Edge AI Market to Hit $66.47 Billion by 2030 at CAGR of 21.0%: Grand View Research, Inc.
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Apr 17, 2023, 05:30 ET
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SAN FRANCISCO, April 17, 2023 /PRNewswire/ -- The global edge AI market size is expected to reach USD 66.47 Billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 21.0% from 2023 to 2030. The growing demand for 5G in areas such as real-time virtual reality experiences, self-driving cars, and mission-critical applications drives further edge AI innovation. The rising demand for IoT-based edge computing services is expected to propel the market growth. IoT generates voluminous amounts of data that can be difficult or impossible to collect. Moreover, edge AI enables full utilization of IoT data by locally analyzing massive amounts of sensor data and automating operational decisions.
Key Industry Insights & Findings from the report:
· The hardware segment dominated the market with a revenue share of 53.6% in 2022. Edge chipsets have high processing capability and low power consumption, making them popular in IoT devices.
· The growing adoption of artificial intelligence products and services opens up lucrative growth opportunities in the edge AI industry, leading to market growth.
· Many businesses are looking for more ways to protect their data. Moreover, edge AI creates an enabling environment for data privacy because data computational activities are performed at the edge of the device or closer to the device, attracting businesses and leading to growth.
· The Asia Pacific region is expected to grow at the highest CAGR of 26.1% during the projected period. Key regional players are expanding their geographical presence by providing advanced technological solutions to developing nations. In Japan, companies are creating edge AI solutions for the automotive and manufacturing industries.
Read 100-page full market research report, "Edge AI Market Size, Share & Trends Analysis Report By Component