Edge AI Software Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Component (Solution and Service), By Data Source (Video and Image Recognition, Speech Recognition, Bio-Metric Data, Sensor Data and Mobile Data), By Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Energy Management and Others), By End-Use (Manufacturing, Automotive, Telecom, Healthcare, Government and Public and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Edge AI Software Market was valued at USD 1,092.2 Million in 2022 and is anticipated to reach a value of USD 6,976.1 Million by 2030 expanding at a CAGR of 30.3% between 2023 and 2030.

Edge artificial intelligence (AI) software is a combination of Machine learning and edge computing technologies. Without the need for expensive data analysis or enormous amounts of data, this artificial intelligence program automatically converts unprocessed information into actions or events, forecasting, and findings. The software tools that are provided take the shape of software development kits and structures, that provide the advantage of combining artificial intelligence capabilities with software programs. With the assistance of sensors and signals, an AI algorithm is performed on hardware devices in this edge AI software. Adopting this technology reduces the probability of staying connected in real-time as it recognizes the link and renders selection continuously. Edge AI ensures high-performance data computing, which makes real-time data processing on IoT devices possible. In edge AI, the data needed to apply AI is stored locally on the device or on a nearby server rather than in the cloud. This lowers computation latency and expedites the return of processed data.

Edge AI Software Market Major Driving Forces

Demand for IOT Devices: The growing popularity of internet of things (IOT) devices, including wearables, industrial sensors, and smart home appliances, is driving up demand for edge AI software. Edge AI eliminates the requirement for data to be continuously transmitted to a central location by enabling real-time processing and analysis of data produced by IOT devices.

Better than Cloud Based Solutions: The industry is expanding due to the reason that edge AI software is more affordable, faster, and requires fewer resources than cloud-based AI solutions.

Increasing Demand for Real-Time Data Processing: The market is expanding as a result of the growing need for real-time data processing and analysis in sectors including manufacturing, healthcare, and transportation. By eliminating the need to send massive amounts of data to a centralized location, edge AI allows data to be analyzed at or close to the source, which can increase the speed of data transfer and lower latency.

Application in Telecom & Enterprise Sector: Edge AI software supports multi-cloud and allows the use of cutting-edge AI analytical tools to help obtain comprehensive action in less time and hence is employed in the telecom and enterprise sectors.

Edge AI Software Market Key Opportunities

IoT Expansion: Edge AI software has a big opportunity as a result of the growing use of Internet of Things (IoT) devices in a variety of businesses. Real-time extraction of useful insights is made possible by edge computing, which facilitates the effective processing of data supplied by Internet of Things devices.

Real-Time Analytics: Real-time data analytics is beneficial to sectors including production, medical care, and financial. Companies may handle and evaluate data onsite with Edge AI software, which lowers latency and facilitates speedy decision-making. Technologies such as fraud detection, quality control, and proactive upkeep depend on this.

Smart Cities: Numerous towns worldwide are pursuing the concept of Smart cities, utilizing cutting-edge technology for an array of applications. Applications of Edge AI software in Smart Cities include traffic control, public safety, trash management, and energy optimization.

Edge AI Software Market Key Trends

·         The deployment of Edge AI software is being driven by an increasing demand for real-time data processing.

·         Increased use of AI in edge computing to boost productivity in a range of sectors.

·         Increasing the use of edge AI in IoT devices to improve intelligence and functionality.

·         An emphasis on security and privacy is driving the move toward decentralized edge computing solutions.

·         Expansion of edge AI applications in smart cities, manufacturing, healthcare, retail, and transportation.

·         Managing complicated deployments, interoperability, and guaranteeing security at the edge are among the difficulties.

·         Decreased reliance on cloud infrastructure that is centralized thanks to edge AI technology development.

Region-Wise Market Insights

North America accounted for the largest market share at 34.3% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 31.8% between 2023 and 2030.

The market for Edge AI software is dominated by North America, particularly the United States of America and Canada. With the introduction of advanced 5G network technology, the area is predicted to continue growing. The use of cutting-edge technology by the region's businesses, including artificial intelligence (AI), deep learning, and machine learning, is a major factor driving the expansion. Due to the growing need for artificial intelligence in the industrial, automotive, energy, and utility sectors, Europe is another significant market for edge AI software. For Edge AI software, Germany holds the biggest market share in all of Europe, while the UK has the fastest-growing market in this area. It is projected that the Asia Pacific market would experience considerable growth. Information-intensive AI and ML technologies are being used in several Asian countries, such as China, India, and Japan, across a variety of industries. Leading nations in the adoption and integration of edge AI technologies across several industries are China, Japan, and South Korea. The region's swift economic expansion, in conjunction with significant expenditures in technology and innovation, has stimulated the market for intelligent applications and real-time data processing.

Market Competition Landscape

The global edge AI software market is characterized by high degree of competition among a large number of manufacturers. Key players in the edge AI software market engage in strategies aimed at gaining a competitive edge.

Prominent players in the market include:

·         NVIDIA Corporation

·         Intel Corporation

·         Microsoft Corporation

·         Google LLC

·         IBM Corporation

·         Qualcomm Technologies, Inc.

·         NXP Semiconductors N.V.

·         Samsung Electronics Co., Ltd.

·         Huawei Technologies Co., Ltd.

·         Dell Technologies Inc.