Surveillance
• Remote Monitoring and Predictive Maintenance
• Telemetry
• Energy Management

Based on Vertical

• Government and Public
• Manufacturing
• Automotive
• Energy and Utility
• Telecom
• Healthcare

Based on Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa