June 23, 2024

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Edge AI Hardware Market Will Reach USD 15.74 Bn By 2033

9 min read
Edge AI Hardware Market Projected To Reach USD 15.74 Bn By 2033

Market Overview

Published Via 11Press: Global Edge AI Hardware Market Value at USD 2.19 Bn In 2023 and Is Projected To Reach USD 15.74 Bn By 2033, at a CAGR Of 21.8%.

In recent years, the edge artificial intelligence (AI) hardware market has grown rapidly and is projected to keep doing so in the future. Edge AI refers to deploying AI algorithms and models on devices located at the edge of the network – closer to where data is generated – rather than relying solely on centralized cloud computing.

One of the primary factors driving growth in the Edge AI hardware market is an increasing need for AI-enabled devices and applications such as smart home assistants, autonomous vehicles, and industrial automation. To meet these demands, high-performance AI hardware must be deployed that operates in real-time with low latency – something often not achievable with traditional cloud-based solutions.

Some of the major players in the Edge AI hardware market include NVIDIA, Intel, Qualcomm, and Arm. These companies offer a variety of products such as AI processors, system-on-chips (SoCs), and development platforms for this space; NVIDIA’s Jetson platform is one popular example. Developers looking to deploy AI algorithms on edge devices often turn to these companies for assistance.

Overall, the Edge AI hardware market is expected to witness steady growth over the coming years due to rising demand for AI-enabled devices and applications, as well as the ongoing advancement of more sophisticated AI hardware and software solutions.

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Key Takeaways

  • In recent years, the Edge AI hardware market has experienced rapid growth and is forecast to do so in the future.
  • Edge AI refers to the implementation of AI algorithms and models on devices located at the edge of the network, closer to where data is generated.
  • The growing demand for AI-enabled devices and applications, such as smart home assistants, autonomous vehicles, and industrial automation are fueling the growth of the Edge AI hardware market.
  • Edge AI devices require high-performance hardware that can run in real-time with low latency, which may not be possible with traditional cloud-based solutions.
  • These companies provide a range of products, such as AI processors, system-on-chips (SoCs), and AI development platforms.
  • NVIDIA’s Jetson platform is a top choice for developers looking to deploy AI algorithms on edge devices.
  • The Edge AI hardware market is seeing significant investment from venture capitalists and other investors.
  • Startups such as Syntiant and Groq have seen tremendous success in the Edge AI hardware market.
  • The continued advancement of AI hardware and software solutions is anticipated to fuel growth in the Edge AI hardware market over the course of the coming years.

Regional Snapshot

  • North America is currently the leading market for edge AI hardware, due to the rapid adoption of AI technologies across various industries such as healthcare, manufacturing and automotive. The United States leads this region with significant investments being made into edge AI hardware by tech giants such as Google, Microsoft and Intel.
  • Europe is a major market for edge AI hardware due to the increasing adoption of AI technologies across healthcare, automotive and aerospace industries. The United Kingdom and Germany are two key hubs in this region with both start-ups and established players providing solutions in this space.
  • The Asia-Pacific region is experiencing rapid growth in the edge AI hardware market due to rising demand for AI-powered devices and applications across industries such as manufacturing, healthcare, and retail. China leads this region with several local players such as Huawei, DJI, and Hikvision providing edge AI hardware solutions.
  • The Middle East and Africa are expected to witness significant growth in the edge AI hardware market due to increasing adoption of AI technologies in healthcare and manufacturing industries. The United Arab Emirates and South Africa are two prominent markets within this region.

