Global Embedded AI Market 2023-2030

Global Embedded AI Market 2023-2030

Global Embedded AI Market Size, Share & Trends Analysis Report by Offering (Hardware, Software, and Services), by Data Type (Numerical Data, Categorical Data, and Image & Video Data), and by Vertical (BFSI, Healthcare & Lifesciences, IT & Telecom, Automotive, Media & Entertainment, Energy & Power, Transportation & Logistics, Government & Defense, Manufacturing and Others), Forecast Period (2023-2030)

The global embedded AI market is anticipated to grow at a considerable CAGR of 9.6% during the forecast period (2023-2030). Embedded AI is a general-purpose framework system for AI functions. It is built into network devices and provides common model management, data obtaining, and data preprocessing functions for AI algorithms. The growing demand for embedded AI in end-user industries is a key factor driving the growth of the global embedded AI market. This is due to the fact that an increase in the adoption of Embedded AI can potentially improve medical diagnosis and treatment in the healthcare sector. Embedded AI can improve factory automation in the manufacturing industry. In addition, embedded AI can radically improve the capabilities of home automation systems and smart wearables. To meet the growing demand from end-user industry, key players are making new product launches. For instance, in March 2022, NVIDIA Corp. launched Clara Holoscan MGX, a platform for the medical device industry to develop and deploy real-time AI applications at the edge, specifically designed to meet required regulatory standards. Clara Holoscan MGX Medical-Grade Platform with NVIDIA Orin and NVIDIA AI Software Stack Powers Systems Built by Embedded-Computing Leaders.

Segmental Outlook

The global embedded AI market is segmented on the offering, data type, and verticals. Based on the offering, the market is sub-segmented into hardware, software, and services. Based on the data type, the market is sub-segmented into numerical data, categorical data, and image & video data. Further, on the basis of verticals, the market is sub-segmented into BFSI, healthcare & life sciences, IT and telecom, automotive, media & entertainment, energy & power, transportation & logistics, government & defense, manufacturing, and others. Among the offerings, the software sub-segment is anticipated to hold a considerable share of the market owing to the specialized software tools and frameworks required to develop embedded AI applications.

The BFSI Sub-Segment is Anticipated to Hold a Considerable Share of the Global Embedded AI Market

Among the verticals, the BFSI sub-segment is expected to hold a considerable share of the global Embedded AImarket. The segmental growth is attributed to the growing influence of digital platforms is acting as a key factor for upgrading several business operations. AI can play a prime role in BFSI as it offers advanced data analytics to combat fraudulent transactions and improve compliance. The BFSI sector deal with enormous data and it becomes a tough task to manage it. AI can aid in managing a huge volume of data within a short period to gain valuable insights from it. Moreover, AI can help to discover anti-money laundering activities in a few seconds, The BFSI sector can deliver much better-quality services to a wider customer base using AI. In March 2023, Fintech company Intellect Design Arena launched eMACH.ai. The platform will provide cloud services with embedded artificial intelligence, powered by Amazon Web Services (AWS), to financial institutions. With the launch of eMACH.ai, the company visualized the future of banking to be ecosystem-led. Such developments are further contributing to the segmental market growth

Regional Outlook

The global embedded AI market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the presence of companies with innovative AI technology, strong R&D skills, rising demand for intelligence edge services, and an established market ecosystem. The key market players in the regional market include Google LLC, IBM Corp., Microsoft Corp., and Amazon Web Services, Inc.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Embedded AI Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to economic developments and technological enhancements.The expanding population of the Asia-Pacific region, region is now experiencing tremendous expansion. As a result of Asia's fast pace of technical advancement and openness to new ideas, many businesses use this region's embrace of technology to their advantage. Enabling embedded lending companies are headquartered in Asia-Pacific., but the area attracts some of the most sophisticated regional fintech companies.

The digital economy is one area where Asia-Pacific's variety is evident. Even if notable fintech hubs like Singapore and Hong Kong exist, developing nations are steadily expanding their fintech capacities. As a consequence, the BFSI industry in the area is adopting embedded AI at a consistent pace. By leveraging the promise of embedded finance, some Southeast Asian businesses are already finding success. With all of these factors taken into account, the APAC region's market will see tremendous growth.

Market Players Outlook

The major companies serving the embedded AI market include Google LLC, IBM Corp., Microsoft Corp., Oracle Corp., Advanced Micro Devices, Inc., EdgeImpulse Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2023, NVIDIA Corp. entered into collaboration with IKERLAN, an embedded electronics and artificial intelligence provider. The collaboration aimed to increase the technological and knowledge capability of its teams in order to provide the industrial sector with the most innovative AI technology.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global embedded AI market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.