The Edge AI Hardware Market is being driven by Rise in IoT application by various end-user industries
The Edge AI Hardware Market is expected to grow at a CAGR of 17.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7145 million. In today's business landscape, the integration of artificial intelligence (AI) and edge computing is revolutionizing the way we manage and optimize various industries, including the smart home market. Edge AI hardware refers to the technology that enables AI processing at the edge of the network, allowing for real-time data analysis and decision-making. With the proliferation of Wi-Fi-enabled smart devices in homes, the demand for edge AI hardware is surging. Homeowners can now remotely monitor and control their security systems, lights, TV sets, and music systems via a smartphone app, thanks to the power of edge AI. Moreover, advanced technologies such as machine learning, big data, and blockchain are being integrated into edge AI hardware to create more efficient and convenient smart home solutions. The shrinking size, decreasing costs, and increasing connectivity of electronic devices are making it possible for people to control their homes from anywhere in the world. In summary, the edge AI hardware market is experiencing significant growth due to the increasing adoption of smart homes and the integration of advanced technologies to make homes more efficient and convenient for consumers.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Component (Memory, Processor, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Edge AI Hardware Market Research Report
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The Edge AI Hardware Market encompasses hardware devices and AI accelerators that enable local processing of Algorithm-driven data at the Network Edge for compute-intensive tasks such as Deep Learning. Real-time workloads in IoT, Autonomous Vehicles, Industrial Automation, Healthcare Monitoring, Emergency Response Systems, and more benefit from this technology. Edge networks and distributed infrastructure facilitate real-time data processing with cloud connectivity and intermittent network connectivity. AI applications in VR, Media and Entertainment, Content Delivery, Video Streaming, and Video Editing require high-performance processing for real-time performance. Edge AI reduces network congestion through data filtering and ensures local processing for AI algorithms, making it an essential component of 5G and future 6G technologies.
The Edge AI hardware market is a segment of the larger global technology hardware, storage, and peripherals market, as identified by Technavio. This market encompasses manufacturers of various hardware devices, including those specialized in edge AI and AI accelerators. The growth of this market is driven by the increasing demand for real-time workloads and compute-intensive tasks in artificial intelligence, IoT, and 5G/6G technologies. With the rise of ultra-fast connectivity and the need for autonomous decision-making, there is a growing emphasis on AI inference at the edge. The global technology hardware, storage, and peripherals market size is determined by the revenue generated from sales of these edge AI hardware devices and components. The market's expansion will be fueled by the escalating demand for data centers due to the COVID-19 pandemic and the resulting shift towards remote work.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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