Edge AI market will reach nearly $40 billion by 2032

According to new research from Future Market Insights, the edge artificial intelligence market will reach $39.6 billion by the end of 2032.

The market is expected to expand at a CAGR of 20.8% during the forecast period.

Growing demand for edge AI from end-use industries such as telecommunications, IT, electronics, and automotive, expanding the market size during the forecast period. In addition, growing workloads and rising intelligent applications are accelerating the edge AI market.

Adoption of edge AI is increasing among top organizations due to better work and efficiency. Furthermore, the growing demand for edge AI is due to the increasing real-time processing and accuracy of data during forecasting.

Additionally, the growing IoT and edge AI software devices are likely to increase the edge AI market share during the forecast period. On the other hand, the growing 5G technology in the IT industry is driving market growth in recent years. From a country perspective, the US market dominates the global market size, contributing the largest share of 23.4%.

Based on application segmentation, the market is further divided into video surveillance, remote monitoring, and predictive maintenance. In these markets, video surveillance occupies a higher market share.

Video surveillance is likely to gain 30.0% share during the forecast period. The adoption of video surveillance is driven by growing use of high technology and growing security concerns around the world.

"Innovation in edge AI devices, including autonomous vehicles, drones, IoT gateways and remote surgery devices, is driving market trends during the forecast period," FMI analysts said.

"The increasing adoption of smart edge AI system devices, including smart agriculture, smart metering, robot-assisted surgery, and autonomous driving, are adding to the market trends."

Key Highlights include:

• In 2021, the historic cutting-edge artificial intelligence market reached a valuation of $5.009 billion.
• During the forecast period, the U.S. edge artificial intelligence market accounted for 23.4% of the market share.
• The global edge artificial intelligence market is likely to grow at a CAGR of 20.8% during the forecast period. By 2032, the market may be valued at $3,961.83 billion.

Competitive Landscape

The number of major competitors present in the market solidifies the market during the forecast period. These major suppliers focus on consumer needs and launch innovative technology products to increase market share.

Additionally, major players are acquiring several marketing methods to gain maximum share in the global market. Some of the marketing strategies they employ include mergers, acquisitions, partnerships, collaborations, and agreements, etc.

Latest Developments in Edge AI:

• In July 2022, Web Werks announced a partnership with Nutanix to extend the benefits of a cloud-ready platform that will facilitate rapid adoption in the enterprise cloud. They focus on software add-ons to get more benefits.
• In May 2020, Gorilla Technology announced its cooperation with FORXAI to install better edge AI equipment, servers and cloud services for many terminal companies such as medicine and agriculture.

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