Artificial Intelligence (AI) Edge Computing Global Market Report 2024

The artificial intelligence (AI) edge computing market size has grown exponentially in recent years. It will grow from $16.73 billion in 2023 to $20.29 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth observed in the historical period can be attributed to several factors, including the proliferation of IoT devices, advancements in edge computing technology, increasing demand for real-time data processing capabilities, the growth of AI and machine learning applications, and rising concerns over data privacy and security.

The artificial intelligence (AI) edge computing market size is expected to see rapid growth in the next few years. It will grow to $43.77 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of 5G networks, the adoption of edge AI in autonomous vehicles, the emergence of Industry 4 initiatives, the integration of AI into edge devices, and the accelerated deployment of edge computing infrastructure. Major trends expected during this period include market consolidation in the edge AI market, the rise of edge AI as a service (AIAAS), a shift towards decentralized AI architectures, the emergence of hybrid edge-cloud computing models, and an increasing focus on edge AI sustainability and energy efficiency.

The increasing adoption of artificial intelligence automation within industrial machinery is poised to drive significant growth within the AI edge computing market in the foreseeable future. Artificial intelligence automation entails leveraging AI technologies to automate tasks and processes traditionally reliant on human intervention. AI edge computing plays a pivotal role in supporting artificial intelligence automation in industrial machinery by facilitating real-time data processing and decision-making directly at the network's edge, where the machinery operates. This convergence of AI and edge computing enhances operational efficiency, enables predictive maintenance, and fosters agile decision-making, thereby propelling the growth of the AI edge computing market. A testament to this trend is evidenced by a report published by International Business Machines Corporation in May 2022, indicating a notable 4-point increase in the adoption of AI technologies among organizations globally, with 35% of organizations already utilizing AI in their operations and 42% planning to explore AI applications, underscoring the escalating demand for AI-driven automation solutions and driving the expansion of the AI edge computing market.

Key players within the AI edge computing market are actively engaged in developing innovative products tailored to meet the evolving needs of industrial automation. One such innovation is exemplified by the NVIDIA Jetson AGX Orin, a high-performance system-on-module (SoM) designed specifically for edge AI applications. Launched by Nvidia, a prominent US-based software company, in March 2022, the NVIDIA Jetson AGX Orin leverages the latest Orin system-on-chip (SoC) architecture based on NVIDIA's Ampere architecture, integrating multiple GPU cores, CPU cores, and specialized accelerators optimized for AI inference and computer vision tasks. This compact and energy-efficient solution is engineered to deliver high-performance AI capabilities in diverse edge computing environments, catering to applications spanning robotics, autonomous vehicles, healthcare, and beyond. By empowering industrial machinery with advanced AI capabilities at the network's edge, the NVIDIA Jetson AGX Orin exemplifies the transformative potential of AI edge computing in driving innovation and efficiency within industrial automation landscapes, thereby underpinning the growth trajectory of the AI edge computing market.

In August 2023, Sidus Space, a satellite manufacturing and space data-as-a-service company headquartered in the United States, completed the acquisition of Exo-Space for $0.468 million. This strategic move is anticipated to bolster Sidus Space's footprint within the Earth and space sectors, while also facilitating the integration of edge computing capabilities with its satellite sensors. Exo-Space, based in the United States, specializes in AI edge computing solutions for both software and space hardware applications.

Major companies operating in the artificial intelligence (AI) edge computing market report are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Siemens AG, General Electric Company (GE), Intel Corporation, Accenture PLC, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Fujitsu Limited, Hewlett Packard Enterprise (HPE), NVIDIA Corporation, NEC Corporation, Advanced Micro Devices Inc. (AMD), MediaTek Inc., Baidu Inc., Xilinx Inc., RIGADO LLC, Amazon Web Services (AWS)

North America was the largest region in the artificial intelligence (AI) edge computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) edge computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (AI) edge computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

AI edge computing involves deploying AI algorithms and models on edge devices such as sensors, cameras, or edge servers, located closer to the data source or end-user device. This approach facilitates real-time data processing, analysis, and decision-making without solely relying on centralized cloud servers.

The main components of AI edge computing include hardware, software, and services. AI edge computing hardware comprises physical devices or components designed to support AI inference and processing tasks at the network edge. These are utilized across various applications such as industrial IoT, remote monitoring, content delivery, video analytics, AR/VR, and others in industries such as automotive, healthcare, chemicals, oil and gas, manufacturing, robotics, public infrastructure, transportation, logistics, and more.

The artificial intelligence (AI) edge computing market research report is one of a series of new reports that provides artificial intelligence (AI) edge computing market statistics, including artificial intelligence (AI) edge computing industry global market size, regional shares, competitors with an artificial intelligence (AI) edge computing market share, detailed artificial intelligence (AI) edge computing market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) edge computing industry. This artificial intelligence (AI) edge computing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The artificial intelligence (AI) edge computing market includes revenues earned by entities by providing services such as edge AI development, edge device management, edge data processing and analytics, and edge security. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) edge computing market also includes sales of edge computing devices, edge AI development kits, and edge AI management tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.


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