WESTFORD, Mass., July 9, 2024 /PRNewswire/ -- According to SkyQuest, the global Edge Artificial Intelligence (AI) Market size was valued at USD 15.60 Billion in 2022 and is projected to grow from USD 20.55 Billion in 2023 to reach USD 185.95 Billion by 2031, growing at a CAGR of 31.7% in the forecast period (2024-2031).

Use of artificial intelligence (AI) in edge devices and edge environments refers to edge artificial intelligence (AI). The growing use of edge computing in multiple industry verticals and advancements in AI technology are projected to bolster edge artificial intelligence (AI) market development in the future. Better efficiency and less latency are key benefits of edge artificial intelligence (AI) solutions that will create new opportunities for companies going forward. The global edge artificial intelligence (AI) market is segmented into component, end use industry, and region.

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Edge Artificial Intelligence (AI) Market Overview:

Segments covered in Edge Artificial Intelligence (AI) Market are as follows:

• Component
  • Hardware (Device [Smartphone, Surveillance Cameras, Robots, Wearables, Edge Servers, Smart Speakers, Automobiles, Other Devices], Power Consumption [Less Than 1W, 1-3W, 3-5W, 5-10W, More Than 10W], Processor [CPU, GPU, ASIC, Other], Function [Training, Inference]), Software (Offerings [Solutions {By type (Standalone, Integrated)}, {By Deployment (On-premises, Cloud)}], Services [Professional Services {Training & consulting, System integration & testing, Support & maintenance}, Managed Services], Data Type [Video and Image Data {Object Detection & Recognition, Facial Recognition, Visual Inspection, Other Video & Image Data Applications}, Audio Data Text & Language Data {Speech Recognition, Sound Anomaly Detection, Voice Assistants, Other Audio Data Applications}], Text & Language Data [Natural Language Processing, Sentiment Analysis, Chatbots & Virtual Assistants, Other Text & Language Data Applications], Environmental & Location Data [Geospatial Analysis, Weather Prediction, Air Quality Monitoring, Other Environmental & Location Data Applications], Biometric Data [Fingerprint Recognition, Iris & Retina Scanning, Biometric Authentication, Other Biometric Data Applications], Multi-Modal Data [Integration of Sensors, Integration Of Text & Visual Data, Other Multi-modal Data Applications]), Edge Cloud Infrastructure and Services.
• End Use Industry
  • Consumer Electronics Device (Smartphones, Wearables, Entertainment Robots), Smart Homes Device (Smart Speakers, Smart Cameras, Domestic Robots), Automotive & Transportation Device (Automobile Parts, Surveillance Cameras, Logistics Robots, Other Automotive & Transportation Devices), Healthcare Devices (Medical Robots, Wearables, Other Healthcare Devices), Industrial Device (industrial Robots, Drones, Mv Cameras), Aerospace & Defense device (service Robots, Other Aerospace & Defense Devices), Construction device (Service Robots, Drone), Other Verticals [By Device {Surveillance Cameras, Professional Service Robots, Wearables, Other Devices}, Edge Servers, Drones].

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Demand for Specialized Edge AI Hardware Will Create New Opportunities for Market Players

Artificial intelligence algorithms are highly complex and require immense processing power that can only be drawn from specialized hardware. This is why edge artificial intelligence (AI) companies are projected to invest heavily in the development of novel edge AI hardware components in the future. Edge artificial intelligence (AI) provider should target the development of innovative and customizable edge AI hardware components to maximize their business potential in the future.

Demand for novel edge AI software is also estimated to increase at a good pace over the coming years. New companies with limited spending potential should target this segment to stand out in the competitive landscape. The development of novel software solutions that work in edge environments locally without the need for an active internet connection will be highly popular in the future. Integration of advanced technologies to improve software capabilities is another trend that could help companies gain more revenue from this segment.

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High Use of Edge Environments and Platforms in IT & Telecommunication Industry Spearheads Market Growth

IT and telecommunication industries have been leading the technological innovation and adoption charge, which is why edge technologies are highly popular in this industry. Increasing deployment of 5G technology and networks around the world is setting the tone for edge artificial intelligence (AI) demand in the telecommunications space. Rising demand for connected devices with less latency and better processing power will empower the adoption of edge artificial intelligence (AI) in the IT sector. Network optimization and the use of smart technologies are all contributing to the high use of edge artificial intelligence (AI) in this industry vertical.

The growing proliferation of digital technologies in the healthcare space has set the tone for high edge artificial intelligence (AI) adoption. Rising demand for remote patient monitoring and telemedicine around the world are also estimated to create new opportunities for edge artificial intelligence (AI) companies going forward. A high emphasis on building technologically advanced healthcare ecosystems to help improve patient outcomes will also promote the demand for healthcare edge AI solutions across the forecast period.

The rising use of cloud computing and the development of novel edge computing solutions are projected to help edge artificial intelligence (AI) market growth going forward. Advancements in AI technology should be closely watched by edge AI companies to help them advance their offerings. New companies have a good chance of succeeding in this market by targeting the software segment whereas established edge AI providers should focus on the healthcare industry vertical to maximize their business scope.

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SOURCE SkyQuest Technology