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Drivers

  • Increased Demand for Real-Time Decision-Making: With the rise of edge computing and the Internet of Things (IoT), there has been an uptick in real-time data processing and decision-making. Edge AI hardware helps address this by bringing processing power closer to where data resides – at its source.
  • Growth in the number of connected devices: This trend is continuing to accelerate, with an unprecedented surge in connected device numbers. Edge AI hardware plays a significant role in managing all the data generated by these devices, making it one of the key determinants for market growth.
  • Advances in AI Algorithms: Recent advances in AI algorithms are necessitating the need for more powerful hardware that can handle complex computations quickly and efficiently. Edge AI hardware was specifically designed with this purpose in mind, making it a crucial element of any modern AI infrastructure.
  • Cost reduction and energy efficiency: Edge AI hardware is becoming more cost-effective and energy-efficient, making it a more attractive option for companies seeking to implement AI solutions. This trend is driving the adoption of edge AI hardware across various industries.
  • Security and Privacy Concerns: With data breaches becoming more frequent, companies are seeking ways to secure their data and safeguard the privacy of customers. Edge AI hardware can assist by processing information locally, eliminating the need for transmission over the internet and decreasing the risk of data breaches.

Restraints

  • Limited Processing Power: While edge AI hardware is designed to handle complex computations, its processing power remains limited compared to cloud-based solutions. This could restrict the types of AI applications that can be deployed at the edge.
  • Lack of Standardization: The edge AI hardware market is still developing, and there is a lack of uniformity when it comes to hardware, software and interfaces. This makes it challenging for companies to integrate different edge AI solutions seamlessly.
  • Integration Challenges: Integrating edge AI hardware into existing IT infrastructures, particularly for companies with legacy systems, can present a major obstacle. This adds to the cost and complexity of deploying edge AI solutions.

Opportunities

  • Industry-Specific Solutions: Edge AI hardware can be tailored to fit the specific requirements of different industries, from healthcare and manufacturing to transportation and energy. This presents hardware manufacturers with the chance to create industry-specific solutions that offer tailored benefits and promote adoption.
  • Integration with 5G networks: The deployment of 5G networks is expected to significantly boost the speed and reliability of connectivity at the edge. This presents hardware manufacturers with a unique opportunity to develop edge AI solutions that take advantage of 5G’s increased bandwidth and lower latency.
  • Partnership Opportunities: Hardware manufacturers can partner with software providers, system integrators and service providers to develop comprehensive edge AI solutions. Doing so will help accelerate the adoption of edge AI and present all parties involved with increased revenue prospects.
  • Advancements in Hardware Technology: Advancements in hardware technology, such as more powerful processors and energy-saving designs, have further enhanced the capabilities of edge AI hardware. This presents hardware manufacturers with an opportunity to differentiate their products and gain a competitive edge.
  • Expansion into Emerging Markets: Emerging markets such as Asia and Africa offer significant expansion prospects for edge AI hardware manufacturers. These regions are experiencing rapid urbanization and industrialization, which in turn fuels demand for solutions that can enhance efficiency and productivity.+

Report Scope

Report Attribute Details
Historical Years 2017-2022
Base Year 2022
Estimated Year 2023
Short-Term Projection Year 2028
Long-Term Projected Year 2033

Growing Demand => Request for Customization

Challenges

  • Limited Skillsets: Implementing edge AI hardware necessitates specialized skills and expertise, such as knowledge of AI algorithms, hardware design, and integration with existing systems. Unfortunately, there is a shortage of skilled professionals in these fields which may hinder the adoption of edge AI solutions.
  • Data Privacy and Regulatory Complying: Edge AI hardware often works in environments that require data privacy and regulatory adherence, such as healthcare or finance. Hardware manufacturers must guarantee their solutions abide by relevant regulations, adding to the complexity and cost of deployment.
  • Cost and complexity of deployment: Adopting edge AI hardware can be costly and complex, particularly for companies that have legacy systems or operate remotely. This makes it challenging for small and medium-sized enterprises (SMEs) to adopt these solutions, potentially restricting the overall market size.
  • Interoperability Issues: Lack of standardization in edge AI hardware and software makes it challenging to integrate different solutions, potentially restricting flexibility and scalability for edge AI deployments.
  • Limited Market Awareness: Edge AI hardware is still relatively new, and many businesses may not be aware of its potential advantages. Hardware manufacturers must educate potential customers on the value proposition of edge AI and how it can enhance their operations.

