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Edge AI Hardware Market worth $54.7 billion by 2029 - Exclusive Report by MarketsandMarkets(TM)
Wednesday, May 29, 2024

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(TM). 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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Browse in-depth TOC on "Edge AI Hardware Market"

155 - Tables
70 - Figures
200 - Pages

Edge AI Hardware Market Report Scope:

     Report Coverage           

      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 

     Forecast Period           

     Forecast Units            
     Value (USD Million/Billion)

     Report Coverage             Revenue Forecast, Competitive Landscape, Growth Factors, and

     Segments Covered            By Device, Processor, Function, Power Consumption, Vertical and

     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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About MarketsandMarkets(TM)

MarketsandMarkets(TM) has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets(TM) is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore(TM) (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets(TM).com or follow us on Twitter, LinkedIn and Facebook.

Mr. Aashish Mehra

MarketsandMarkets(TM) INC.
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