The Edge AI Hardware market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to high investment in the automotive sector. Moreover, economically developed nations tend to witness high penetration of edge AI hardware products in the healthcare, industrial, and consumer electronics sectors, which is projected to significantly contribute to the market’s growth. Allied Market Research, titled, “Edge AI Hardware Market Size By Component, Device Type, Process, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030″, the global edge AI hardware market size was valued at $6.88 billion in 2020, and is projected to reach $38.87 billion by 2030, registering a CAGR of 18.8%. Asia-Pacific is expected to be the leading contributor to the edge AI hardware market during the forecast period, followed by LAMEA and Europe.
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Edge AI hardware is a device that can make decisions & process data independently without any external connection. These edge AI hardware do not have any issues with bandwidth and latency of real-time data, which influence application execution. Real-time operations are very crucial in robots and self-driving cars, among other applications.
Global edge AI hardware market growth is anticipated to be driven by factors such as the emergence of AI coprocessors for edge computing and the rise in IoT applications by various end-user industries such as automotive and consumer electronics. In addition, an increase in real-time low latency on edge devices boosts the overall market growth. However, power consumption & size constraint acts as a major restraint for the global edge AI hardware industry. On the contrary, the rise in demand and adoption of artificial intelligence products & services is expected to create lucrative opportunities for the market.
Moreover, developing nations tend to witness high penetration of edge AI hardware products, especially in the automotive sector, which is anticipated to augment the market growth. Factors such as growing driverless vehicles accelerate the market growth.
The global edge AI hardware market is segmented based on component, device type, process, end user, and region. By component, the market is classified into processor, memory, sensor, and others. Depending on the device type, it is categorized into smartphones, cameras, robots, wearables, smart speakers, and others. The process covered in the study includes training and inference. Based on end user, it is classified into consumer electronics, smart home, automotive, government, aerospace & defense, healthcare, industrial, construction, and others.
Region-wise, the edge AI hardware market trend is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). The edge AI hardware market size has been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the maximum revenue in 2020.
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However, between 2020 and 2030, the edge AI hardware market in Asia-Pacific is expected to grow at a faster rate compared to other regions. This is attributed to an increase in demand from emerging economic countries such as India, China, Japan, Taiwan, and South Korea.
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to the increase in several COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdowns have disrupted the global supply chain, posing challenges for manufacturers to reach customers.
The COVID-19 pandemic is impacting society and the overall economy across the globe. The impact of this outbreak is growing day by day, as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of the supply chain, and an increase in panic among the customer segments.
Asian and European countries under lockdowns have suffered major losses of business and revenue, owing to the shutdown of manufacturing units. Operations of production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which has further impacted the growth of the edge AI hardware market.
In addition, the COVID-19 pandemic has impacted the electronics sector, as production facilities have stalled, which, in turn, has propelled the demand for electronics and semiconductor products in the industry. Its major impact includes a large manufacturing interruption across Europe and an interruption in Chinese part exports, which may hinder market growth.
Key Findings of the Study
– The consumer electronics sector is projected to be the major application, followed by industrial.
– Asia-Pacific and North America collectively accounted for over 61% of the edge AI hardware market share in 2020.
– India is anticipated to witness the highest growth rate during the forecast period.
– The U.S. was the major shareholder in the North America edge AI hardware market, accounting for approximately 55% share in 2020.
– Depending on the component, the processor segment generated the highest revenue in 2020. Also, the processor segment is expected to witness the highest growth rate shortly.
– Region-wise, the edge AI hardware market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
The key players profiled in the report include Apple Inc., Google LLC (Alphabet Inc.), Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corporation (IBM), MediaTek Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Technologies, Inc., and Samsung Electronics Co., Ltd. (Samsung). These players have adopted various strategies such as acquisition and product launch, to strengthen their foothold in the industry.
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