Edge AI Software Market to Grow at 25% through 2024

Increasing implementation of edge AI software in various end user industries such as manufacturing, energy & utilities, government and IT & telecom to drive global edge AI software market through 2024

According to TechSci Research report, “Global Edge AI Software Market By Component, By Data Source, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2024”, the global edge AI software market is expected to witness a CAGR of 25% during 2019 - 2024 on account of increasing number of intelligent apps and growing security concerns across the globe. Moreover, surging demand for quick response time and minimum latency is further bolstering the growth of global edge AI software market. Additionally, the advent of 5G so as to bring IT and telecom together along with increasing adoption of software in autonomous vehicle is anticipated to positively influence growth of the market through 2024.

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Global edge AI software market can be segmented based on component, data source, application, end user and region. Based on solution, the market can be segmented into software and platform, of which platform segment is anticipated to grow at a high rate as it allows users to extract actionable insights in real-time from data generated at the edge and enhance customer experience. Based on the application, the market can be segmented into access management, video surveillance, remote monitoring and predictive maintenance and others. Increasing requirement to monitor, track and diagnose machines is anticipated to fuel demand for remote monitoring and predictive maintenance segment through 2024.   

Google LLC, Amazon Web Services Inc., Microsoft Corp., Nutanix Inc., TIBCO Software Inc., IBM Corporation, Octonion SA, Anagog, Veea, are among the leading players operating in global edge AI software market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations in order to register positive growth in the market. In 2018, Nutanix launched, Xi Cloud services, to offer a unified fabric across different cloud environments. In the same year, Microsoft Corp. collaborated with Qualcomm Technologies in order to develop AI developer kit that combines edge, IoT and AI.

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“North America accounts for a significant share in the global edge AI software market owing to increasing spending by the governments in the region on data management strategies as well as due to presence of leading players in the region. However, Asia-Pacific is anticipated to grow at the fastest pace due to rising number of start-ups in this domain and surging adoption of AI technology among various end-use verticals.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Edge AI Software Market By Component, By Data Source, By Application, By End User, By Region, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global edge AI software market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global edge AI software market.

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