Press release
Exploring the Global Embedded AI Market: A Comprehensive Overview
Embedded AI Market
The embedded ai market size is expected to see rapid growth in the next few years. It will grow to $23.05 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to enhanced energy efficiency in embedded systems, expansion of industrial automation, increased demand for edge ai in healthcare, expansion of 5g networks, enhanced security measures in embedded ai
. Major trends in the forecast period include integration of ai in consumer electronics, development of ai-optimized processors, advances in semiconductor technology, ai-optimized microcontrollers, edge ai in robotics and drones, edge ai for sustainable and green computing.
Market Overview -
Embedded AI is the application of machine learning and deep learning in software at the device level that is specifically created and developed to execute specific activities in an electronic system or device. The embedded AI helps to automate business processes and tasks to give actionable results to businesses and users via enhanced analytics.
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Rise In Industrial Automation To Drive Market Growth
An increase in industrial automation is expected to propel the growth of the embedded AI market going forward. Industrial automation uses advanced technologies, control systems, and machinery to automate industrial processes and operations. Embedded AI is widely used in industrial automation to enhance productivity, efficiency, and decision-making in manufacturing and production processes. It is used for machine vision, quality control, predictive maintenance, and robotics automation. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 23,000 industrial robots were operating in UK factories in 2021, an increase of 6% from the previous year. Further, sales of new robots were up by 8% to 2,205 units in 2020. Therefore, the increase in industrial automation is driving the growth of the embedded AI market.
Competitive Landscape -
Major companies operating in the embedded ai market report are Google LLC, Microsoft Corporation, Amazon Web Services Inc., Siemens, Intel Corporation, International Business Machines Corporation (IBM), Qualcomm Technologies Inc., Oracle Corporation, SAP SE, HPE (Hewlett Packard Enterprise), Nvidia Corporation, Salesforce, Advanced Micro Devices Inc, MediaTek Inc., Adobe Inc, STMicroelectronics NV, NXP Semiconductors NV, Renesas Electronics Corporation, Synopsys Inc., Xilinx Inc., Arm Limited., HiSilicon, Lattice Semiconductor, SenseTime, C3.ai, Appier, NeuroPace, AU-Zone Technologies, LUIS Technology, VectorBlox Computing Inc.
Product Innovations Transforming The Embedded AI Market
Innovation of technological products are a key trend gaining popularity in the embedded AI market. Major companies operating in the embedded AI market are focused on developing innovative technological products to sustain their position in the market. For instance, in May 2023, Cognex Corporation., a US-based system software company, launched the Advantage 182 vision system, an embedded AI-based vision system. This innovative product is designed to automate complex location, classification, and inspection tasks in the life sciences industry. The Advantage 182 includes advanced machine vision, barcode reading, and edge learning technology to automate tasks, from simple presence/absence detection and track-and-trace applications to high-precision alignment and complex color inspections. Additionally, it includes such application features as test tube detection and classification, measuring the phases of centrifuged blood, and identifying pathology samples.
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Key Segments -
The embedded ai market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Data Type: Sensor Data, Image And Video Data, Numeric Data, Categorial Data, Other Data Types
3) By Application: Smart Phone, Wearable Device, Vehicle Electronics, Smart Home, Security Monitoring, Drone, Robot, Other Applications
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Information Technology Enabled Services (ITES), Retail And Ecommerce, Manufacturing, Healthcare And Life Sciences, Media And Entertainment, Telecom, Automotive, Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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