Global Edge AI Market Size to worth USD 118.95 Billion by 2033: Market Insight Report

Global Edge AI Market Size to worth USD 118.95 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Edge AI Market Size is Expected to Grow from USD 17.88 Billion in 2023 to USD 118.95 Billion by 2033, at a CAGR of 20.86% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Edge AI Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Edge cloud infrastructure, and Services), By End-use (Consumer electronics, Smart cities, Manufacturing, Automotive, Government, Healthcare, IT & telecom, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.           

Edge AI market comprises of combination of artificial intelligence (AI) and edge computing that enable devices to process data locally. The data is processed within milliseconds providing real-time feedback with or without an internet connection due to AI algorithms can process data closer to the location of the device. The software integrates AI capabilities closer to the edge of the network to process and analyse data locally at the source instead of relying on central cloud computing. The increasing use of TinyML, the growing need for connected and driverless cars, and the development of game-changing applications in a variety of sectors are providing market opportunities for edge AI. The advancement in 5G leads to the deployment of edge AI, thereby propelling the edge AI market. Further, the ability of edge AI to integrate diverse AI capabilities, streamline deployment, and support scalable applications across industries is expected to drive market growth. On the contrary, the security concerns related to the deployment of AI at the edge may hamper the market growth.

The hardware segment accounted for the largest revenue share of 53.6% in 2023.

Based on the component, the edge AI market is classified into hardware, software, edge cloud infrastructure, and services. Among these, the hardware segment accounted for the largest revenue share of 53.6% in 2023. Hardware components of edge AI play a vital role in real-time data processing in IoT devices. The growing IoT devices across industries such as smart homes, industrial automation, healthcare, and transportation are driving the market.   

The IT & telecom segment held the largest share of the global edge AI market in 2023.

Based on the end-use, the edge AI market is classified into consumer electronics, smart cities, manufacturing, automotive, government, healthcare, IT & telecom, and others. Among these, the IT & telecom segment held the largest share of the global edge AI market in 2023. The emergence of the 5G network to integrate IT and telecom along with the demand for edge computing in IoT are responsible for propelling the market.

North America is estimated to hold the largest share of the edge AI market over the forecast period.

North America is estimated to hold the largest share of the edge AI market over the forecast period. The surging adoption of advanced technologies such as AI, deep learning, and machine learning among enterprises is driving the regional market growth. Further, the strong investment in edge computing infrastructures is significantly contributing to propel the edge AI market growth.

Asia Pacific is predicted to grow at the highest CAGR in the edge AI market over the forecast period. Businesses in Japan are creating cutting-edge AI solutions for the manufacturing and automotive industries, ultimately driving the regional market. The increasing use of AI and IoT in manufacturing processes as India moves toward Industry 4.0 leads to drive the market for edge AI.

Competitive Analysis

Major key players in the global edge AI market include ADLINK Technology Inc., Alphabet Inc., Amazon.com, Inc., Gorilla Technology Group, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Nutanix, Inc., Synaptics Incorporated, Viso.ai, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, Advantech announced it has extended its collaboration with NVIDIA to become the first Taiwan-based company to become an official distributor of industrial PCs that are certified with the NVIDIA AI Enterprise software platform for the development and deployment of production-grade AI applications, including generative AI.

• In March 2024, at NVIDIA GTC, Hewlett Packard Enterprise announced updates to one of the industry’s most comprehensive AI-native portfolios to advance the operationalization of generative AI (GenAI), deep learning, and machine learning (ML) applications.

• In March 2024, Akamai Technologies, the cloud company that powers and protects life online, and Neural Magic, a developer of software that accelerates artificial intelligence (AI) workloads, announced a strategic partnership intended to supercharge deep learning capabilities on Akamai's distributed computing infrastructure.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the edge AI market based on the below-mentioned segments:

Global Edge AI Market, By Component

• Hardware
• Software
• Edge Cloud Infrastructure
• Services

Global Edge AI Market, By End-use

• Consumer electronics
• Smart cities
• Manufacturing
• Automotive
• Government
• Healthcare
• IT & telecom
• Others

Global Edge AI Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa