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Edge AI Software Market Drivers, Restraints, Opportunities, and Trends in Coming

According to P&S Intelligence, the market generated a revenue of $600 million in 2020. IoT applications deal with connecting devices and AI enables such devices to learn from the collected data. Further, IoT technology empowers the transmission of information between multiple stages of the production line or several parts of a machine over a wireless network.

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Edge AI Software Market Drivers, Restraints, Opportunities, and Trends in Coming

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  1. Increasing Use of IoT Driving Demand for Edge AI Software As edge artificial intelligence (AI) is a combination of AI and edge computing, the burgeoning demand for intelligent applications, primarily on account of the rapid advancements in AI, will fuel the adoption of edge AI software in the coming years. Such intelligent applications need high computing power for constant collection and processing of information for providing significant and effective outcomes. Thus, the surging requirement for the efficiency of ongoing data processing will boost the adoption of edge AI software in the forthcoming years. Moreover, advancements in internet of things (IoT) applications will propel the edge AI software market growth during the forecast period (2021–2030), as edge computing addresses the challenges related to IoT. According to P&S Intelligence, the market generated a revenue of $600 million in 2020. IoT applications deal with connecting devices and AI enables such devices to learn from the collected data. Further, IoT technology empowers the transmission of information between multiple stages of the production line or several parts of a machine over a wireless network.

  2. Additionally, the rising workload of enterprises on the cloud will also propel the need for edge AI software in the foreseeable future. Business organizations around the world are rapidly shifting to cloud computing, owing to which the AI technology is gaining prominence. AI applications deployed on cloud platforms have latency issues and offer slow responses. To overcome these challenges, enterprises are shifting toward edge AI software as it places the computer resources at the edge of the network, which helps in allowing applications to function with high bandwidth and low latency. “Growing Adoption of Intelligent Applications Driving Demand for Edge AI Software” The data source segment of the edge AI software market is categorized into mobile data, biometric data, sensor data, speech recognition, and video and image recognition. Among these, the video and image recognition category accounted for the largest market share in 2020, and it is expected to retain its dominance throughout the forecast period. This can be primarily attributed to the soaring demand for edge AI software for video surveillance applications as it is designed to optimize crime prevention and minimize risks. Edge AI software uses the information gathered from the aforementioned data sources in the telecom, healthcare, manufacturing, automotive, energy and utility, and government and public verticals for various applications. At present, these verticals are mostly using this software for video surveillance applications, due to the growing need for security and detecting systems worldwide. Apart from this, the software also finds wide applications in autonomous vehicles, telemetry, access management, energy management, remote monitoring and predictive maintenance, field service support, smart wearables, point of sale, precision agriculture, and augmented reality (AR) and virtual reality (VR). “Demand for Edge AI Software Surge in North America in Coming Years” Geographically, North America held the largest share in the edge AI software market in 2020 and it is expected to witness significant growth during the forecast period. This can be mainly ascribed to the rapid surge in investments in AI applications, the presence of leading market players, such as Intel Corporation and Microsoft Corporation, and quick

  3. implementation of state-of-the-art technologies such as AI and IoT in the region. Moreover, the extensive focus on technical research and development (R&D) alsosupports the market growth in the region. Thus, the increasing advancements in AI and IoT and rising adoption of cloud technology in business organizations will create a huge requirement for edge AI software in the coming years. About Us:

  4. P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. Contact Us: P&S Intelligence International: +1-347-960-6455 Email: enquiry@psmarketresearch.com Web: https://www.psmarketresearch.com

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