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CORONA Impact On Edge AI Software Market Projected to Grow $665 million by 2021

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CORONA Impact On Edge AI Software Market Projected to Grow $665 million by 2021

May 13
17:44 2020
CORONA Impact On Edge AI Software Market Projected to Grow $665 million by 2021

Google (US), Microsoft (US), AWS (US), IBM (US), Nutanix (US), TIBCO (US), Octonion (US), SWIM AI (US), Imagibob (US), Anagog (Israel), Veea (US), Foghorn Systems (US), Xnor.AI (US), Bragi (US), Invision AI (US), Tact AI (US)
Covid-19 Impact On Edge AI Software Market by Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry and Energy Management), Data Source, Vertical and Region – Global Forecast to 2021

According to research report Covid-19 Impact On Edge AI Software Market by Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry and Energy Management), Data Source, Vertical and Region – Global Forecast to 2021″, size is expected to result in the market growing from USD 470 million in 2019 to USD 665 million by 2021, at a Compound Annual Growth Rate (CAGR) of 19% during the forecast period. Over the years, organizations have enhanced the level of innovation; and with the outbreak of COVID-19, a majority of operations have been compromised. This has forced organizations to function in a non-optimized manner, as a result of which they are looking for innovative areas that can improve their revenue by a small percentage.

Video surveillance application to witness the highest growth during the forecast period within the global edge AI software market

The use of video surveillance has been extended from operations rooms to mobile devices; COVID-19 has expediated the use of video surveillance use cases. Telehealth in the healthcare sector has become a new norm, as health organizations around the world, such as WHO, and CDC have presented guidelines for its use. Thus, many healthcare organizations are utilizing telehealth to keep their workers safe and treat patients.  Private doctors and healthcare institutions are providing online consulting amidst country lockdowns.

Government across the globe are making use of advanced video surveillance techniques such as drones, CCTV cameras to manage social distancing, monitor quarantined people and track the spread of virus. China, Russia and South Korea are making use of video analytics to closely monitor its citizens and potentially protect them from virus. Once the lockdown eases, many more industries are expected to see a higher adoption of video analytics tools, making video surveillance market to grow at higher rate than earlier expected.

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The biometrics data source is expected to witness below-average growth during the forecast period in the global edge AI software market

Current biometrics system comprises touch-based systems, the outbreak of COVID-19 is projected to set a new norm by rejecting the use of touch-based systems and adoption of touchless biometrics system, as it helps in limiting the spread of virus. Non-invasive biometrics system such as computer image processing, face scanner is being adopted by the organizations in near future.

However, due to the COVID-19 pandemic, countries entering a lockdown phase to contain the spread of the virus, which has resulted in the shutting down of manufacturing activities in the country. This has led to a significantly declining usage of biometrics systems. This has reduced the overall usage of edge AI software across the industry.

The major vendors in the edge AI software market include Google (US), Microsoft (US), AWS (US), IBM (US), Nutanix (US), TIBCO (US), Octonion (US), SWIM AI (US), Imagibob (US), Anagog (Israel), Veea (US), Foghorn Systems (US), Xnor.AI (US), Bragi (US), Invision AI (US), and Tact AI (US). These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on edge AI software market and broaden their customer base.

AMAZON WEB SERVICES (AWS) (US) is a major player in the global edge AI software market. The company provides edge AI services (AWS Greengrass, AWS Snowball edge)  to enterprises across the globe.  AWS enabled operational data connectivity to AWS IoT Greengrass, connecting disparate industrial systems to AWS using the ignition edge. Additionally, AWS offers AWS Diagnostic Development Initiative (DDI) to accelerate COVID-19 research, diagnostics, and testing. They have joined High Performance Computing (HPC) along with IBM, Microsoft, and Google to provide its computational power for researchers in the healthcare sector, allowing them to accelerate COVID-19 diagnostics, research, and testing.  AWS has focused on reliable, scalable, and compute power, which can be delivered, along with industry-leading services such as analytics and machine learning, to its customers.

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IBM (US) is a major vendor in the global edge AI software market. The company provides IBM Edge Solution, IBM Edge Delivery Services, IBM Edge Application Manager, and IBM Cloud Pak products to cater to the demand for edge AI solutions. Recently IBM Research, Watson, and Global service teams have joined forces to develop Watson Assistant for citizens to help governments provide information on COVID-19. It has been deployed in more ha 18 countries. The company is working with non-governmental organizations to enable schools to function smoothly during the pandemic.

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