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Edge AI Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Network, Edge Cloud Infrastructure, Software, and Support Services), By Industry (Automotive, Manufacturing, Healthcare, Energy & Utility, Consumer Goods, IT & Telecom, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI107023

 

KEY MARKET INSIGHTS

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The global edge AI market size was valued at USD 11.98 billion in 2021. The market is projected to grow from USD 15.60 billion in 2022 to USD 107.47 billion by 2029, exhibiting a CAGR of 31.7% during the forecast period. Based on our analysis, the global market exhibited an average growth of 28.1% in 2020 as compared to 2019.


In the scope, we have considered edge AI solutions and services provided by key players such as ADLINK Technology Inc., Synaptics Incorporated, Intel Corporation, and IBM Corporation.


Edge AI is a combination of edge computing and Artificial Intelligence (AI) technology. This solution allows a set of artificial intelligence algorithms to run on local devices with edge computing capacity for critical applications. This solution allows local devices to process data in real time without internet connectivity. These devices are leveraged across various industries such as automotive, manufacturing, healthcare, energy and utility, consumer goods, IT and telecom, and others.


The market players are developing platforms for edge AI on 5G networks for better digital transformation of enterprises across all industries. For instance,



  • In February 2021, Telstra collaborated with AWS to combine Telstra's 5G network with AWS's edge technology. With this partnership, Australia’s Telstra explored AWS’s edge computing offerings integrated into its 5G network to improve the performance of 5G applications.


COVID-19 IMPACT


Increasing Number of IoT Connected Devices amid Pandemic to Boost Market Opportunity


The COVID-19 pandemic has impacted the whole economy worldwide, curtailing the movement of goods and services. As a result, businesses faced unprecedented challenges in their revenue operations.


 The pandemic has moderately impacted the market. During the early phase of COVID-19, the edge AI hardware market experienced a step down as the production of edge computing products and devices were halted due to trade restrictions imposed by governments across various countries.


However, with the increasing number of IoT devices globally, the market is expected to grow in the coming years. A forecast by IDC states that there will be 41.6 billion IoT devices in 2025. Also, edge AI has provided aid during the crisis by detecting COVID-19. For instance,



  • In January 2021, NeuTigers Company, under the research group led by Niraj Jha, developed a medical app named CovidDeep for detecting COVID-19. It uses edge AI technology and extracts data from smartwatch sensors to predict if someone is infected with COVID-19.


LATEST TREND


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Rising Applications of Edge AI in Healthcare Sector to Propel Market Growth


Applications of artificial intelligence in the healthcare sector are rapidly increasing, owing to the accurate output results provided by such solutions. Some of the applications include image analysis, virtual diagnostics, robotics-assisted surgery, and electroceuticals. The tools help healthcare institutions analyze health data and allow doctors to connect with patients remotely. Also, edge-based cybersecurity is used in safeguarding sensitive health data.


The major companies in this market are trying to invent and organize new advances in this technology. Moreover, infusion of this technology with healthcare will aid the industry in accelerating and providing high performance. For instance,



  • In September 2022, Nvidia expanded its Edge AI technology for healthcare and robotics. The Nvidia IGX Platform is targeted at both industrial and medical use cases to accelerate performance and extract real-time insights.


DRIVING FACTORS


Rising Demand for Autonomous Vehicles & Robotics to Drive Market Growth


Self-driven vehicles need to communicate their data to the cloud in real-time to perform efficiently. This is fulfilled by advanced artificial intelligence and machine learning technologies that aid these autonomous driving systems in decision making. Autonomous vehicles connect to the edge to enhance efficiency, reduce accidents, improve safety, and decrease traffic congestion.


Moreover, these applications in robotics are gaining popularity owing to low latency and bandwidth requirements. AI-based robot systems, drones, smart factories, and smart ports are some of the places where such technology infused robotics are applied. For instance,



  • In June 2020, ADLINK Technology Inc. partnered with Industrial Technology Research Institute and Tier IV to provide autonomous driving for all. The partnership focused on jointly developing traffic management systems and intelligent transportation with the help of Autoware open-source self-driving technology.


