Edge AI Hardware Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3424
Edge AI Hardware Market size will expand in value through 2027 owing to the advances in artificial intelligence, robotics, wearables and other disruptive technologies. With the growth of smart sensors and machine learning, demand for dependable and robust computing capabilities will stimulate the industry growth. Edge AI boosts decision-making and makes data processing more secure, with reliable real-time performance. They ensure efficiency and safety in autonomous driving, manufacturing sites, telecommunications and in public spaces.
The trend for edge AI hardware will also be noticeable in applications where there are concerns over costs for network transmission. In terms of processors, the global edge AI hardware market share from the ASICs segment will grow at an appreciable rate over 2021-2027. It boasts of low power consumption, smaller footprint and robust speed. Application-specific integrated circuits (ASICs) have gained traction for high-performance processing, making them sought-after for edge devices in a slew of applications.
Based on device, market share from the camera segment will grow at a considerable CAGR through 2027 following its penetration in a range of smart devices. A palpable rise in criminal activities has signified the importance of surveillance cameras. Companies are developing edge AI based cameras for facial recognition, object detection, people counting, body detection and intrusion. End-use applications such as commercial buildings, medical institutions, warehouses, airports and hotels are investing in AI cameras.
With regards to process, the edge AI inference market will garner substantial gain during the forecast period. Edge has become an ideal choice to run inference in self-driving cars and medical applications, for instance. Considering the trend for edge inference in applications, including medical imaging and autonomous driving, stakeholders will continue to invest in the landscape. Additionally, notable development for ASICs and CPUs will fuel the penetration of the inference process.
On the basis of end-user, governments will be a major recipient of edge AI hardware market during 2021-2027. Government agencies in developed regions have shown profound inclination for edge AI components for video monitoring and people counting amidst burgeoning population and soaring criminal activities. Advanced edge AI based systems have witnessed growing footfall in government networks, including security cameras, traffic sensors, water and sewer flow monitors and weather monitors.
Government agencies will continue to recognize upsides of edge AI hardware. For instance, the U.S. government prioritized the “Industries of the Future,” and had contemplated boosting R&D spending in nondefense AI. They will emphasize core AI research and cyberinfrastructure and datasets required for AI, among others.
With respect to region, Asia Pacific edge AI hardware market volume will amass significant share in the coming years. Soaring dependency on IoT devices, high latency owing to network congestion and demand for faster device processing will further fuel the industry growth across the region. For instance, manufacturing sites in China are using edge AI model trained to detect hands to prevent possible accidents and injuries when using heavy machinery.
Major vendors in the global edge AI market are Google, Microsoft Corporation, Huawei Technologies Corporation Ltd., NVIDIA Corporation, Samsung Electronics and Media Tek Inc., among others. The competitiveness has intensified with strategic mergers & acquisitions, product launches, R&D and innovations. Microsoft is introducing Azure Percept—a platform of hardware to simplify the way customers can use AI at the edge. It will help create edge AI solutions with a camera-enabled system on module (SoM) with increased security. Azure Percept Vision could boost vison and camera functions, people and object detection, loss prevention and shelf-stock analytics.
Edge AI hardware market response to the COVID-19 outbreak
The influence of the pandemic has been mixed on the global edge AI hardware market forecast. It has created opportunities for the use of smart cameras, robots, makeshift ventilators and telemedicine in the healthcare sector. Video surveillance system has gained considerable traction amidst the outbreak owing to cargo theft risks. Edge AI hardware has also gained ground in smart buildings to screen people as companies focus on developing facial recognition scanners.
Hardware demands for processing AI workloads during the outbreak will surge with soaring demand for cameras, robots and smart speakers. Edge computing will prove to be a growth enabler in the coming years, becoming the cornerstone on which new services and products are built.
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