Edge AI Software Market Insight
Edge Artificial Intelligence (AI) software is a combination of edge computing technology and machine learning. This AI software automatically transforms raw data into movements or events, predictions, insights without costly analysis of data and big data. The software tools that are offered are in the form of frameworks and software development kit which offers benefit of merging AI abilities with software applications. In this edge AI software, an AI algorithm is processed on the hardware devices with the help of sensors and signals. With the adoption of this system, there are lesser chances of remaining connected in a live manner, as the system senses the connection and makes the decision dynamically.
Impact of COVID-19 on Edge AI Software Market:
- One of the major businesses affected by COVID-19 in the global market is just-in-time supply chain businesses.
- All the manufacturing companies are experiencing trouble in obtaining the materials needed to form products, and also are struggling to ship their products to stores and wholesalers. Unlike other disruptions, COVID-19 is impacting every single aspect of supply chains.
- Due to the government implications such as lock down in many countries, the import and exports of goods and services were hampered which in turn cause the scarcity of consumer goods resources.
- To meet the supply of essential goods the supply chain companies many production companies are following all measures required for the safety of their employees including running production lines at slower speeds, assigning workers to designated work areas, and sanitizing equipment between shifts.
- Due to COVID-19 scenario, all the companies are focused on reshoring that is moving production back into its origin country of manufacturing which reduces the loss of revenue.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Increasing enterprise workloads on cloud, rapid developments of IoT, and growth in number of intelligent applications are the major driving factors for the growth of edge AI software market. However, security concerns can hamper the growth of market. However, emergence of 5G network is anticipated to bring IT and telecom and thereby creating opportunistic factor for global market.
Rapid developments of IoT
Edge computing makes it possible for AI technologies that are typically serviced by a SaaS offering to work offline, or in situations with low latency or low bandwidth requirements. With edge AI, companies can deploy their machine learning models to run locally on edge devices, helping to counteract issues with both performance and latency. AI systems can deliver real-time feedback to enhance mission-critical applications. In the short term, edge AI will most likely benefit industrial-heavy applications such as manufacturing and supply chain. The investment required to implement edge AI systems is still high, so most industry leaders will need to see a clear ROI to justify the decision.
In the Industrial Internet of Things (IoT), that ROI could be more. For example, in manufacturing, you could use edge AI to enable predictive maintenance, troubleshooting and anticipating issues within a complex physical system. IoT sensors could manage and optimize the supply chain. Edge AI could even be used to automate product testing and inspection, increasing quality while reducing resource expenditure.
The Internet of Things and corporate Bring Your Own Device (BYOD) policies have created opportunities for improvements in efficiency and productivity as employees use the devices that they are most familiar with to do their jobs. However, security teams and policies have not caught up with the new rules. Around 66% of IT professional’s lack of how many devices employees bring into work, while an estimated 84% of companies have experienced an IoT-related breach. The most common security vulnerabilities associated with IoT devices, which pose a serious threat with the increased computational power that comes with edge computing.
Key benefits of the report:
- This study presents the analytical depiction of the global edge AI software industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global edge AI software market share.
- The current market is quantitatively analyzed to highlight the global edge AI software market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Edge AI Software Market Report Highlights
By INDUSTRY VERTICAL
By Data Source
Key Market Players
Anagog Ltd, Imagimob AB, Microsoft Corporation, SWIM.AI Inc., Synaptics Incorporated, IBM Corporation, Amazon Web Services, Inc., Nutanix, TIBCO Software Inc., Alphabet Inc.