Since the last few years, there is a substantial improvement in the applications of Artificial Intelligence across the world. The future of Artificial Intelligence is on the Edge. Edge AI is nothing but a system that processes data produced by a hardware device at the local level by utilizing machine learning algorithms. It just takes a matter of milliseconds for the device to make real-time decisions as the device processes the data without any necessity of an internet connection.
Nowadays with the emerging technologies and current Covid-19 pandemic conditions, cloud computing has become a fundamental part of AI evolution as there is tremendous growth in the corporate activities at work. There is increase in penetration of artificial intelligence in numerous sectors. This is augmenting the growth of the global edge AI software market. Further, edge technology is crucial in most industries. For instance, in autonomous cars, this technology enhances battery durability and helps reduce consumption of power. It is also applicable to surveillance systems, robots, and others. In addition to this, edge AI is considered to be very important as it provides intelligence to the security camera detection process, in emergency medical care can be used for the analysis of medical images, and can improve safety & lessen costs in terms of industrial IoT. Thus, the applications of edge AI have no limits and are gaining popularity in each sector. This is fostering the growth of the global market. Furthermore, the deployment of 5G network will improve the usefulness of edge AI software which in turn will have immense opportunities for the growth of the global market during the forecast period.
The global edge AI software market is segregated into component, data source, application, vertical, and region. Solutions and services are the components categorized in the global edge AI software market. The data source segment covers sensor data, mobile data, video & image recognition, speech recognition, and biometric data. Edge AI software has applications in remote monitoring & predictive maintenance, telemetry, energy management, autonomous vehicles, access management, video surveillance, and others. The verticals involved in the global market are energy & utilities, telecom, healthcare, government & public, manufacturing, automotive, and others.
Among the regions, North America is estimated to top the global edge AI software market during the forecast period. Well-established IT sector with advanced technologies and increase in use of edge AI software in healthcare industry is majorly supporting the growth of the market in this region. Asia Pacific is anticipated to register fastest growth rate in the market and this is due to huge investments in AI-based technologies and growing use of edge AI software in remote monitoring & predictive maintenance.
Microsoft Corporation, TIBCO Software Inc., Nutanix, Imagimob AB, IBM Corporation, Synaptics Incorporated, Anagog Ltd., Alphabet Inc., Amazon Web Services, ONE Tech, and others are some of the dominant players that are operating in the global edge AI software market.
In January 2021, ONE Tech launched MicroAI™ Atom Software Development Kit (SDK) which is the world’s first AI that trains and embeds AI models directly on microcontroller unit (MCU)-based hardware.