Edge AI Market size is expected to surpass USD 70 billion by 2032, according to a new research report by Global Market Insights Inc.
The report cites the escalating need for high-performance hardware for handling the massive network data flow as the chief driver of the edge AI industry. Organizations are widely implementing innovative edge AI solutions to handle data traffic. The adoption of connected devices and the rising emphasis on digital transformation by retail businesses are mainly accelerating the demand for edge solutions. Companies are also using robust edge AI solutions in order to get substantial cost and performance benefits, which is primed to contribute to edge AI market expansion.
Superior end-user experience to increase demand for edge AI services
The services segment is projected to cross USD 15 by 2032, growing at a steady pace owing to the rapid development of edge-based technologies across the globe. Services provide guidelines for the implementation of edge solutions to improve the end-user experience. With the growing acceptance of AI worldwide led by the soaring penetration of smart devices, market leaders are bolstering technological integration into operations, which is estimated to propel segment progress significantly.
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Browse key industry insights spread across 280 pages with 361 market data tables and 39 figures & charts from the report “Edge AI Market Size By Component (Hardware [Graphics Processing Unit (GPU), Application Specific Integrated Circuit (ASIC), Central Processing Unit (CPU), Field-Programmable Gate Array (FPGA)], Software, Services [Training and Education, Support & Maintenance, System Integration and Testing]), By End-use (IT & Telecom, BFSI, Retail & E-commerce, Government, Transport & Logistics, Manufacturing, Healthcare), By Application (Video Surveillance, Remote Monitoring, Predictive Maintenance), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increasing usage of connected devices to boost product demand in the healthcare sector
The edge AI market growth from the healthcare end-use segment is anticipated to depict around 20% CAGR through 2032. Edge AI adoption in the healthcare sector is influenced by the growing number of connected devices and the growing prominence of data security and transmission. An edge AI application helps healthcare providers locally handle data from patient monitoring devices. Additionally, real-time analytics enabled by edge AI supports efficient management of patient records, which is slated to drive segment development.
Longer equipment lifespan to amplify product demand for predictive maintenance applications
The edge AI market revenue from the predictive maintenance application segment exceeded USD 3 billion in 2022. Organizations across all industries are investing in edge AI technologies to radically transform and improve their operational processes. The adoption of predictive maintenance helps firms increase their production capacities and extend equipment lifespan, which is also poised to augment segment growth.
Rising need to enhance business operations will expand the training and consulting segment value
The training and consulting services segment held approximately 15% of the market share in 2022 and is set to reach USD 900 million by 2032. These services help businesses optimize their processes by providing technical experience & knowledge, which is foreseen to support segment uptake.
Industrial modernization to facilitate North America industry expansion
The North America region captured about 32% of the edge AI market revenue share in 2022. Businesses are using edge AI solutions to secure corporate assets and enhance efficiency while modernizing their processes and facilities with Industry 4.0. The booming need for edge AI solutions on account of the necessity for robust, high-performance, and low-latency networks that provide the stability and security to preserve data are likely to further push the regional expansion.
Product advancements to define the business outlook
The list of contenders in the edge AI solutions provider include Anagog Ltd., Amazon Web Services (AWS), Dell, Google (Alphabet Inc), Gorilla Technology Group, Huawei Technologies Co., Ltd., IBM Corporation, Imagimob AB, Intel Corporation, Microsoft Corporation, MediaTek Inc, Nvidia, Synaptics Incorporated, Qualcomm Technologies Inc., and Xilinx.