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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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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