Edge AI Software Market Size, Share, Growth Analysis, By Component(Solutions and Services), By Data Source(Video & Image Recognition, Iris & Facial Data, Sensor Data, Mobile Data), By Region - Industry Forecast 2024-2031

Global Edge AI Software Market size was valued at USD 1.48 Billion in 2022 and is poised to grow from USD 1.84 Billion in 2023 to USD 10.33 Billion by 2031, at a CAGR of 24.10% during the forecast period (2024-2031).

The use of edge AI software enables real-time operations like data creation and decision-making. In order to increase wearable gadget battery life, edge AI software is used in the manufacturing process. A huge amount of data can be saved in the cloud using edge AI software, which also avoids the problems associated with streaming and improves the privacy of the data stored there. Additionally, this software is used in the telecom and enterprise sectors because it supports multi-cloud and makes it possible to run cutting-edge AI analytical software, which aids in gaining full action in a shorter amount of time. The automobile industry is not an exception to the new era of opportunity brought about by edge AI breakthroughs. Additionally, with the advent of new technologies, the autonomous vehicle market is anticipated to expand rapidly, and edge computing will be essential to this expansion. In comparison to 4G networks, edge AI computing will provide better data governance, lower costs, and faster insights, according to industry experts, opening up new potential for the sector. Due to the fact that less data will be transported, edge AI also tends to lower data communication costs. The privacy of the data is not compromised by local processing.