The Edge AI Software Market is projected to grow from USD 0.8 billion in 2022 to USD 3.1 billion by 2027, at a compound annual growth rate (CAGR) of 28.9% during the forecast period. The edge AI software market is expected to grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the edge AI software market are ever-increasing enterprise workloads on the cloud, rapid growth in the number of intelligent applications, and exponentially growing data volume and network traffic.
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Video & image recognition segment to register largest market size during the forecast period
Edge AI software is segmented based on data source into video and image recognition, speech recognition, iris & facial data, sensor data, and mobile data. It offers real-time processing of data generated from different sources such as CCTV cameras, biometric devices, sensors, and mobile devices. Edge computing provides opportunities to move AI workloads from the cloud to the edge for video recognition & analytics, offering improved response times and bandwidth savings, among other advantages. Edge AI and video analytics explained Edge AI is the concept of moving analytics and AI abilities to the edge data processing location that is as close to a machine as possible and does not have to use the cloud. Video recognition & analytics, on the other hand, is the concept of processing data from video footage.
Services segment to witness higher CAGR during the forecast period
Services form an integral part of the software lifecycle, including deployment, integration, product upgrade, maintenance, training, and consulting. Professional services are obtained directly from parent companies. Edge AI combines multiple technologies to automate complex end-to-end business processes that involve decision-making and continuous learning. Services form an integral part of the software lifecycle, including deployment, integration, product upgrade, maintenance, training, and consulting.
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Some major players in the edge AI software market include 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), Foghorn Systems (Ireland), Azion (US), Bragi (Germany), Tact.ai (US), SixSq (Geneva), 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), and DeepBrainz (India). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global frontline workers training market.
Microsoft (US) was founded in 1975 and is headquartered in Washington, US. It is a prominent global leader and provides software products and diverse licensing suites. The company develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. In the edge AI software market, Microsoft offers Azure platform that is intelligent, consistent, and comprehensive from cloud to edge.
IBM (US) is a multinational technology corporation offering infrastructure hosting and other technology services. The company operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. IBM Cloud has emerged as a preferable platform for all business applications, as it is AI-compatible. IBM offers IBM Edge AI software in the edge AI software market. This solution helps discover actionable data-driven insights to drive customer engagement, reveal revenue-increasing opportunities, and outsmart frauds to protect revenue and reputation.
Gorilla Technology specializes in video analytics, network security, and big data to support a wide range of commercial, industrial, city, and government solutions. The ML and deep learning video analysis algorithms from Gorilla can identify, analyze, and extract information from digital content to drive business decisions in healthcare, transportation hubs, manufacturing, or retail. Gorilla Technology has a geographic presence in North America, Europe, Asia Pacific, and Middle East & Africa. It delivers edge AI solutions to managed service providers, distributors, system integrators, and hardware manufacturers. In the edge AI software market, Gorilla Technology offers IVAR Edge AI platform for various verticals, including government and law enforcement agencies (LEA), smart city and transportation, industrial, commercial, OT security, post-pandemic, and smart media.
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