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Market Size & Industry analysis
According to SNS insider the Edge AI Hardware Market, reaching USD 5741.5 Million by 2031 with the compound annual growth rate of 20.7% during the Forecast period of 2024-2031.
The integration of Machine Learning (ML) algorithms into edge devices is revolutionizing data processing. Edge AI enables on-device processing of data generated by the Internet of Things (IoT), overcoming limitations such as high latency and security concerns. Traditionally, large amounts of IoT data are sent to the cloud for ML models to analyze and return results. This process can lead to delays and may not be feasible for storing vast amounts of data. Edge AI circumvents these issues by processing data locally, eliminating the need for constant cloud communication. The pre-trained ML models can be fine-tuned on edge devices based on user data and requirements. Though limitations exist in training complex deep learning models at the edge due to limited data access, edge AI excels in handling smaller transfer learning tasks. The advent of 5G networks presents a significant growth driver. 5G facilitates the establishment of data centers at edge locations, enabling industry-specific networks with virtualization and software-defined networking capabilities. These advancements are important for applications demanding ultra-low latency, such as autonomous vehicles, industrial automation, and robotics.
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Top Companies Featured in Edge AI Hardware Market Report:
- Intel Corporation
- MediaTek
- NVIDIA Corporation
- Samsung Electronics
- Apple
- Huawei Technologies
- International Business Machines Corporation
- Microsoft Corporation
- Qualcomm Technologies
Report Scope:
The Edge AI Hardware Market encompasses the development, production, and distribution of hardware components specifically designed to process and analyze data at the edge of a network, closer to where it’s generated. This reduces the need for constant data transmission to the cloud, enabling faster response times and improved security. Key factors propelling the market such as Edge AI processing minimizes data travel distances, leading to faster decision-making and real-time responses. Data remains local, mitigating the risks associated with cloud-based storage and transmission. By reducing Dependance on cloud resources, edge AI solutions lower operational expenses. The Edge devices can operate independently, ensuring continued functionality even when internet connectivity is disrupted. the market faces challenges related to power consumption and device size limitations.
Edge AI Hardware Industry Segmentation as Follows:
BY COMPONENT
- Memory
- Processor
- Sensor
- Other
BY DEVICE
- Smartphones
- Surveillance cameras
- Smart speakers
- Edge servers
- Robots
- Wearables
- Automotive
- Smart mirrors
The Smartphones segment currently dominate the Edge AI Hardware Market due to their ubiquitous presence and increasing integration of AI features like facial recognition and voice assistants.
BY FUNCTION
- Inference
- Training
BY END USER
- Smart home
- Automotive & transportation
- Industrial
- Healthcare
- Consumer electronics
- Aerospace & defense
- Government
- Construction
The Consumer Electronics segment holds the leading share, driven by the growing demand for smart appliances, wearable devices, and AI-powered entertainment systems.
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Impact of Russia Ukraine war
The Russia-Ukraine war has disrupted global supply chains, impacting the availability and pricing of important components used in edge AI hardware. The geopolitical tensions and potential economic sanctions can further exacerbate these challenges.
Impact of Economic Slowdown
An economic slowdown results to reduced investments in research and development, hindering market growth. However, this situation may also push businesses toward more cost-effective solutions, potentially accelerating the adoption of edge AI technologies that offer operational cost savings.
Key Regional Developments
North America Region currently holds the largest market share due to the Strong presence of leading technology companies actively developing edge AI solutions, High adoption rate of AI and IoT technologies across industries.
The Asia Pacific region is projected to Growing with the highest compound annual growth rate during the forecast period, driven by Rapidly expanding consumer base and increasing demand for smart devices, Government initiatives focused on developing a robust AI infrastructure. Growing adoption of AI in various industries, including manufacturing and healthcare
Key Takeaways for Edge AI Hardware Market
- The Increasing demand for low latency and real-time processing is propelling the Edge AI Hardware Market.
- Edge AI offers significant benefits in terms of security, cost optimization, and offline functionality.
- The integration of ML algorithms and the advent of 5G networks present immense growth opportunities.
- Geopolitical events and economic fluctuations can impact the market’s growth trajectory.
- North America and Asia Pacific are expected to be the leading regional markets.
Recent Developments
– June 2022: Qualcomm Technologies unveiled the Qualcomm AI Stack, a comprehensive AI solution aimed at accelerating AI adoption in various intelligent devices.
– March 2022: Intel’s Habana Labs introduced second-generation AI processors for enhanced training and inferencing capabilities.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Edge AI Hardware Market Segmentation, By Component
9. Edge AI Hardware Market Segmentation, By Device
10. Edge AI Hardware Market Segmentation, By End User
11. Edge AI Hardware Market Segmentation, By Function
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
Continued….
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