Market Overview:
The Edge AI software market is a rapidly growing industry that focuses on the development of artificial intelligence applications and solutions at the edge of networks. This technology enables the processing and analysis of data closer to the source, which reduces latency and improves efficiency. The Edge AI software market is driven by the increasing demand for real-time data processing, the growing adoption of IoT devices, and the emergence of 5G networks. The applications of edge AI software are diverse, ranging from autonomous vehicles and drones to smart factories and healthcare systems. Edge AI software also has the potential to transform industries such as retail, energy, and agriculture. The market is highly competitive, with major players such as Google, Microsoft, and IBM investing heavily in the development of edge AI software. As the demand for edge AI software continues to increase, the market is expected to experience significant growth in the coming years.
Rise of edge computing to bolster the edge AI software market growth
The Edge AI software market is growing rapidly due to several driving factors. One of the key factors is the increasing adoption of edge computing technology. Edge computing enables data processing and analysis to be done closer to the source of data, which reduces latency and improves the overall performance of AI applications. This is particularly important for applications that require real-time processing, such as autonomous vehicles and industrial automation. Another driving factor is the increasing demand for AI applications in various industries, such as healthcare, retail, and manufacturing. Edge AI software enables these industries to collect and analyze data in real-time, which can be used to optimize processes and improve decision-making. For example, in healthcare, edge AI software can be used to monitor patient health and provide early warning alerts for potential health issues. The rise of Internet of Things (IoT) devices is also driving the growth of the Edge AI software market. IoT devices generate vast amounts of data, which can be processed and analyzed using edge AI software. This enables businesses to gain valuable insights from IoT data and make data-driven decisions. Moreover, the increasing adoption of cloud computing technology is also driving the Edge AI software market. Cloud computing provides a scalable and cost-effective way to store and process data, which complements the capabilities of edge computing. By using a combination of edge and cloud computing, businesses can take advantage of the benefits of both technologies and create powerful AI applications. In conclusion, the Edge AI software market is being driven by the increasing adoption of edge computing technology, the demand for AI applications in various industries, the rise of IoT devices, and the adoption of cloud computing technology. These factors are expected to continue driving the growth of the Edge AI software market in the coming years.
By Type:
· Solution
· Services
By Application:
· Autonomous Vehicles
· Access Management
· Video Surveillance
· Remote Monitoring & Predictive Maintenance
· Telemetry
· Others
Geography:
It is expected that North America will dominate the Edge AI software market in the coming years. The region is witnessing significant adoption of Edge AI technologies, driven by the presence of major tech giants and the availability of advanced infrastructure. Additionally, the rise in investments in research and development activities, as well as the increasing adoption of IoT devices in various industries, is driving the growth of the market in this region. The Asia Pacific region is also expected to witness significant growth in the Edge AI software market due to the increasing adoption of smart technologies and the rising demand for advanced analytics solutions. Furthermore, the region is witnessing significant growth in industries such as healthcare, automotive, and manufacturing, which are expected to drive the demand for Edge AI software solutions.
Impact of COVID-19 on the global Edge AI Software Market:
The COVID-19 pandemic has significantly impacted the Edge AI software market. The pandemic has disrupted supply chains and slowed down manufacturing activities, leading to delays in the production and delivery of Edge AI software products. Additionally, the pandemic has forced organizations to adopt remote working, which has resulted in the increased demand for Edge AI software to support remote operations. On the demand side, the pandemic has resulted in a surge in the adoption of Edge AI software in healthcare, retail, and manufacturing sectors. In healthcare, Edge AI software is being used to develop contactless healthcare solutions, such as remote patient monitoring, which helps reduce the spread of the virus. In the retail sector, Edge AI software is being used to manage inventory and to implement contactless payments. In the manufacturing sector, Edge AI software is being used to optimize production processes and to reduce labor costs.
Despite the challenges brought by the pandemic, the Edge AI software market is expected to grow significantly in the coming years. The increasing demand for real-time data analysis, the rise of IoT devices, and the growing need for automation and intelligent decision-making are the key factors driving the growth of the Edge AI software market. Furthermore, the adoption of 5G technology is expected to accelerate the growth of Edge AI software as it enables faster data transfer and analysis at the edge.
Impact of the Russia-Ukraine War on the global Edge AI Software Market:
As of now, there is no clear evidence to suggest that the ongoing Russia-Ukraine conflict has had a direct impact on the Edge AI software market. However, it is worth noting that any significant disruptions to global supply chains or geopolitical instability can have ripple effects across industries and markets, including the technology sector. Companies may face challenges in sourcing components and materials, as well as disruptions in shipping and logistics. Additionally, changes in government regulations and policies may affect the ability of companies to operate in certain regions or access certain markets. Therefore, while it is difficult to predict the exact impact of the Russia-Ukraine conflict on the Edge AI software market, it is important for industry stakeholders to closely monitor the situation and remain agile in response to any potential changes or disruptions.
Company Profiles:
· NVIDIA Corporation
· Intel Corporation
· Qualcomm Technologies, Inc.
· IBM Corporation
· Microsoft Corporation
· Amazon Web Services, Inc.
· Google LLC
· Xilinx, Inc.
· Arm Limited
· Samsung Electronics Co., Ltd.
· Advantech Co., Ltd.
· NXP Semiconductors N.V.
· Cisco Systems, Inc.
· Huawei Technologies Co., Ltd.
· Infineon Technologies AG
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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