The global Edge AI Chip Market size will touch USD 1,681.8 million at a healthy 21.72?GR between the forecast period 2019- 2024, according to the new Market Research Future (MRFR) analysis. Edge AI is an algorithm that can process the data locally on the hardware device. Edge AI devices have wide applications in construction, aerospace and defense, healthcare, government, automotive and transportation, smart home, consumer electronics, and others.
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Various factors are fuelling the global Edge AI Hardware Market share. According to the recent MRFR market estimates, such factors include the growing demand for real-time processing on edge devices, growing demand for low latency, the emergence of AI coprocessors for edge computing, dedicated AI processors for on-device image analytics, growing demand for edge computing in IoT, increasing industrial applications, use in deep learning models, and increasing demand for advanced healthcare equipment and self-driving cars.
On the contrary, size constraint and power consumption, the limited number of artificial intelligence and machine learning experts, scarcity of on-device training, and the on-going COVID-19 impact are factors that may deter the global edge AI hardware market growth in the region.
The MRFR report highlights an inclusive segmental analysis of the global edge AI hardware market based on component, device, power consumption, process, and vertical.
By component, the global Edge AI Chip Market is segmented into ASIC, GPU, CPU, and others. Of these, the CPU segment will lead the market over the forecast period as this is the core processor for all edge AI hardware. The ASIC component segment, on the other hand, will grow at the highest CAGR.
By device, the global Edge AI Chip Market is segmented into smart mirror, wearables, smart speaker, automobile, robot, camera, and smartphone. Of these, the smartphone device segment will dominate the market over the forecast period for its early adoption of processors or AI chip and development of technological advances in voice recognition, real-time speech, and image recognition. The camera segment, on the other hand, will grow at a notable CAGR.
By power consumption, the global Edge AI Chip Market is segmented into more than 10W, 5-10 W, 3-5 W, 1-3 W, and 1 W.
By process, the global edge AI hardware market is segmented into inference and training.
By vertical, the global edge AI hardware market is segmented into construction, aerospace and defense, healthcare, government, automotive and transportation, smart home, consumer electronics, and others. Of these, the consumer electronics segment will spearhead the market over the forecast period. The smart home segment, on the other hand, will grow at a significant CAGR owing to the wide application of edge AI hardware in different smart home applications like smart locks, smart thermostats, and smart lighting.
By region, the global edge AI hardware market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. The rapid adoption in Canada and the US, AI being applied on smart home applications and consumer electronics, growing dependency on the internet of things devices, need for faster device processing, need for high latency owing to network congestion, increasing government funding, strong technical base, increasing use of surveillance cameras and drones that use vision processing unit, and the presence of key industry players are adding to the global edge AI hardware market growth in the region.
The edge AI hardware market in the APAC region is predicted to have healthy growth over the forecast period. The presence of the largest exporters and manufacturers such as Taiwan, South Korea, and China, a hub of several manufacturing companies, and the strong presence of semiconductor, electronics, and automobile companies are adding to the global edge AI hardware market growth in the region.
In Europe, the edge AI hardware market is predicted to have sound growth over the forecast period and that in the Rest of the World is predicted to have steady growth over the forecast period.
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