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Edge AI Market Size, Share & Industry 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, 2024-2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI107023



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The global edge AI market size was valued at USD 20.39 billion in 2023. The market is projected to grow from USD 26.74 billion in 2024 to USD 186.44 billion by 2032, exhibiting a CAGR of 27.5% during the forecast period.

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.

Moreover, the pandemic 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 was 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.

Edge AI Market Trends

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.

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Edge AI Market Growth 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,

  • March 2024: WeRide and Lenovo Vehicle Computing have established a strategic alliance to develop Level 4 autonomous driving solutions customized for commercial use. The advanced intelligent driving system, a collaboration between Lenovo Vehicle Computing and WeRide, utilizes Lenovo's newly revealed AD1 autonomous driving domain controller. This controller is powered by the NVIDIA DRIVE Thor platform, featuring the innovative Blackwell architecture optimized for generative AI and transformer tasks. The system's training is facilitated by NVIDIA's cutting-edge data center AI solutions.


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.

Edge AI Market Segmentation Analysis

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.


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.

North America Edge AI Market Size, 2023 (USD Billion)

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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, in March 2024, Innodisk, a provider of AI solutions, showcased its knowledge in integrating edge AI at NVIDIA GTC in San Jose, USA. Specializing in customizable AI solutions accessible across diverse industries, Innodisk actively disseminates its research and practical edge AI implementations globally. The company demonstrates how its camera modules seamlessly integrate with NVIDIA's specialized AI visual technology, emphasizing practical applications across industries.

Thus, a surge in advancement in AI technology is expected to fuel the market growth rate in the region.

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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.

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 January 2024, the EDGE Group collaborated with the São Paulo State Government for a significant public security initiative. Known as 'Crystal Ball', the project focused on intelligent monitoring to enhance surveillance and support in the central districts of São Paulo city. It involved deploying advanced technologies, including Smart CCTV Monitoring Solutions, Intelligent Drones, and Artificial Intelligence (AI).

List of Key Companies in Edge AI Market

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:


  • March 2024: Advantech revealed an extension of its partnership with NVIDIA, now serving as an official distributor of industrial PCs certified with the NVIDIA AI Enterprise software platform. This collaboration aims to facilitate the deployment and development of AI applications, including GenAI. The recently unveiled NVIDIA AI Enterprise 5.0 introduces users to a catalog of microservices, with NVIDIA NIM, a collection of microservices optimized for inference across over two dozen AI models.

  • March 2024: HPE unveiled a range of GenAI training and inference products alongside intentions to utilize microservices and Nvidia GPUs software. HPE introduced an edge to data center, on-premises, hybrid, and public cloud methods within the GenAI portfolio. Additionally, it declared the availability of GenAI supercomputing systems featuring Nvidia components.

  • March 2024: Microsoft (MSFT) has established a new entity named Microsoft AI, dedicated to the development and advancement of the company's consumer-oriented artificial intelligence products, technology, and research. This organization will concentrate on consumer-facing AI products and research. Existing Microsoft AI teams, such as Copilot, Bing, and Edge, will be consolidated under this newly formed organization.

  • March 2024: Vapor IO, known for its expertise in edge networking, Kinetic Grid platform, pervasive AI, and real-time, introduced its Monetize the AI Edge partner program. This reseller program was crafted to aid partners in expediting the delivery of real-time AI by offering bundled AI services through Vapor IO's neutral and shared host infrastructure.

  • March 2024: Neural Magic and Akamai Technologies revealed a strategic collaboration aimed at enhancing deep learning features on Akamai’s distributed computing infrastructure. This collaboration aims to stimulate invention in edge-AI inference across various industries.


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.

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Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 27.5% from 2024 to 2032


Value (USD billion)


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 186.44 billion by 2032.

In 2023, the market stood at USD 20.39 billion.

The market is projected to grow at a CAGR of 27.5% over the forecast period (2024-2032).

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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