Edge AI Market Size is Predicted to Expand at a CAGR of 33.5% to Reach US$ 76.0 Billion by 2031 | Report Transparency Market Research

Wilmington, Delaware, United States, May 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global edge AI market is estimated to reach US$ 76 Bn by 2031. Edge AI has emerged as a transformative technology, which offers several benefits such as faster data processing, reduced latency, enhanced security, and improved operational efficiency.

Rise in demand for edge computing solutions and growth in adoption of IoT devices are propelling the edge AI market. Furthermore, growing popularity of edge AI in end-use industries due to rise in need to facilitate real-time decision-making in numerous processes is expected to trigger market development.

Edge AI entails usage of AI technologies on edge devices, such as drones, smartphones, and sensors, to perform computations and examine data locally, thereby eliminating the need to transmit the data to a centralized cloud server for processing.

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Market Snapshot:

Key Findings of Study

Increase in Integration of Industry 4.0 into Manufacturing Sector – The manufacturing sector has been rapidly integrating Industry 4.0 in the past few years, leveraging advanced technologies, such as AI, IoT, robotics, ML, and big data analytics, to digitize and automate manufacturing processes.

Adoption of edge AI is becoming increasingly popular in manufacturing owing to a range of benefits it offers. For instance, in predictive maintenance, the combination of edge computing, AI, and sensor data helps in accurate assessment of equipment conditions, enabling manufacturers to avoid costly unexpected downtime. By utilizing edge AI, manufacturers can optimize their operations, reduce maintenance costs, and improve overall efficiency.

Integration of edge AI in manufacturing processes offers various benefits, including real-time defect detection, supply chain management, and automation of key elements such as procurement, production, and inventory management. These advantages help in better management of the manufacturing process, and are therefore likely to augment the edge AI market growth in the next few years.

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Companies in various industry verticals are constantly seeking ways to improve their production processes to remain competitive in the market. Edge AI, when combined with sensor data, enables a better understanding of overall equipment effectiveness. For example, in the automotive welding process, the need for high-quality welding requires the use of sensor data and edge computing. This allows for real-time monitoring of the process to detect defects or safety risks in finished products before they are dispatched.

As the market continues to grow, players in the industry are taking measures to develop new products and solutions to meet the increasing demand for advanced technologies. For example, in November 2021, Siemens AG, a leading company in the industrial automation and digitalization space, launched an open industrial ecosystem. The new system provides B2B customers with a comprehensive platform to purchase and operate multiple software components. The development is expected to drive market expansion by enabling more efficient and integrated use of edge AI technology in industrial settings.

Investments in 5G Infrastructure – Adoption of 5G solution across a range of applications is anticipated to lead to a reduction in network latency. This, coupled with the surge in the volume of data being transferred to data centers, is expected to drive the demand for edge networks. The market is expected to expand further as edge networks offer faster response times and more efficient use of bandwidth to enable high scalability.

Proposition of several governments to invest significantly in 5G networks is likely to accentuate market demand. For example, in January 2022, Germany and France announced plans to offer funding of US$ 18.83 Mn for four projects that aim to strengthen private networks for 5G telecommunications in Europe.

The Department of Energy in the U.S. announced funding of US$ 6 Mn, in August 2021, to stimulate the adoption and deployment of 5G wireless networks.

In Japan, large mobile carriers are expected to invest more than US$ 14 Bn to construct and install 5G networks over the next few years.

Advancements in 5G wireless network infrastructure are anticipated in the next three to four years. These are expected to increase processing of data generated by businesses outside of the centralized data centers. Thus, growth of 5G infrastructure in the next few years is expected to impact the dynamics of the edge AI market.

Growth Drivers

• Rise in demand for edge computing solutions and substantial adoption of IoT devices are fueling the edge AI market
• Edge AI's key function to enable real-time decision-making stimulates its adoption across several end-use industries

Regional Analysis

North America is anticipated to account for the leading market share during the forecast period. Presence of prominent players and adoption of edge AI solutions in various industries are spurring market progress in the region. Surge in adoption of edge AI solutions in the manufacturing, healthcare, and oil & gas sectors to improve efficiency and productivity is fueling the market in the region.

The market in Asia Pacific is anticipated to expand at a rapid pace in the next few years. The region is home to a large number of manufacturing industries. Hence, surge in demand for automation and digitalization is bolstering market progress.

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Key Players

Key companies operating in the global edge AI market are NVIDIA Corporation, Qualcomm Technologies, Inc., Amazon.com, Inc., IBM Corporation, Samsung, Apple, Inc., Synaptics Incorporated, Intel Corporation, Arm Limited, Microsoft Corporation, Huawei Technologies Co. Ltd., TIBCO, Advanced Micro Devices, Inc., and Dell, Inc.

The global edge AI market is segmented as follows:

Edge AI Market, by Component

• Hardware
• Software

Edge AI Market, by Industry Vertical

• Manufacturing
• Automotive
• Energy & Utility
• Healthcare
• Retail
• Transportation
• Smart Homes & Cities
• Others

Edge AI Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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