“Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Nutanix (US), Synaptics Incorporated (US), SWIM.AI Inc. (US), Imagimob AB (Sweden), Anagog Ltd. (Israel), TIBCO Software Inc. (USA), Octonion SA. (Switzerland), FogHorn Systems (USA), Bragi (Germany), Gorilla Technology Group (Taiwan).”
Edge AI Software Market by component (solutions and services), data source, application (autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, and telemetry), industry and region – global forecast to 2026
The global edge AI software market size is projected to grow from USD 590 million in 2020 to USD 1,835 million in 2026 at a compound annual growth rate (CAGR) of 20.8% during the forecast period. Various factors such as increasing enterprise workloads in the cloud and rapid growth in the number of intelligent applications are expected to drive the adoption of edge AI solutions and services.
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The mobile data segment will show a higher CAGR during the forecast period
The Edge AI Software Market by data source has been segmented into Video & Image Recognition, Speech Recognition, Biometrics, Sensor Data, and Mobile Data. The mobile data segment is expected to grow at the highest CAGR during the forecast period as there has been huge growth in data generated via mobile devices due to the excessive number of mobile users. Edge AI enables the processing of the generated data at the edge. Therefore, less information needs to be sent to the cloud and back, leading to the adoption of edge AI solutions and services.
The energy management application segment is projected to show the highest CAGR during the forecast period
Edge AI software market by application has been segmented into Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry, Energy Management, and Others (Point of Sales, Field Service Support, Precision Farming, AR/VR, and other Smart Wearables). Using Edge AI for power management can reduce the total cost and optimize energy consumption by applying various techniques to predict the optimal load of the system in real-time, leading to its growth in the EdgeAI software market.
According to MarketsandMarkets, Edge AI software enables aggregation, processing, computation and analysis of data present near or on the edge devices by leveraging AI and IoT technologies. The software helps process data on edge nodes even in remote and decentralized networks without cloud connectivity. Integrating AI with IoT in edge devices helps organizations minimize latency, reduce bandwidth, reduce threats, avoid duplication, improve reliability, and maintain compliance.
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Some of the major players in the Edge AI software market are Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Nutanix (US), Synaptics Incorporated (USA), SWIM.AI Inc. (USA), Imagimob AB (Sweden), Anagog Ltd. (Israel), TIBCO Software Inc. (USA), Octonion SA. (Switzerland), FogHorn Systems (USA), Bragi (Germany), Gorilla Technology Group (Taiwan), SixSq Sàrl (Switzerland), Azion Technologies LLC (USA), ClearBlade Inc. (USA), Alef Edge Inc. (USA), Adapdix (USA), byteLAKE (Poland), Reality Analytics Inc. (USA), Deci (Israel), StrataHive (India), edgeworx (USA), Invision AI Inc. (Canada), Veea Inc. (USA) and Tact . ai Technologies, Inc. (US), Horizon Robotics (China), Kneron Inc. (US) and DeepBrainz AI (India). These edge AI software providers have adopted various organic and inorganic strategies to maintain their positions and increase their market shares in the global edge AI software market.
Microsoft was founded in 1975 and is headquartered in Washington, USA. The company develops software, services, devices and solutions to compete in the intelligent cloud and intelligent edge space. With continuous investments in the cloud, Microsoft enables its customers to digitize their business processes. The Company’s offering includes cloud-based solutions that provide customers with software, platforms and content, and provide solution support and consulting services. Product offerings include operating systems (OS), multi-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools and video games. Microsoft’s platforms and tools help make small businesses more productive, large businesses more competitive, and public sector more efficient. The company’s platform accelerates innovation across the spectrum of intelligent edge devices, from IoT sensors to gateway devices and edge hardware, to build, manage and secure edge workloads. Microsoft will invest $1 billion in new technologies and innovative climate solutions over the next four years. In November 2020, the company also committed to investing $50 million in AI for Earth to accelerate innovation. In the edge AI software market, an Azure platform that is intelligent, consistent, and inclusive from the cloud to the edge.
IBM is a multinational technology and consulting company founded in 1911 and headquartered in New York, USA. It provides infrastructure, hosting and consulting services and operates through five main business segments: Cloud and Cognitive Software, Global Business Services, Global Technology Services, Systems and Global Finance. It targets various industries including Aerospace, Defense, Education, Healthcare, Oil & Gas, Automotive, Electronics, Insurance, Retail & Consumer Goods, Banking & Finance, Energy & Utilities, Life Sciences, Telecom, Media & Entertainment, Chemicals , Government, Manufacturing, Travel & Transportation, Construction, and Metals & Mining. The company has a strong presence in the Americas, Europe, MEA and APAC and customers in more than 175 countries. In the Edge AI software market, IBM offers IBM Edge Application Manager, IBM Storage, IBM Maximo Visual Inspection and IBM Maximo Worker Insights. These solutions help uncover actionable data-driven insights to drive customer loyalty, uncover revenue-driving opportunities, and outmaneuver fraud to protect revenue and reputation.
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