Global Edge AI Market - Forecasts from 2024 to 2029

Global Edge AI Market - Forecasts from 2024 to 2029

The global edge AI market is expected to grow at a CAGR of 20.54%, reaching a market size of US$59.978 billion in 2029 from US$23.571 billion in 2024.

Edge computing and artificial intelligence (AI) technology are combined to create edge AI. With the help of this solution, several AI algorithms with edge computing capabilities can operate locally on devices for vital applications. Without internet access, this solution enables local devices to process data in real-time. Company sectors such as automotive, manufacturing, healthcare, energy and utility, consumer goods, IT, and telecom are making use of these gadgets. Edge AI enables fast data processing, leading to real-time information processing on the Internet of Things gadgets. Instead of being stored in the cloud, edge AI stores the data required to apply AI locally on the device or a nearby server.

Multi-Access Edge Computing architecture provides networking, storage, and processing capabilities at the edge of the network, near end users and end devices. Virtual devices, as opposed to actual edge computers, are utilized in MEC Edge AI use cases to process camera video streams over a 5G connection. For instance, in February 2023, Dublin City University in Europe and Cellnex Ireland, a European provider of wireless telecom infrastructure, worked together to develop a 5G-enabled smart campus. Cellnex installs a range of telecommunication infrastructure on the campuses as part of this partnership to enable Mobile Edge Computing (MEC) capabilities and guarantee 5G coverage throughout the main campus.

Global Edge AI Market Drivers:

Increasing demand for edge AI in the healthcare industry is anticipated to propel the market growth

The healthcare industry is seeing a sharp rise in the use of artificial intelligence applications because these technologies yield accurate results. Applications include electroceuticals, robotics-assisted surgery, image analysis, and virtual diagnostics. These instruments enable doctors to consult with patients remotely and assist healthcare organizations in analyzing health data. Additionally, edge-based cybersecurity is employed to protect private medical information.

The major market players are attempting to organize and create new technological advancements. Furthermore, the healthcare sector will benefit from the high performance and acceleration provided by the integration of this technology. For instance, Nvidia extended the use of its Edge Artificial Intelligence technology for robotics and healthcare in September 2022. The Nvidia IGX Platform aims to accelerate performance and extract real-time insights for use in both industrial and medical use cases.

Global Edge AI Market Geographical Outlook
North America is witnessing exponential growth during the forecast period

The rapid expansion of North American markets can be attributed to companies in the region adopting sophisticated technologies like artificial intelligence and machine learning. Moreover, AI technology is getting national attention from the U.S. government as its main goal. For example, in March 2024, the AI solutions provider Innodisk demonstrated its expertise in integrating edge AI at NVIDIA GTC in the United States. With a focus on delivering customizable AI solutions available to various industries, Innodisk actively shares its research and real-world edge AI implementations globally. The company highlights useful applications across industries by showcasing how its camera modules seamlessly integrate with NVIDIA's specialized AI visual technology.

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Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The Global Edge AI market is segmented and analyzed as follows:

By Component

Services
Solutions

By Data Sources

Mobile Data
Sensor Data
Biometric Data
Speech, Video, and Image Recognition

By Application

Video Surveillance
Access Management
Autonomous Vehicles
Energy Management
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Others