Edge AI Hardware Market worth $54.7 billion by 2029 at a CAGR of 17.7%

(IT-NEWSWIRE.COM, May 30, 2024 ) The edge AI hardware market size is projected to grow from USD 24.2 billion in 2024 and is expected to reach USD 54.7 billion by 2029, growing at a CAGR of 17.7% from 2024 to 2029. Rising emphasis on launching innovative AI coprocessors for edge devices is driving the demand. Edge devices, such as smartphones, IoT devices, drones, and autonomous vehicles, require AI capabilities to process data locally and make real-time decisions. Innovative AI coprocessors are designed to efficiently handle AI workloads on these resource-constrained edge devices, enabling faster and more power-efficient computation compared to traditional CPUs or GPUs.

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The edge AI hardware market has been categorized into device types, i.e., smartphones, surveillance cameras, robots, wearables, edge servers, smart speakers, automotive, and others. Smartphones are expected to hold the largest market share during the forecast period. With the increasing complexity of AI applications and the need for real-time responsiveness, smartphones are leveraging edge AI hardware to perform AI tasks directly on the device. This approach reduces reliance on cloud services for AI processing, improving response times and user experiences, especially for applications like voice assistants, image recognition, and augmented reality.

The CPU in the processor segment of edge AI hardware market is expected to hold the largest market share during the forecast period. Due to the increased increased integration of AI accelerators, modern CPUs often integrated with AI-specific accelerators, such as SIMD (Single Instruction, Multiple Data) units or neural network inference engines. This integration enhances the CPU's capability to execute AI workloads efficiently while leveraging existing CPU architectures. Moreover, the familiarity with CPU architecture and software development tools makes them accessible for developers and enterprises transitioning to edge AI solutions.

In Asia Pacific, China will likely dominate the edge AI hardware market during the forecast period. China is a growing economy with rapid industrialization, infrastructure development, and continuous improvement in the standard of living of the citizens. China thriving sutomotive and transportation sector is driving the market for edge AI hardware. China has emerged as a global leader in autonomous vehicle development, with major companies investing heavily in self-driving technologies. The automotive industry in is increasingly integrating AI technologies into connected vehicles to enable advanced driver assistance systems (ADAS), infotainment, predictive maintenance, and vehicle-to-everything (V2X) communication. Edge AI processes data locally within vehicles, reducing latency and improving responsiveness for critical applications.

Major players in this market ecosystem are Qualcomm Technologies, Inc. (US), Huawei Technologies Co., Ltd. (China), SAMSUNG (South Korea), Apple Inc. (US), MediaTek Inc. (Taiwan), Intel Corporation (US), NVIDIA Corporation (US), IBM (US), Micron Technology, Inc. (US), and Advanced Micro Devices, Inc. (US) among others. The market players have availed opportunities like indulging in partnerships and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.

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Edge AI Hardware Market worth $54.7 billion by 2029 at a CAGR of 17.7%