Market Segmentation

Segmentation by Device Type:

  • Robots
  • Wearables
  • Automotive
  • Smart Mirror
  • Smartphones
  • Smart Cameras
  • Smart Speaker

Segmentation by Processor:

  • CPU
  • GPU
  • Application-Specific Integrated Circuit (ASIC)
  • Others (FPGAs, and SoC accelerators.)

Segmentation by End-User Industry:

  • Industrial
  • Healthcare
  • Government
  • Smart Home
  • Consumer Electronics
  • Aerospace & Defense
  • Automotive & Transportation
  • Others (Retail, Construction, Manufacturing, Education, Etc.)

Segmentation by Power Consumption:

  • Less Than 01 W
  • 01 – 03 W
  • 03 – 05 W
  • 05 – 10 W
  • More Than 10 W

Key Players

  • Apple, Inc.
  • Xilinx, Inc.
  • Alphabet, Inc.
  • MediaTek, Inc.
  • Qualcomm, Inc.
  • Intel Corporation
  • NVIDIA Corporation
  • ARM Holdings Plc
  • Horizon Robotics, Inc.
  • Microsoft Corporation
  • Micron Technology, Inc.
  • Applied Brain Research, Inc.
  • Cadence Design Systems, Inc.
  • Huawei Technologies Co., Ltd.
  • Samsung Electronics, Ltd

Recent Developments

  • Advancements in Hardware Technology: Recent advances in hardware technology, such as more powerful processors and energy-saving designs, have enabled the creation of cutting-edge edge AI hardware that can handle complex computations quickly and efficiently.
  • Partnerships and Collaborations: Hardware manufacturers have been joining forces with software developers, system integrators, and service providers to develop comprehensive edge AI solutions. These collaborations help accelerate the adoption of edge AI while creating additional revenue opportunities for all parties involved.
  • Increased Adoption in Healthcare: Edge AI hardware is seeing increasing adoption within the healthcare industry, where it’s being utilized to analyze medical images and enhance patient outcomes. This trend is expected to continue as healthcare providers strive to enhance accuracy and speed when diagnosing and treating patients.
  • Expansion into Emerging Markets: Edge AI hardware manufacturers are expanding into emerging markets such as Asia and Africa, where there is an abundant growth opportunity. These regions are experiencing rapid urbanization and industrialization, which in turn fuels demand for edge AI solutions that can boost efficiency and productivity.

FAQ

Q: What is Edge AI hardware?
A: Edge AI hardware refers to components designed and optimized for use in edge computing systems running AI algorithms. This includes devices like processors, accelerators, sensors and other elements which facilitate efficient data processing at the edge of a network.

Q: What is the Edge AI Hardware Market?
A: The Edge AI hardware market refers to the global supply of hardware components used in edge computing systems running AI algorithms. This includes selling processors, accelerators, sensors and other components to hardware manufacturers, system integrators and end-users worldwide.

Q: What is driving growth in the Edge AI hardware market?
A: The edge AI hardware market is being propelled forward by several factors, such as increasing demand for AI-powered applications and services, rising adoption of edge computing technology, and the need for more efficient yet cost-effective hardware solutions.

Q: What are the key market trends in the Edge AI hardware market?
A: Key market trends in this space include increased usage of AI accelerators and specialized processors, integration of AI algorithms into edge devices, as well as the development of novel hardware architectures optimized for edge computing.

Q: Who are the key players in the Edge AI hardware market?
A: Major technology companies such as Intel, NVIDIA and Google dominate this space, alongside many smaller startups and specialized hardware manufacturers.

Q: What are the major challenges facing the Edge AI hardware market?
A: Key challenges include developing and integrating AI algorithms into hardware components, the need for high-performance, energy-efficient solutions, as well as standardization across various hardware platforms.

Q: Which regions are driving growth in the Edge AI hardware market?
A: North America, Europe and Asia-Pacific are among the primary regions driving demand in this space; significant demand is anticipated from industries such as healthcare, automotive and industrial automation.

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