Various factors, such as increasing enterprise workloads on the cloud and rapid growth in intelligent applications, are expected to drive the edge of AI solutions and services’ adoption. The global edge AI software market size to grow from USD 590 Mn in 2020 to USD 1,835 Mn by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8 per cent during the forecast period.
The report aims to define, describe, and forecast the edge AI software market size based on component, type, GNSS receiver, application, vertical, and region. As the world braces for the continued impact of the COVID-19 pandemic, every industry has been affected. To mitigate pandemic risks, organisations worldwide take adequate measures such as remote working capabilities, small asset maintenance and monitoring, plant automation, and telehealth.
A high positive impact has been witnessed in the healthcare vertical, as firms have started realising the potential of edge AI software in combating COVID-19. It has led to increased funding and research to keep businesses safe and secure across the value chain. It is expected that the market will witness slow growth during the pandemic and bounce back with a higher adoption rate across verticals post-pandemic. Organisations worldwide have been using digital infrastructure to continue with their usual business activities as it serves as essential infrastructure. Healthcare, the public sector, and education verticals are adopting digitalisation at an unprecedented rate. Several clouds and edge companies offer their computational services for free to the frontline workers to reduce the impact of COVID-19.
The system integration and testing services segment to grow at a higher CAGR during the forecast period
The training and consulting services segment are expected to account for the largest market size. In contrast, the system integration and testing services segment is projected to have the highest CAGR during the forecast period. The technicalities involved in implementing edge AI software solutions boost the growth of training and consulting services. In contrast, the need to ensure the interoperability of edge AI software with hardware components from different vendors would promote system integration and testing services.
The video and image recognition segment to have the largest market size during the forecast period
The edge AI software market by data source has been segmented into video and image recognition, speech recognition, biometric data, sensor data, and mobile data. Video and image content analysis has introduced the automation of tasks due to advancements made in deep learning. They help to recognise temporal and spatial events in videos and images automatically. A person who moves suspiciously, traffic signs that are not obeyed, the sudden appearance of flames and smoke are few events detected through video and image content analysis.
Energy management application segment to have the highest CAGR during the forecast period
The edge AI software market by application has been segmented into autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry, energy management, and others (point of sales, field service support, precision agriculture, AR/VR, and smart wearables). Using edge AI for energy management can reduce the overall costs and optimise energy consumption by applying various techniques for predicting the system’s optimal load in real-time, leading to its growth in the edgeAI software market.