Edge Artificial Intelligence Global Market Report 2024

The edge artificial intelligence market size has grown exponentially in recent years. It will grow from $19.46 billion in 2023 to $24.48 billion in 2024 at a compound annual growth rate (CAGR) of 25.8%. The growth observed in the historical period can be attributed to the proliferation of IoT devices, a heightened demand for edge computing, a surge in edge-based applications, the emergence of smart cities, and an increased need for real-time processing.

The edge artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $61.63 billion in 2028 at a compound annual growth rate (CAGR) of 26%. The anticipated growth in the forecast period can be attributed to the escalating integration of edge AI in healthcare, the rapid expansion of edge AI in retail, regulatory backing for edge computing, the burgeoning edge AI ecosystem, and the increasing complexity of AI workloads. Key trends expected in the forecast period encompass technological advancements, product innovations, enhancements in edge AI security, chiplet integration, and the adoption of federated learning techniques.

The onward progression of 5G networks serves as a catalyst for the growth of the edge artificial intelligence market. Denoting the fifth generation of mobile network technology, 5G is engineered to furnish swifter and more dependable communication for mobile devices while ushering in novel applications and services. The deployment of 5G networks significantly amplifies the capabilities and advantages of Edge Artificial Intelligence (Edge AI) by facilitating expedited and dependable communication between edge devices and the cloud. As an illustration, as of February 2023, T-Mobile International AG, a Germany-based mobile telecommunications company, reported an excess of 1 billion active 5G subscriptions, with projections indicating that 5 billion individuals will possess 5G subscriptions by the culmination of 2028. Consequently, the expansion of 5G networks emerges as a pivotal driver propelling the edge artificial intelligence market.

Prominent entities within the edge artificial intelligence domain are strategically channeling their efforts towards technological advancements, exemplified by the provision of AI Services at the Edge. This concept entails furnishing artificial intelligence capabilities directly on edge devices, situated closer to the point of data generation, as opposed to relying on centralized cloud-based solutions. For example, in October 2023, Macrometa, a US-based information technology company, unveiled PhotonIQ, a suite of edge services meticulously designed to deliver swifter, more efficient, and more secure digital experiences across various sectors, including eCommerce, gaming, and financial services. These real-time AI services yield several benefits for businesses, encompassing heightened website performance and Lighthouse scores, enhanced search and personalization experiences for users, and augmented security and dependability during periods of heightened traffic. PhotonIQ augments dynamic data and application performance with AI at the edge, seamlessly integrating with Content Delivery Networks (CDNs) such as AkamAI for prompt enterprise deployment within a timeframe of under 60 days.

In August 2023, Sidus Space, a US-based engineering services company, finalized the acquisition of Exo-Space for an undisclosed sum. Through this strategic move, Sidus not only underscores its dedication to bolstering its market presence in Earth and space observation services but also showcases its ability to leverage the burgeoning AI industry. Exo-Space, a cutting-edge US-based firm, specializes in Edge Artificial Intelligence (AI) software and hardware tailored for space applications.

Major companies operating in the edge artificial intelligence market report are Alphabet Inc., Google, Microsoft Corporation, Amazon Web Services, International Business Machines Corporation, NVIDIA Corporation, Baidu, Inc., Intel Corporation , Renesas Electronics Corporation, Nutanix, Inc., Synaptics Incorporated, ADTRAN, Inc., Cloudera, Inc., TIBCO Software Inc., DataRobot, Inc., Bragi GmbH, Tact.AI Technologies, Inc., Gorilla Technology Group, Azion Technologies, Veea Inc., FogHorn Systems, Inc., ClearBlade, Inc., Octonion SA, Anagog Ltd., Dori AI, Adapdix, SWIM.AI Inc, Avassa, Imagimob AB, XNOR.AI.

North America was the largest region in the edge artificial intelligence market in 2023. The regions covered in the edge artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the edge AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The edge AI market includes revenues earned by entities by providing services such as consulting services, inference services, edge analytics, and edge machine learning services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The Edge AI market also consists of sales of microcontrollers, microprocessors, AI-enables cameras, and edge servers that are used in providing solutions for enhancing Edge AI. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Edge Artificial Intelligence (Edge AI) pertains to the implementation of artificial intelligence (AI) algorithms and models directly on edge devices situated in proximity to the data generation source, as opposed to relying on centralized cloud-based processing. Edge AI offers numerous advantages over traditional cloud-based AI, encompassing enhanced bandwidth utilization, diminished latency, improved security and privacy, and offline functionality.

The principal components of edge artificial intelligence comprise hardware, software, and services deployed both on-premises and in the cloud. Hardware denotes the tangible components of a computer system or electronic device, encompassing processors, memory, storage devices, and other physical parts. The data sources for edge artificial intelligence encompass mobile data, sensor data, biometric data, speech, video, and image recognition. Diverse applications include video surveillance, access management, and autonomous vehicles, utilized across IT and telecom, automotive, government, manufacturing, healthcare, consumer goods, and various other end-use industries.

The edge artificial intelligence market research report is one of a series of new reports that provides edge artificial intelligence market statistics, including edge artificial intelligence industry global market size, regional shares, competitors with an edge artificial intelligence market share, detailed edge artificial intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the edge artificial intelligence industry. This edge artificial intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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