Edge AI market is anticipated to grow at a significant CAGR of 16.8% during the forecast period (2023-2030). The growing 5G networking, advancement in IT infrastructure, and rapid integration of AI in several tasks is a key factor driving the global edge AI market. Edge AIis a type of AI that is processed and analyzed at the edge of the network, where data is collected, rather than sending it to a central cloud for processing. Edge AI offers several advantages over traditional cloud-based AI, which includes, improved bandwidth utilization, reduced latency, enhanced security and privacy and offline functionality.

In October 2023, Macrometa, announced the launch of PhotonIQ, a suite of edge services designed to deliver faster, more efficient and more secure digital experiences in eCommerce, Gaming, Financial Services, and more.PhotonIQ leverages both Macrometa's unmatched Global Data Network (GDN) that delivers data and compute to two billion people and 10 billion devices globally, and the latest innovations in Artificial Intelligence and Machine Learning. These real-time AI services enable companies to boost website performance and improve Lighthouse scores, enhance user experiences in search and personalization, and improve security and reliability for high traffic spikes, among other benefits. PhotonIQ works with existing CDNs like Akamai to improve the performance of dynamic data and applications. Enterprises can implement PhotonIQ's AI at the edge services in 60 days or less. The rapid innovations in edge AI are anticipated to offer lucrative opportunities to the growth of the global edge AI market.

Segmental Outlook 

The global edge AI market is segmented on the component, and end-user industry. Based on the component, the market is sub-segmented into hardware and software. Based on the end-user industry, the market is sub-segmented into manufacturing, automotive, government, healthcare, IT & telecom, and others. Among the end-user industry, the It & telecomsub-segment is anticipated to hold a considerable share of the market, owing tothe formation of connected IoT devices and the transition of telecom networks to 5G. The 5G networking created new opportunities and challenges for telecom operators, which propels the IT & Telecom sector.

The Hardware Sub-Segment is Anticipated to Hold a Considerable Share of the Global Edge AI Market

Among the component, thehardware sub-segment is expected to hold a considerable share of the global Edge AImarket. This segmental growth is attributed to several factor such as rising demand for IoT-based edge computing solutions to connect IT and telecom.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. Hence, companies are working on development of better technologyand adopting various strategic initiatives such as partnership, product launch and acquisition to stay competitive in the market. For instance, in June 2023, STMicroelectronics has launched a new generation of 64-bit microprocessors for edge computing. These microprocessors provide improved performance, enhanced security and specialized features that aid real-time processing of data-intensive machine learning algorithms used in industrial applications.The first processor released is the STM32MP25 microprocessor, which has a specialized neural processing unit to aid in edge AI applications. This unit provides up to 1.35 TOPS of computing power. It is suitable for machine vision and predictive maintenance applications in industrial manufacturing plants.

Regional Outlook

The global edge AI market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to exhibit considerable growth during the forecast period. The increasing government initiatives related to smart cities & smart infrastructure along with manufacturing & supply chain automation are contributing to the regional market growth. For instance, in September 2023, Lenovo launched new edge artificial intelligence (AI) services and solutions targeted at businesses to accelerate their “AI readiness”.The ‘Lenovo TruScale for Edge and AI’ brings the proven cost benefits of Lenovo TruScale’s Infrastructure-as-a-Service model to the broadest and most comprehensive edge portfolio on the market. This enabled customers to consume the company’s latest services and solutions via a pay-as-you-go model to quickly deploy edge computing and gain AI-powered insights directly at the source of data creation.

Global Edge AI Market Growth, by Region 2023-2030

North America Holds Considerable Share in the Global Edge AI Market

Among all regions, the North America holds considerable share in the global market.. Regional share is attributed to several factors such as, superior 5G network technology, and growing adopting of advanced technologies such as AI, deep learning, and machine learning in the region. The presence of key players that are continuously working on strategic development such as,merger, acquisition, product launchand partnership to stay competitive in the market is further contributing to the regional market share. For instance, in September 2021, Synaptics Inc, announced a partnership with Edge Impulse. The partnership combines Synaptics’ KatanaUltra Low-Power Edge AI Platform with the Edge Impulse software development platform used by thousands of embedded developers to create, train and deploy custom models for a wide range of AI applications.The Edge Impulse Embedded ML Platform allows developers to create production-ready models, faster and efficiently. Additionally, it enables easy testing, training, and model optimization in a complete MLOps environment. 

In November 2023, Brainomix, the AI-powered medtech solutions company, has heralded its continued US expansion with the launch of its full suite of FDA-cleared modules in its Brainomix 360 platform for stroke care.The US launch, which included its previously announced FDA cleared e-ASPECTS module, represents a comprehensive platform designed to support clinicians and their imaging-based treatment decisions at all points across the stroke pathway, from simple imaging to more advanced imaging.

Market Players OutlookThe major companies serving the Alteryx, Inc., IBM Corp, Microsoft Corp, SAP SE, and SAS Institute Inc. among others.

The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. 

For instance, in October 2023, Siemens, and Microsoft, enteredinto partnership to bring the benefits of generative AI to industriesglobally. Both companies will be introducing Siemens Industrial Copilot, a jointly developed AI-powered assistant which aims at improving human-machine collaboration in manufacturing.This will have industrial domain expertise which will empower both frontline and knowledge workers along with the new AI-powered tools, starting with Siemens Industrial Copilot. Also, it will enable the users to generate, optimise and debug complex automation code rapidly and will shorten simulation times significantly, which will help in reducing a task that previously took weeks to minutes.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Edge AImarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.