Edge AI market set to reach almost $40 billion by 2032
The Edge AI market is set to reach US$39.6 billion by the end of 2032, according to new research from Future Market Insights.
The market is anticipated to expand at a CAGR of 20.8% during the forecast period.
The growing demand for edge AI in end-use industries such as telecommunication, IT, electronics, and automobiles is increasing the market size during the forecast period. In addition, the growing workload and rising intelligence applications are accelerating the edge AI market.
The adoption of edge AI is rising in the top organisations due to better work & efficiency. Moreover, the rising demand for edge AI is due to the increasing real-time processing of data and accuracy during the forecast period.
In addition, growing IoT and edge AI software devices are likely to increase the edge AI market share during the forecast period. On the other hand, rising 5G technology in the IT industry is boosting market growth in recent years. Based on countries, the US market dominates the global market size by contributing a maximum share of 23.4%.
Based on the application segment, the market is further categorised into video surveillance, remote monitoring, and predictive maintenance, among others. In these, video surveillance dominates the market by capturing a higher share.
Video surveillance is likely to secure a share of 30.0% during the forecast period. Growing high-tech use all around the globe and rising security concerns boost the adoption of video surveillance.
"Innovation of edge AI devices, including self-driving vehicles, drones, IoT gateways, and telesurgery devices, are propelling the market trends during the forecast period," says FMI analysts.
"The growing adoption of smart edge AI system devices, including smart farming, smart metering, robot-assisted surgery, and autonomous driving, are increasing the market trends."
Key takeaways include:
· The historic edge AI market captured a valuation of 5,009.0 million in 2021.
· The US edge AI market captured 23.4% of the market share during the forecast period.
· The global edge AI market is likely to grow at a CAGR of 20.8% during the forecast period. The market is likely to secure a valuation of US$ 39,618.3 Million by 2032.
The number of prominent competitive players present in the market consolidates the market during the forecast period. These key vendors are focusing on the consumer's requirements and launching innovative technological products to uplift the market share.
Moreover, the key players are acquiring several marketing methodologies to collect the lion's share in the global market. Some of the marketing tactics adopted by them are mergers, acquisitions, partnerships, collaborations, and agreements, among others.
Recent Developments in the Edge AI:
· In July 2022, Web Werks announced its partnership with Nutanix to extend the benefits of the cloud-ready platform, which helps to provide fast cloud adoption in businesses. They are focusing on software add-ons for further benefits.
· In May 2020, Gorilla Technology announced its partnership with FORXAI for installing better edge AI devices, servers, and cloud services for several end-use companies such as medicine, agriculture, and others.