RESTRAINING FACTORS


Susceptible Malware Infiltration & Security Flaws to Hinder Market Growth


Edge AI applications are exposed to security threats as the data secured and stored are cyber sensitive. It is one of the emerging advancements, and the lack of expertise and knowledge in this field is overseen across all sectors.


Moreover, edge computing heavily depends on the hardware and requires standardized units. The time taken to build the prototype is high and deploying it in production is time-consuming. Also, the cost incurred on resources, training, and R&D is high. Many factors such as use cases, power consumption, memory requirements, and processors make implementation of this technology challenging.


SEGMENTATION


By Component Analysis


Growing Use of Smartphones, Wearables, and Smartwatches to Augment Segmental Demand


Based on component, the market is segmented into hardware, network, edge cloud infrastructure, software, and support services.


The hardware segment captures the largest share in the market and it is expected to continue its dominance by growing at a significant CAGR during the forecast period. Edge chipsets have high processing capability with low-power consumption, owing to which they are significantly used in IoT devices.


Smartphones, automobiles, and industrial robots hold a huge growth potential for this hardware. The chipset includes GPU, CPU, ASIC, and FPGA. AI-at-the-edge chips in smartphones provide users with many benefits, including speedy learning and long life.


Moreover, Brazil is cooperating with Taiwan for its semiconductor capital to grow its advanced semiconductor chip industry. This aids Brazil in growing its USD 50 billion tech industry.


By Industry Analysis


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Consumer Goods to Propel the Market Growth Owing to Increasing Applications in Smart Homes & Smart Cities


Based on industry, the market is categorized into automotive, manufacturing, healthcare, energy & utility, consumer goods, IT & telecom, and others.


Manufacturing segment holds the largest edge AI market share owing to the rising applications of this technology in factory automation processes. There is a surge in adoption of this solution to automate the assembly line in manufacturing facilities.


However, consumer goods are expected to grow with the highest CAGR in the forecast period owing to the increase in smart wearables, smart speakers, and other digital devices. As per IDC, around 1.3 million units of smartwatches and smart bands were sold in 2019.


REGIONAL INSIGHTS


North America Edge AI Market Size, 2021 (USD Billion)

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Geographically, the market is divided into five key regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further categorized into countries.


The North America’s market growth is driven by significant focus on adoption of advanced technologies, including AI, deep learning, and machine learning by enterprises in the region especially the United States, which plays a vital role to stay ahead in the competition.


The U.S. government is majorly focusing on the adoption of artificial intelligence technology across the country. For instance, Global Partnership on Artificial Intelligence (GPAI), a multi-stakeholder initiative was launched in June 2020, for the advancement of AI technology. Thus, a surge in advancement in AI technology is expected to fuel the market growth rate in the region.


Europe is expected to hold a prominent share in the market, owing to the growing popularity of these solutions in manufacturing, automotive, energy & utility, and other sectors in the U.K., Germany, France, and Italy. Market players are focusing on the development of these solutions by making huge investments in their R&D activities.


The Middle East & Africa market is driven by the rising deployment of emerging technologies in the region. For instance, the UAE's Ministry of Industry and Advanced Technology (MoIT) considers Industry 4.0 as its key focus area. This program supports manufacturers in the adoption of 4IR technologies (VR, AR, ML, IoT, AI) that are launched.


The Asia Pacific market is expected to grow with the highest CAGR. Key players in the region are expanding their geographical presence by offering advanced technological solutions across developing nations. In Japan, companies are developing edge AI solutions for the automotive and manufacturing sectors. For instance,


In October 2021, Blaize and NEXTY Electronics Corp., a member of Toyota Tsusho Group, declared NEXTY as a distribution partner of Blaize to serve industrial and automotive markets for edge and AI applications in Japan.


