The edge AI market is expected to grow steadily, with a CAGR of 20.8% over the forecast period. According to a report from FMI (Futures Markets Insights), by the year 2032, this market is projected to be worth approximately US$ 39,618.3 million. This is a significant increase from its estimated value of US$ 5,970.7 million in 2022.
The growing demand for edge AI in end-use industries such as telecommunication, IT, electronics, and automobiles is increasing the market size during the forecast period. In addition, the growing workload and rising intelligence applications are accelerating the edge AI market size during the forecast period.
The adoption of edge AI is rising in the top organizations due to better work & efficiency. Moreover, the rising demand for edge AI is due to the increasing real-time processing of data and accuracy during the forecast period.
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In addition, growing IoT and edge AI software devices are likely to increase the edge AI market share during the forecast period. On the other hand, rising 5G technology in the IT industry is boosting the market growth in recent years. Based on countries, the US market dominates the global market size by contributing a maximum share of 23.4% during the forecast period.
Based on the application segment, the market is further categorized into video surveillance, remote monitoring, and predictive maintenance, among others. In these, video surveillance dominates the market by capturing a higher share during the forecast period.
Video surveillance is likely to secure a share of 30.0% during the forecast period. Growing high-tech use all around the globe and rising security concerns boost the adoption of video surveillance during the forecast period.
“Innovation of edge AI devices, including self-driving vehicles, drones, IoT gateways, and telesurgery devices, are propelling the market trends during the forecast period. The growing adoption of smart edge AI system devices, including smart farming, smart metering, robot-assisted surgery, and autonomous driving, are increasing the market trends.” as per FMI analysts.
Key Takeaways from the Edge AI Market Report:
- The historic edge AI market captured a valuation of 5,009.0 million in 2021.
- The US edge AI market captured 23.4% of the market share during the forecast period.
- The global edge AI market is likely to grow at a CAGR of 20.8% during the forecast period. The market is likely to secure a valuation of US$ 39,618.3 Million by 2032.
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Competition Landscape in the Edge AI
The market is consolidated by the number of prominent competitive players present in the market during the forecast period. These key vendors are focusing on the consumer’s requirements and launching innovative technological products to uplift the market share.
Moreover, the key players are acquiring several marketing methodologies to collect the lion’s share in the global market. Some of the marketing tactics adopted by them are mergers, acquisitions, partnerships, collaborations, and agreements, among others.
Recent Developments in the Edge AI:
- In July 2022, Web Werks announced its partnership with Nutanix to extend the benefits of the cloud-ready platform, which helps to provide fast cloud adoption in businesses. They are focusing on software add-ons for further benefits.
- In May 2020, Gorilla Technology announced its partnership with FORXAI for installing better edge AI devices, servers, and cloud services for several end-use companies such as medicine, agriculture, and others.
Leading Key Players:
- Microsoft
- IBM
- TIMCO
- Alef Edge
- Nautanix
- Deci
- Swim
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Edge AI Market Segmentation:
By Component:
- Hardware
- Software
- Service
By Application:
- Video Surveillance
- Remote Monitoring
- Predictive Maintenance
- Others
By Industry:
- Services
- Distribution Services
- Public Sector
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa(MEA)
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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