Edge Al is an advanced type of device used to process and power artificial intelligence-based robots and devices. This equipment is used to improve and integrate artificial intelligence (AI) processing by data processing in the device itself. Edge AI processors are type of microprocessors which are specially designed to accelerate embedded AI applications on edge devices. These processors are required in modern devices, such as smartphones, smart speakers, laptops, self-driven cars, drones, robots, and video analytics devices like surveillance cameras.
The edge AI processor moves the workflow to the device that cuts the traveling time for the data via long routes, which is very helpful for companies to analyze the data based on real-time or in less time. Edge AI makes data processing secure and boosts decision-making, with trustworthy real-time performance. They ensure safety and efficiency in autonomous driving, telecommunications, manufacturing sites, and in public spaces, which is predicted to drive the growth of the edge AI processor market in the near future.
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COVID-19 Impact on Edge AI Processor Market
The outbreak of COVID-19 across the globe has significantly impacted the global edge AI processor market growth. A high positive impact has been observed in the industrial vertical, as firms have started to realize the potential of edge AI chips in fighting the impact of COVID-19. Advanced technologies such as AI gain a robust grip on the industrial spectrum as the world becomes more interconnected. The coronavirus pandemic imposed new health and safety standards, changing how people interact with one another. The growing demand for touch-free experiences has fast-tracked the shift towards voice-based control, AI-powered systems, and other contactless user interfaces. All these factors are impacting the edge AI processor market during the pandemic period.
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Edge AI Processor Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global edge AI processor market growth in the upcoming years.
For instance, in May 2019, Kneron, a leading provider of full stack edge AI solutions, unveiled edge AI chip KL520 and 3D artificial intelligence solution with an idea to provide AI solutions for the smart surveillance, smart home, smartphones, drones, robots, and IoT devices.
In November 2021, Kontron, a leading provider of IoT/Embedded Computing Technology (ECT) worldwide, entered into a strategic technology partnership with Hailo, the leading AI chipmaker, to offer next generation AI edge inference solutions. Hailo-8 AI processor is an advanced edge AI processor that performs at 26 TOPS (tera-operations per second). The strategic partnership offers customers a new level of high-performance, accessible AI-edge application-ready platforms for an extensive range of market segments such as smart cities, Industry 4.0, smart retail and more.
In March 2022, Axiomtek, a global leader relentlessly devoted in the R&D and manufacturing of reliable and innovative industrial computer products of high efficiency, entered into a partnership with the leasing AI chipmaker, Hailo, and launched a new compact fanless edge AI computer, the Aristotle (RSC101) that supports the Hailo-8™ edge AI processor.
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Forecast Analysis of Global Market
The global edge AI processor market is projected to witness an exponential growth over the forecast period, owing to the swift growth in the electronics industry across the globe and technological advancements by key market players operating in the global market. Conversely, the shortage of skilled professionals is expected to hamper the market growth in the projected timeframe.
The growing usage of on-device AI processors for image analysis and the rising demand for industrial and personal drones are the significant factors and edge AI processor market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global edge AI processor market is expected to garner $9,566.30 million during the forecast period (2022-2030). Regionally, the North America edge AI processor market is estimated to observe lucrative growth by 2028, owing to the widespread adoption of robotics and industrial automation in the manufacturing sector.
The key players functioning in the global market include Intel Corporation, Alphabet Inc., Advanced Micro Devices, Inc., Apple Inc., Qualcomm Technologies, Inc., Mythic Ltd., Samsung Electronics Co., Ltd., Arm Limited, HiSilicon (Shanghai) Technologies CO LIMITED, and NVIDIA Corporation.
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