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South America is gaining popularity in the market owing to the funds and investments received by the region for deploying these technologies. For instance, in November 2020, Brazil created a national AI innovation network to increase the production capacity of local companies. The government made an investment of USD 12.0 million toward this network. Moreover, the network comprises 17 research centers with skilled IoT, machine learning, and Big Data professionals.


KEY INDUSTRY PLAYERS


Key Players are Creating a Highly Differentiated Product Portfolio to Attract, Reward, and Retain Customer Base


Continuous innovation and technological advancements create potential among industries and enterprises to reinvent and expand their product portfolio. Key players in the market are adopting this strategy to sustain competency and walk in pace with digital economic growth. Innovations and new product launches attract a vast customer base, thus improving revenue. For instance,


March 2022: Synaptics Incorporated launched an evaluation kit to prototype edge AI applications. The kit combines motion, vision, and sound detection software and hardware with wireless and wired connectivity. Moreover, it simplifies the development of such technologies for the Internet of Things applications.


September 2021: ADLINK Technology Inc. launched EVA SDK, an edge vision analytics software to aid users in building a POC for AI-powered machine vision solutions. EVA SDK comprises a no-code graphical user interface and supports more than 10 types of cameras.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • July 2022: Gorilla Technology partnered with SUNTEL to increase sales and provide solutions to Japanese clients. SUNTEL is a trading company specializing in information and communications. The products sold under the agreement include Gorilla IVAR edge AI software, BAP, AI appliances, smart attendance, and smart retail.

  • July 2022: IBM Corporation acquired Databand.ai, a provider of data observability software, to strengthen its product portfolio. IBM Corporation expanded its software portfolio across data, automation, and artificial intelligence to ensure businesses with reliable data.

  • May 2022: Google LLC selected ASUS IoT to help measure the distribution, manufacturing, and support of its Coral edge AI platform. ASUS IoT has become the primary channel for sales, support, and distribution of the Coral platform, aiding businesses in achieving AI-driven solutions.

  • March 2022: ADLINK Technology partnered with ANSCENTER for Edge AI Vision solutions. The partnership enabled users to utilize AI vision technology focusing on intelligent video management. Moreover, the solution enables users to control features in existing manufacturing systems.

  • September 2021: Synaptics Incorporated partnered with Edge Impulse, the development platform for machine learning on edge devices. Synaptics’ Katana Ultra Low-Power Edge AI Platform is combined with the Edge Impulse platform to allow developers to create efficient production-ready models.


REPORT COVERAGE


An Infographic Representation of Edge AI Market

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The research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and edge AI market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION


















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



By Component, Industry, and Geography



By Component




  • Hardware

  • Network

  • Edge Cloud Infrastructure

  • Software

  • Support Services



By Industry




  • Automotive

  • Manufacturing

  • Healthcare

  • Energy & Utility

  • Consumer Goods

  • IT & Telecom

  • Others (Retail)



By Region




  • North America (By Component, Industry, and Geography)

    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)





  • South America (By Component, Industry, and Geography)

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America





  • Europe (By Component, Industry, and Geography)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe





  • Middle East & Africa (By Component, Industry, and Geography)

    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • North Africa (By Industry)

    • South Africa (By Industry)

    • Rest of Middle East & Africa





  • Asia Pacific (By Component, Industry, and Geography)


    • China (By Industry)

    • India (By Industry)

    • Japan (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific




Frequently Asked Questions

The market is projected to reach USD 107.47 billion by 2029.

In 2021, the market stood at USD 11.98 billion.

The market is projected to grow at a CAGR of 31.7% in the forecast period (2022-2029).

Manufacturing holds the largest share in the market in the industry segment.

The rising demand for autonomous vehicles and robotics drives the market growth.

Alphabet Inc., Amazon.com, Inc., Microsoft Corporation, IBM Corporation, Nutanix, Inc., Intel Corporation, Synaptics Incorporated, ADLINK Technology Inc., Gorilla Technology Group, and Viso.ai are the top players in the market.

North America is expected to hold the highest market share.

Asia Pacific is expected to grow with the highest CAGR.

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