CHICAGO, May 21, 2024 /PRNewswire/ -- The edge AI
Hardware market is projected to grow from USD 24.2 billion in 2024 and is expected to reach
USD 54.7 billion by 2029, growing at
a CAGR of 17.7% from 2024 to 2029 according to a new report by
MarketsandMarkets™. The trend towards reducing data load
on cloud infrastructure to drive the demand. Edge AI hardware
enables data processing, analytics, and AI inference to be
performed closer to the data source (i.e., at the edge of the
network), reducing the amount of data that needs to be transmitted
to centralized cloud servers. This paradigm shift minimizes the
data load on cloud infrastructure.
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Browse in-depth TOC on "Edge AI Hardware
Market"
155 – Tables
70 – Figures
200 – Pages
Edge AI Hardware Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 24.2 billion
|
Estimated Value by
2029
|
$ 54.7 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 17.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Device, Processor,
Function, Power Consumption, Vertical and Geography
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Lack of effective
standardization
|
Key Market
Opportunities
|
Optimizing edge AI
hardware with generative AI workloads
|
Key Market
Drivers
|
Growing demand for
real-time data transmission in mission-critical
applications
|
Wearables in the device segment is expected to witness the highest
growth rate during the forecast period.
The growing popularity of smart wearable devices, including
smartwatches, fitness trackers, and healthcare monitors, drives
demand for edge AI hardware tailored for these applications.
Wearables are increasingly integrating AI capabilities for
real-time data processing and personalized user experiences.
Moreover, edge AI hardware enables wearables to perform AI
inference and analytics locally on the device, reducing reliance on
cloud services for processing. This localized processing enhances
responsiveness, preserves user privacy, and conserves battery life
by minimizing data transmission to the cloud.
Smart home segment is expected to hold the second largest
market share in the edge AI hardware market during the forecast
period.
Edge AI hardware plays a pivotal role in the smart home
ecosystem, enabling devices to automate tasks, monitor energy
usage, adjust settings based on user preferences, and provide
personalized recommendations. AI-powered virtual assistants, such
as Siri, Alexa, Google Assistant, and Bixby, are embedded in
various consumer electronics products. Edge AI hardware enables
these devices to process natural language, perform voice
recognition, and execute commands locally without continuous
internet connectivity.
Market for edge AI hardware consuming 1-3 W is expected to
hold the largest market size during the forecast period.
Edge AI hardware in the 1-3W power range strikes a balance
between performance and power efficiency, making it suitable for a
wide range of edge computing applications. This power consumption
level allows for efficient processing while minimizing energy
consumption, crucial for battery-operated and resource-constrained
devices, such as smartphones, consume power ranging from 1 to 3
watts. Smartphones are powered by batteries with limited size and
capacity. The energy efficiency of such devices is very important,
and the power consumption of such devices is critical considering
the ever-increasing functionalities.
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Asia Pacific is expected to
hold the largest share of the edge AI hardware market during the
forecast period.
Asia Pacific is home to a
significant manufacturing and industrial base, along with the
strong presence of automobile, electronics, and semiconductor
companies in China and
Japan, drives the growth of the
edge AI hardware industry in the Asia
Pacific region. However, these companies require edge AI
solutions for predictive maintenance, quality control, supply chain
optimization, and robotics. Edge AI hardware plays a critical role
in enhancing operational efficiency and productivity in these
sectors. Moreover, Applications such as smartphones, industrial
robots, and automobiles have huge potential. With the growing
penetration of smartphones in China, Japan,
India, and South Korea, the adoption of AI-enabled
smartphones in Asia Pacific is
expected to increase in the coming years.
Key Players
Leading players in the edge AI hardware companies include
Qualcomm Technologies, Inc. (US), Huawei Technologies Co., Ltd.
(China), SAMSUNG (South Korea), Apple Inc. (US), MediaTek Inc.
(Taiwan), Intel Corporation (US),
NVIDIA Corporation (US), IBM (US), Micron Technology, Inc. (US),
and Advanced Micro Devices, Inc. (US). Meta (US), Tesla (US),
Google (US), Microsoft (US), Imagination Technologies (UK),
Cambricon (China), Tenstorrent
(Canada), Blaize (US), General
Vision, Inc (US), Mythic (US), Zero ASIC Corporation (US),
Applied Brain Research, Inc. (Canada), Horizon Robotics (China), Ceva, Inc. (US), Graphcore (UK),
SambaNova Systems, Inc. (US), HAILO (Israel), and Veridify Security Inc. (US)
are few other key companies operating in the edge AI hardware
market.
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