Increasing demand for remote monitoring capabilities to drive the growth of the global edge AI software market
The impact of COVID-19 on enterprises is transforming their business models. Every business is affected due to novel coronavirus. Organizations are struggling to revamp their supply chains to make working environment safe. To mitigate pandemic risks, organizations around the world are taking adequate measures such as remote working capabilities, remote asset maintenance and monitoring, plant automation, and tele-health. The healthcare vertical is expected to have a high positive impact, as firms are realizing the potential of edge AI software in combating the impact of the virus. This has led to increased funding and research to keep businesses safe and secure across the value chain. Industrial and telecom sectors are currently assessing the situation, as countries are beginning to come out of lockdown slowly. The market is expected to show slow growth during the pandemic and bounce back with a higher adoption rate across verticals.
Digital infrastructure is now being termed as an essential infrastructure. Organizations around the globe are making the use of digital infrastructure to continue with their usual business activities. Healthcare, public sector, and education verticals are adopting digitalization at an unprecedented rate. Several cloud and edge companies are offering their computational services for free to the frontline workers to reduce the impact of COVID-19.
Remote monitoring and predictive maintenance segment to show high growth rate during the forecast period
The remote monitoring and predictive maintenance segment is estimated to grow at a high CAGR in the edge AI market during the forecast period. Remote monitoring and predictive maintenance utilize IoT to track, monitor, and diagnose machines and processes. Most of the large enterprises deploy edge AI software solutions to generate efficiencies and improve performance with access to vital data in real time. Remote monitoring aims at providing the in-depth views of analytics and enabling users to react to real-time events with some level of automation.
Video and image recognition segment captured the highest market share in 2020
The video and image recognition segment held the largest market share in the edge AI market. Video and image recognition play a crucial role in curbing the pandemic effects. Researchers are making use of AI tools, such as ML, NLP, and computer vision to teach computers to use big data-based models for pattern recognition, explanation, and prediction. These functions will be useful for tracing, diagnosing, predicting, and possibly treating COVID-19 patients and help in managing socio-economic impacts.
The healthcare segment to record higher investment and growth in 2019
The healthcare systems need scalable and secured infrastructure to manage and maintain patient information with high speed and flexibility. During the COVID-19 pandemic, there is a high need for technologies such as edge AI for the analysis of patients’ data. As the number of electronic health records is increasing, healthcare providers are expanding the use of scalable and highly secure storage AI solutions to cater to a large number of cases.
Healthcare organizations are using advanced technologies, such as analytics, AI, and ML to analyze the complex data around COVID-19 to monitor and reduce the impact of the virus. Many companies have also developed several AI-enabled systems to detect COVID-19 symptoms in the chest CT or X-ray scans. These deep learning tools are already deployed in hospitals to screen mild cases, triage new infections, and monitor the advancing disease. During the analysis of chest scans, AI has the ability to lessen the overload on radiologists.
North America to record the highest market share in the impact of COVID-19 on edge AI market in 2019
North America held the largest market share in the impact of COVID-19 on edge AI software across the major verticals. COVID-19 has severely affected the North American region due to various factors, such as a high number of immigrants traveling in the region, no initial stage lockdown in the country, and presence of a large number of virus carriers in the country at once, spreading the disease at a rapid pace.
North America, being one of the most developed regions has heavily invested in technologies such as analytics, AI, and ML. The developed infrastructure and growth in the demand for digitalized technologies across North America is driving the implementation of edge AI software among industries. Most industries are using AI to create different predictive models so that they can be aware of the market dynamics during this pandemic.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the edge AI market.
- By Company Type: Tier 1 – 15%, Tier 2 – 42%, and Tier 3 – 43%
- By Designation: C-level – 62%, Directors – 20%, and Others – 18%
- By Region: North America – 40%, Europe – 20%, APAC – 30%, MEA – 5%, and Latin America – 5%
The major vendors in the edge AI software market include Google (US), Microsoft (US), AWS (US), IBM (US), Nutanix (US), TIBCO (US), Octonion (US), SWIM AI (US), Imagibob (US), Anagog (Israel), Veea (US), Foghorn Systems (US), Xnor.AI (US), Bragi (US), Invision AI (US), Tact AI (US), These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on the edge AI software market and broaden their customer base.
The market study covers the impact of COVID-19 on the edge AI market across different segments. It aims at estimating the market size and the growth potential of this market across by application (autonomous vehicles, access management, video surveillance, remote monitoring and predictive maintenance, telemetry, energy management and others), by data source (video and image recognition, speech recognition, mobile data, biometrics data, sensors data), by verticals (government and public, manufacturing, transportation and logistics, energy and utilities, telecom, healthcare and others), and region. The study also includes an in-depth analysis of the key market players, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall impact of COVID-19 on the edge AI market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.