Understanding the Embedded AI Market’s Growth Prospects from 2024 to 2033
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2024-2033 Forecast: What is the Projected Growth Rate for the Embedded AI Market?
The market size for embedded AI has experienced a swift rise in recent years. Projections indicate that this market will expand from $13.04 billion in 2023 to $14.6 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 12.0%. The driving forces behind this tremendous development during the historic period include hardware components becoming increasingly smaller, a surge in demand for intelligent devices, enhanced connectivity and IoT, advancements in edge computing, and the popularity of wearable devices.
The market size for embedded AI is anticipated to experience swift expansion in the upcoming years, predicted to reach $23.05 billion in 2028 with a 12.1% compound annual growth rate (CAGR). This anticipated growth within the forecasted timeframe can be linked to improved energy effectiveness in embedded systems, the proliferation of industrial automation, growing demand for edge AI in the health sector, the spread of 5G networks, and enhanced security elements in embedded AI. Key trends during the projected period will likely encompass the integration of AI in consumer electronics, the creation of AI-optimized processors, advancements in semiconductor technology, AI-optimized micro-controllers, the application of edge AI in robotics and drones, and the use of edge AI in sustainable and environmentally-friendly computing.
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What Are the Main Drivers Behind the Growth of the embedded ai Market?
The embedded AI market is expected to witness robust growth due to the rise in industrial automation. Industrial processes and operations are becoming largely automated, owing to the integration of advanced technologies, control mechanisms, and machinery. Embedded AI plays a crucial role in this transition, enhancing efficiency, productivity, and decision-making in manufacturing and production procedures. It finds extensive applications in areas like machine vision, quality control, predictive maintenance, and robotics automation. Data from the International Federation of Robotics, a non-profit organization based in Germany, revealed that there were 23,000 operational industrial robots in UK factories in 2021, marking a 6% rise from the year before. Additionally, the year 2020 saw a jump of 8% in new robot sales at 2,205 units. Hence, the expanding industrial automation is fueling the growth of the embedded AI market.
What Are the Primary Segments of the Embedded AI Market?
1) By Offering: Hardware, Software, Services
2) By Data Type: Sensor Data, Image And Video Data, Numeric Data, Categorial Data, Other Data Types
3) By Application: Smart Phone, Wearable Device, Vehicle Electronics, Smart Home, Security Monitoring, Drone, Robot, Other Applications
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Information Technology Enabled Services (ITES), Retail And Ecommerce, Manufacturing, Healthcare And Life Sciences, Media And Entertainment, Telecom, Automotive, Other Verticals
Which Trends Are Revolutionizing the Embedded AI Market?
The emergence of innovative technology products is a prominent trend in the embedded AI market. Many leading companies in this sector are emphasizing on creating unique technological products to maintain their market standing. For example, Cognex Corporation, an American system software firm, introduced the Advantage 182 vision system in May 2023. This system is an embedded AI-based vision platform, engineered to automate intricate location, classification, and inspection tasks in the life sciences sector. The Advantage 182 is equipped with sophisticated machine vision, barcode reading, and edge learning technology to automate various tasks, ranging from simple detection of presence or absence and track-and-trace applications to high-precision alignment and intricate color inspections. Additionally, it boasts features like test tube detection and classification, measurement of centrifuged blood phases, and identification of pathology samples.
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Which Geographical Regions Are Pioneering Growth in the Embedded AI Market?
North America was the largest region in the embedded AI market in 2023. The regions covered in the embedded ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Embedded AI Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the embedded ai market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Embedded AI Market Include
1. Embedded AI Market Executive Summary
2. Embedded AI Market Segments
3. Embedded AI Market Size And Template Market Growth Rate
4. Key Embedded AI Market Trends
5. Major Embedded AI Market Drivers
……
25. Key Mergers And Acquisitions In The Embedded AI Market
26. Top Embedded AI Companies
27. Embedded AI Market Opportunities And Strategies
28. Embedded AI Market, Conclusions And Recommendations
29. Appendix
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