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Video and Image Recognition Will Occupy the Largest Edge AI Software Market

Markets and markets, the world's second largest market research institution, recently released a report that the scale of the global edge artificial intelligence (AI) software market is US $356 million, which is expected to increase to US $1152 million by 2023, and the annual compound growth rate in the forecast period (2018-2023) is 26.5%.

The report points out that the increase in the workload of enterprises on the cloud and the rapid growth in the number of intelligent applications are the main driving forces driving the continuous growth of the global edge artificial intelligence (AI) software market. In addition, the increasing investment in data management strategies, the existence of the largest number of edge AI software suppliers and the increase in government spending on AI technology will contribute to the growth of edge AI software market in the forecast period.

Relevant data show that with the rapid development of the Internet of things and the advent of the era of data processing 2.0, edge computing has quickly become a popular technology. IDC data shows that in the future, more than 50% of the data needs to be analyzed, processed and stored at the edge of the network. The scale of the edge computing market will exceed trillion, becoming an emerging market equal to cloud computing. With the advent of the wave of artificial intelligence, edge computing AI has gradually become a hot topic in the market. After all, the combination of artificial intelligence and load integration will occur in the future edge computing system.

In this report, after investigating the marginal artificial intelligence (AI) software markets in North America, Europe, Asia Pacific, Latin America and Middle East Asia, markets and markets draw the following conclusions——

From the field of application, the application of autopilot will increase at the highest CAGR in the forecast period.

At present, the edge AI software market is widely used in automatic driving vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry (location services), energy management, AR, VR and intelligent wearable devices. But in general, the demand for AI software is most urgent for self driving vehicles.

The edge AI software plays a vital role in the automatic driving vehicle. This is because the edge AI software provides the opportunity of digital conversion in the process of providing real-time analysis and direct analysis of more contextual information. The AI in an autopilot runs on the local processor and explains the virtual world model to determine the action taken on the car. With the help of AI based autopilot, automakers can analyze driving patterns and help improve roads to reduce accidents.

From the data source side,

According to different data sources, the edge AI software market can be divided into five markets: video and image recognition, speech recognition, biometric data, sensor data and mobile data. Driven by the new technology of artificial intelligence, the level of image recognition by machine began to exceed that of human beings, and began to be widely used on the edge side.

With the emergence of AI and machine learning (ML) in edge devices, users can now extract entities from videos and images and build applications to find information from videos. This has been widely implemented in the field of video surveillance.

Today, most suppliers in the market provide edge AI software for local analysis of images, video, gestures, sounds and actions on devices.

In the solution, the platform will grow at a high CAGR during the forecast period

Marketsandmarkets believes that according to different components, the current edge AI software market can be divided into two markets: solutions and services. The former includes software tools and platforms, and the latter includes training and consulting, system integration and testing, support and maintenance. According to the report, the edge AI platform provides users with AI applications to enable small devices to have intelligent and data processing functions. Users can extract actionable insights from edge generated data in real time and enhance the customer experience.

During the forecast period, it is estimated that North America will have the largest market scale in the edge AI software market

North America is expected to occupy the largest market size in the global edge AI software market, while the Asia Pacific region (APAC) is expected to grow at the highest compound annual growth rate during the forecast period.

In the Asia Pacific region, the highest growth rate may be due to the large investment made by the private and public sectors to enhance AI and ml technologies, resulting in increased demand for edge AI solutions for data security and privacy.

North America is expected to become a leading region in the adoption and development of edge artificial intelligence software.

Video and Image Recognition Will Occupy the Largest Edge AI Software Market 1

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