Edge AI Companies | Forecast by 2033

07 Oct 2024

Table of Content

1. Edge AI Market Growth, Trends and Report Highlights 2. Market Overview 3. Growth Factors 4. Edge AI Market Top Companies 5. Innovation by STMicroelectronics in market growth 6. Regional Analysis 7. Market Potential and Opportunities 8. Edge AI Market Highlights 9. Market News

Edge AI Market Growth, Trends and Report Highlights

The global edge AI market was evaluated USD 17.51 billion in 2023 and is anticipated to attain around USD 118.19 billion by 2033, poised to grow at a CAGR of 21.04% during the forecast period. The increasing demand of artificial intelligence, loT & 5G technologies from various industries are fuelling the Edge AI market. The market growth is attributed due to growing adoption of smart homes and smart cities. Additionally, market is driven by growing enhancements in edge computing technologies.

Market Overview

The growing demand of autonomous vehicles and robotics are driving the global edge AI market. It resulted as, increasing demand for Cutting-edge artificial intelligence and machine learning due to their characteristics of decision-making in autonomous driving. Additionally, adaption of robots increased in order to reduce latency and increase speed. Additionally, the utilization of robotic system in healthcare has been increased.

Healthcare sectors has been rapidly adapting artificial intelligence to gain exact output results. Industries are been focusing on enhancing developments of modern wearable devices for growing personalized healthcare solutions. Edge AI have ability of studying data in real-time and provides quick decisions and conclusions for each patient and healthcare professional. The demand of Wearable devices, imaging equipment, and medical sensors has increased in healthcare sector.

Growth Factors

• The growing adaption of smart homes and smart cities are driving the edge AI hardware market.
• Raising demand of real-time processing due to its high-performance data are attributing the market growth of edge AI.
• Growing awareness of security and privacy address through edge AI is increasing the market growth.
• Growing need of low-latency industrial automation, healthcare and autonomous vehicles applications are expanding edge AI market.
• The requirement of quick-decision making ability in automate business processes are projected to drive the market.

Increasing demand of loT technologies are driving the edge AI market

In order to lower latency and improve operational efficiency, the one device data processing becoming more and more important, which leading various sectors to increase the demand of loT technologies. Additionally, loT technologies being in demand due to its capacity of monitoring health, default detection and enhancing the manufacturing process. Edge AI technologies are specifically essentials for sectors like manufacturing and autonomous driving which need for decision-making abilities in real-time.

However, limitation of processing power and connectivity of several edge AI devices can restraint the market growth. Additionally, workload accelerators, like as Graphical Processing and Data Processing Units, for operating several AI models, are quite expensive and large for usage in small form factor because of its physical constraints.

However, companies are focusing on continuing in advancement of technologies which are optimizing the cost for edge AI modules. Novel AI modules are able to transfer the data to cloud which is cost-saving process. Businesses are targeting standard AI features to reduce the cost. Importance of edge AI devices in healthcare, small cities retails are expected to expand the global market growth.

• In March 2024, ADLINK Technology Inc., launched the novel OSM product for machine processable embedded modules like, small and low-cost soldered-down while soldering, testing and assembly. This new product has the features of versatile standards.

Edge AI Market Top Companies

• ADLINK Technology Inc.
• Microsoft Corporation
• Alphabet Inc.
• STMicroelectronics
• Amazon Web Services
• Edge Impulse
• Intel Corporation
• Gorilla Technology Group
• Texas Instruments
• Viso.ai

Recent Developments

Recent breakthrough by Edge Impulse in edge AI market

Innovation by STMicroelectronics in market growth

Regional Analysis

North America accelerated to continue dominating the edge AI market with continue focus on advancement in technologies, and presence of competitive landscape in the region. Countries like Canada and United States are dominating the market in region due to increased adaption of modern technologies like machine learning, artificial intelligence, deep learning. Additionally, Government of United States is encouraging the adaption of AI across the nation.

• In May 2024, introduction of "generative AI for space" cell was done by Amazon Web Services, which combines small team’s engagements with cloud consumers with goal of developing next-generation abilities. It provides AI generative libraries for customers to experiment with novel utilizations of these developing technologies.

Asia Pacific is projected as the fastest growing region for the edge AI market. Increasing adaption of loT and 5G technologies are expanding the market in region. China holds the largest share of market growth in the region with availability of manufacture, electronic and automobile companies in the country. Additionally, South Korean Government is encouraging the enhanced cutting-edge research to improve countries R&D activities in artificial intelligence sector.

• In July 2024, ADLINK Technology Inc., a Taiwan based company launched the novel AI Edge Server MEC-AI7400 series to encourage small manufacturing and increase AI in digital transformation. By influenced with combination of power of generative AI and digital, the company is expected to performs more innovations in coming period.

Market Potential and Opportunities

Edge AI hardware’s have projected as the greatest opportunities for market growth in forecast period. For reduce and time acceleration of data processing of specialized hardware from the CPU are becoming common in edge computing and AL/ML workloads, which indicates dependency the flexibility and performance on effective procedure of huge amounts of data, that prioritising the adaption of compact and powerful processors like DPUs. This effectiveness is particular to use in edge computing atmosphere where GPU solutions use as high energy consumption which can be restricted due to power constraints. The adaption of hardware solutions and their room for developments can lead the new doors for market to grow.

• In May 2024, for the purpose of development and deployment of edge AI models, the partnership has been made between NVIDIA and Edge Impulse. This partnership encouraged several developers to create and optimize AI applications for various hardware platforms.
• In July 2024, strategic partnership has been made between SiMa.ai, a software-centric company specialized in embedded edge machine learning system and TRUMPF, a leading laser technology company. The aim of companies to add cutting-edge artificial intelligence abilities to TRUMPF's laser systems. This partnership is to focus on various applications like welding, marking, and cutting and TRUMPF's powder metal 3D printers.

Additionally, increased use of wearables devices, smartphones and smartwatches are likely to develop the growth of edge AI market in forecast period. Smartphones with AI-at-the-edge offers various advantages for users, like fast learning and longer life. This adaption has led advancements in chipsets like GPU, ASIC, FPGA, and CPU.

In for generative AI, Advantech launched the Edge AI Server Solution called AIR-520 Edge in June 2024. These solutions encourage huge language models to combine with 1-4 GPU cards and Sqai100 AI SSDs, also encourage organizations for training with LLM cost-effectively.

Edge AI Market Highlights

Market News

• In April 2024, (strategic investment) Microsoft invested $1.5 billion in G42, that is a leading AI technology holding company based in UAE. Goal of this investment was to bring novel Microsoft AI technologies and training programs for UAE and other countries.
• In May 2024, (partnership) Gorilla Technology Group Inc. signed on the partnership agreement with SINTRONES Technology Corp., which is a Taiwan based company. By this partnership, SINOTRONES will improve solutions for autonomous driving and reliable fleet management, combining with its modern in-vehicle computing technology with Gorilla’s comprehensive smart city management and intelligent video analytics platform.

Market Segmentation

By Component

• Software
• Hardware
• Edge cloud Infrastructure
• Services

By End-user Industry

• Smart Cities
• Manufacturing
• Consumer Electronics
• Automotive
• Healthcare
• Government
• Energy
• IT & Telecom
• Retail
• Others

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