According to a research report "Edge AI Software Market Share by Offering (Solutions (Standalone and Integrated) and Services), Data Type (Video & Image Data, Audio Data, Text & Language Data, Biometric Data, and Multi-modal Data), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the global market for Edge AI software is projected to grow from USD 1.1 billion in 2023 to USD 4.1 billion by 2028, at a CAGR of 30.5% during the forecast period. The edge AI software market is expanding rapidly, driven by the convergence of technologies such as AI, ML, embedded hardware, cloud infrastructure, network technologies, developer tools, security measures, and open-source initiatives. These advancements are enabling powerful and efficient edge computing solutions that address critical challenges such as latency, privacy, and bandwidth consumption, making edge AI a key driver of innovation and efficiency across industries.
Solutions segment to account for the largest market size during the forecast period.
Based on the offering segment, solutions are anticipated to hold the largest market size during the forecast period. Edge AI software solutions are being rapidly adopted across various industries, driving significant advancements and enhancing operational efficiency. From manufacturing to healthcare, transportation to agriculture, edge AI is empowering businesses to optimize processes, personalize experiences, and improve safety. For instance, in manufacturing, edge AI enables real-time monitoring, predictive maintenance, and anomaly detection, leading to reduced downtime and improved quality control. Retailers leverage edge AI for targeted promotions, personalized recommendations, and optimized store layouts.
Managed service to account for higher CAGR during the forecast period.
Based on the services, managed services are anticipated to hold the highest CAGR during the forecast period. Edge AI managed services are gaining popularity as organizations seek to harness the power of edge AI without the burden of in-house expertise and infrastructure management. These services provide comprehensive solutions, encompassing hardware, software, deployment, and ongoing maintenance, enabling businesses to focus on their core competencies while leveraging edge AI's transformative capabilities.
Asia Pacific to exhibit the highest CAGR during the forecast period.
The CAGR of Asia Pacific is estimated to be highest during the forecast period. Edge AI software adoption in APAC is gaining momentum, driven by factors such as the increasing availability of edge computing infrastructure, the growing need for real-time insights, and the desire to reduce latency. Players in the region are adopting edge AI software to improve operational efficiency, enhance customer experiences, and gain a competitive edge. Key use cases include predictive maintenance, anomaly detection, and autonomous decision-making.
Major vendors in the global Edge AI software market Microsoft (US), IBM (US), Google (US), AWS (US), Nutanix (US), Synaptics (US), TIBCO (US), Octonion (Switzerland), Imagimob (Sweden), Anagog (Israel), Veea (US), Gorilla Technology (China), Azion (US), Bragi (Germany), Tact.ai (US), Ekinops (France), Clearblade (US), Alef Edge (US), Adapdix (US), byteLAKE (Poland), Reality AI (US), Deci (Israel), Edgeworx (US), Swim (US), Invision AI (Canada), Horizon Robotics (China), Kneron (US), DeepBrainz (India), Johnson Controls(Ireland), and Blaize(US).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
