Global Edge AI Hardware Market Report 2024: Size, Drivers, And Top Segments

April 8, 2024April 2, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The edge AI hardware market has witnessed rapid growth, with the market size escalating from $6.64 billion in 2023 to $7.9 billion in 2024, representing a compound annual growth rate (CAGR) of 19.0%. This growth can be attributed to various factors such as increased market education and awareness, the rise of IoT devices, advancements in AI algorithms, and growing concerns regarding low latency, privacy, and data security.

Anticipated Growth

The market is poised for exponential growth in the coming years, with projections estimating a surge to $16.58 billion by 2028, at a CAGR of 20.4%. Factors contributing to this growth include advancements in hardware architecture, energy-efficient edge devices, achieving a balance between edge-to-cloud computing, and addressing privacy and data security requirements, among others.

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The Surge In IoT Applications Propels Growth In Edge AI Hardware Market

Impact of IoT Applications

The proliferation of IoT applications is expected to be a significant driver for the edge AI hardware market. IoT applications encompass a wide range of services and programs that utilize data from numerous IoT devices. The rise in IoT applications translates to an increased demand for edge AI hardware, as these devices play a crucial role in processing and analyzing data at the network’s edge.

Market Momentum

The exponential growth in IoT devices is evident from recent statistics. For instance, data from Dataport indicates that more than 10 billion IoT devices were in use in 2021, and this number is projected to exceed 25.4 billion by 2030. The frequency of IoT devices connecting to the internet further underscores the growing significance of edge AI hardware in managing data processing efficiently.

Rise Of Technologically Advanced Products Drives Growth In Edge AI Hardware Market

Focus on Technological Advancement

Technological advancement emerges as a key trend shaping the edge AI hardware market. Market players are investing heavily in developing advanced solutions to enhance performance and efficiency. For instance, Intel’s Habana Labs launched second-generation AI processors in May 2022, offering high-performance and high-efficiency deep learning compute options for both training and inference workloads.

Strategic Acquisitions

Companies are also expanding their capabilities through strategic acquisitions. In June 2022, Qualcomm acquired Cellwize, a move aimed at enhancing its 5G portfolio. The acquisition enables Qualcomm to offer leading RAN automation and management software solutions, thereby accelerating the development of connected intelligent edge through 5G networks deployment.

Market Segmentation and Regional Analysis

Segmentation

The edge AI hardware market is segmented based on components (processor, memory, sensor, and other components), device types (smartphones, cameras, robots, wearables, smart speakers, and others), and end-users (consumer electronics, smart home, automotive, government, healthcare, industrial, construction, and others).

Regional Dynamics

North America emerged as the largest region in the edge AI hardware market in 2023, while Asia-Pacific is projected to witness the fastest growth during the forecast period. These regional dynamics highlight the global nature of the market and the diverse opportunities it presents for stakeholders.

Conclusion

The edge AI hardware market is experiencing significant growth driven by the surge in IoT applications and advancements in technologically advanced products. With the increasing demand for low latency, privacy, and data security, edge AI hardware plays a crucial role in enabling efficient data processing at the network’s edge. As companies continue to innovate and expand their offerings, the market is poised for continued expansion, offering lucrative opportunities for stakeholders across various industries and regions.

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The Edge AI Hardware Global Market Report 2024 provides comprehensive insights on the edge AI hardware market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the edge AI hardware market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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