Edge artificial intelligence (AI) is as a process in which AI algorithms such as data from signals or sensors are processed and analyzed on a hardware or at the edge, end devices. The software used for this purpose is called as edge AI software. This software allows real-time operation such as decision actions and data creation. Edge AI software is utilized in production of wearables that help in enhancing battery life of hardware devices. Besides, edge AI software evades complications of streaming and have the capability to store huge amount of data to the cloud, which in turn enhances the privacy of the stored data.
Edge AI software is extensively used where even milliseconds of delay in data transmission is unaffordable, low power consumption is a requirement, and sensitive data should not leave the hardware device. Edge AI software is utilized in enterprise and telecom segment that allows to run edge AI analytical software and supports multi-cloud to obtain complete action in less time.
Impact of COVID-19 on the Global Industry
The global edge AI software market is projected to witness a positive growth during the COVID-19 pandemic due to the increasing preference of companies to adopt edge AI software for smooth operational flow in business. Moreover, the key industry players of the market are adopting several strategies and launching novel technologies and products in the market, which is expected to boost the market growth in the pandemic crisis.
For instance, in May 2020, a global leader in edge AI technology, ONE Tech announced the launch of novel strategy to help organizations minimize operational inefficiencies, enhance privacy and security for IoT application through edge AI software solutions, and improve industrial production. ONE Tech’s award-winning MicroAI technology is utlilized by OEMs and enterprises across the globe as a tool to reach deeper insights into the behavior of machines, devices, and processes within their organizations.
In August 2020, California-based AI developer, Blaize launched its first products namely, Xplorer and Pathfinder. According to the company Blaize AI edge suite computing products overcome limitations of complexity, power, and cost to unleash the adoption of AI at the edge. The Blaize AI software suite has ease of accessibility and is built on open standards to liberate product developers.
Key Developments in the Global Market
The major industry players are implementing numerous growth strategies such as technological advancements, novel product launches, and mergers & acquisitions to gain a strong position in the overall market, which is consequently supporting the edge AI software market to grow at a significant pace.
For instance, in December 2019, ADLINK Technology partnered with Amazon Web Services (AWS) and Intel in order to offer AI at the edge for applications of machine vision. The ADLINK edge AI solution features Intel Distribution of OpenVINO toolkit, Amazon Sagemaker, AWS Greengrass, ADLINK Data River, and ADLINK Edge software suite.
Forecast Analysis of Edge AI Software Market
Global edge AI software market is anticipated to experience a notable growth over the period of forecast due to increasing utilization of edge AI software in connected vehicles as it assists to immediately process data used to run the autonomous vehicles or connected cars. The continuous technological advancements in the edge AI software is predicted to play a vital role in creating lucrative growth opportunities in the global market. However, lack of skilled labor, and ethical issues associated with edge AI software are major factors expected to impede the market growth in the near future.
A surge in the adoption & utilization of edge AI software in the telecom industry coupled with numerous advantages such as availability of productivity tools at one place and others is a major factor estimated to escalate the growth of the global edge AI software market by 2027. Research Dive in its latest published report anticipates that the edge AI software market will grow at a CAGR of 28.8% during the forecast period. The North America region is predicted to hold the maximum number of share in the global market throughout the forecast period owing to the presence of key industry players and favorable government initiatives for development of edge AI software in the region. The key players functioning in the global industry include Tact.ai Technologies Inc., International Business Machine (IBM), Veea Inc., Microsoft Corporation, Imagimob AB, Foghorn Systems, Inc., TIBCO Software Inc., In Vision AI, Amazon Web Services (AWS), and Anagog Ltd.