Edge AI Market Growth Projected to Reach Beyond US$ 39,618.3 Million by 2032

The edge AI market is expected to grow steadily, with a CAGR of 20.8% over the forecast period. According to a report from FMI (Futures Markets Insights), by the year 2032, this market is projected to be worth approximately US$ 39,618.3 million. This is a significant increase from its estimated value of US$ 5,970.7 million in 2022.

The growing demand for edge AI in end-use industries such as telecommunication, IT, electronics, and automobiles is increasing the market size during the forecast period. In addition, the growing workload and rising intelligence applications are accelerating the edge AI market size during the forecast period.

The adoption of edge AI is rising in the top organizations due to better work & efficiency. Moreover, the rising demand for edge AI is due to the increasing real-time processing of data and accuracy during the forecast period.

Request a Sample Copy of the Edge AI Market Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-15834

In addition, growing IoT and edge AI software devices are likely to increase the edge AI market share during the forecast period. On the other hand, rising 5G technology in the IT industry is boosting the market growth in recent years. Based on countries, the US market dominates the global market size by contributing a maximum share of 23.4% during the forecast period.

Based on the application segment, the market is further categorized into video surveillance, remote monitoring, and predictive maintenance, among others. In these, video surveillance dominates the market by capturing a higher share during the forecast period.

Video surveillance is likely to secure a share of 30.0% during the forecast period. Growing high-tech use all around the globe and rising security concerns boost the adoption of video surveillance during the forecast period.

“Innovation of edge AI devices, including self-driving vehicles, drones, IoT gateways, and telesurgery devices, are propelling the market trends during the forecast period. The growing adoption of smart edge AI system devices, including smart farming, smart metering, robot-assisted surgery, and autonomous driving, are increasing the market trends.” as per FMI analysts.

Key Takeaways from the Edge AI Market Report:

The Edge AI market has witnessed remarkable growth, with a valuation of US$ 5,009.0 million in 2021. Notably, the US dominated this sector, claiming 23.4% of the market share. Looking ahead, projections indicate a promising trajectory, with the global Edge AI market expected to expand at a compound annual growth rate (CAGR) of 20.8% during the forecast period. By 2032, the market is anticipated to reach a substantial valuation of US$ 39,618.3 million, reflecting the escalating demand and significant potential of Edge AI technologies worldwide.

Competition Landscape in the Edge AI

The market is consolidated by the number of prominent competitive players present in the market during the forecast period. These key vendors are focusing on the consumer’s requirements and launching innovative technological products to uplift the market share.

Moreover, the key players are acquiring several marketing methodologies to collect the lion’s share in the global market. Some of the marketing tactics adopted by them are mergers, acquisitions, partnerships, collaborations, and agreements, among others.

Recent Developments in the Edge AI:

In July 2022, Web Werks announced its partnership with Nutanix to extend the benefits of the cloud-ready platform, which helps to provide fast cloud adoption in businesses. They are focusing on software add-ons for further benefits.

In May 2020, Gorilla Technology announced its partnership with FORXAI for installing better edge AI devices, servers, and cloud services for several end-use companies such as medicine, agriculture, and others.

Leading Key Players:

Leading key players in the Edge AI market include industry giants like Microsoft, Google, and IBM, alongside emerging innovators such as TIMCO, Alef Edge, Nautanix, Deci, and Swim. These companies are driving advancements in edge computing and artificial intelligence, shaping the future of decentralized processing and intelligent data analytics at the edge of networks.

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