Edge AI Hardware Market rowth Analysis, Opportunities and Forecast by 2024

by Miller Pit
Posted: Apr 07, 2019

According to the new market research report "Edge AI Hardware Market by Device (Smartphones, Cameras, Robots, Automobile, Smart Speakers, Wearables, and Smart Mirror), Processor (CPU, GPU, ASIC and Others), Power Consumption, Process, End User Industry, and Region - Global Forecast to 2024", the Edge AI Hardware Market is expected to register a shipment of 610 million units in 2019 and is likely to reach 1559.3 million units by 2024, at a CAGR of 20.64% during the forecast period. Major drivers for the market's growth are growing demand for low latency and real-time processing on edge devices and emergence of AI coprocessors for edge computing. Further, underlying opportunities for the edge AI hardware market include growing demand for edge computing in IoT and dedicated AI processors for on-device image analytics. Major restraints for the market are limited on-device training and limited number of AI experts. Power consumption and size constraint pose major challenges to the edge AI hardware market.

SMARTPHONES ACCOUNTED FOR THE LARGEST SHARE OF THE EDGE AI HARDWARE MARKET IN 2018

Dedicated AI chip or AI processors were major developments in the smartphone technology last year. Increasing demand for real-time speech and voice recognition and analysis, as well as technical advancements in smartphone image recognition is driving the market for AI processors in smartphones. Majority of AI processors have an additional inbuilt Neural Processing Unit (NPU) that can handle significant amounts of parallel processing, uses low power, and is capable of cognitive tasks. Till date, most AI-related processing like prediction, detection, pattern matching, and classification tasks on mobile apps and assistants take place primarily in the cloud.

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However, with AI processors built in a phone, these AI tasks could be carried out right on the device, even without any connectivity; this would not only improve performance of the device, but also reduce strain on the battery. The AI features in smartphones at present are mainly focused on imaging and photography, power efficiency and security

Edge AI computing where AI processing is brought from the cloud to smartphones is increasing the need for on-device AI solutions. Advantages of on-device Edge AI computing include lower latency, better data privacy, and overall low power consumption. Edge AI computing is pushing more processing on-devices as vendors use AI in several areas. Virtual assistants such as Siri, Bixby, and Google Assistant are already becoming common, and on-device AI is increasing their abilities.

DOMESTIC ROBOTS MARKET IS EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD IN EDGE AI HARDWARE MARKET.

The edge AI hardware market for AI-based domestic robots is expected to witness a shipment of 5.4 million units by 2024, at the highest CAGR during the forecast period.AI technology is a key factor in artificial agents acting in a real-world environment. AI robots are aimed at manipulating objects by perceiving, picking, moving, and modifying them.AI robot has mechanical construction and form to accomplish a particular task. It has electrical components that power and control the machinery. Computer vision is an AI technology with which robots can see. Computer vision plays a vital role in many applications of robots. It automatically processes the information from a single image to multiple images. In the ongoing process, an algorithm is developed for the automotive visual processes. In several industries, robots are used in handling, cutting, wielding, drilling, and polishing materials among others. The medicinal use of AI robots helps carryout a lot clinical tests, as well as in exploring space. Speech recognition, natural language analysis, and image labeling are being used extensively for domestic-helping robots.

IN APAC, CHINA IS THE LARGEST CONTRIBUTOR FOR EDGE AI HARDWARE MARKET IN TERMS OF MARKET SHARE

Currently, China is undertaking many projects, especially in the infrastructure sector, such as rail, airport, stadiums, and highway systems that are expected to require high-definition surveillance systems, which can capture clear images even in darkness. China is home to video surveillance players such as Dahua (China) and Hikvision (China) that dominate the video surveillance hardware market. Both Hikvision and Dahua have already launched deep learning surveillance cameras in the market. China has already started deploying cloud AI based surveillance cameras to monitor its citizens. This development will lead to adoption of edge AI in surveillance cameras. China is among the highest spenders on the manufacturing sector in APAC. The manufacturing sector in China is growing rapidly, resulting in the introduction of new robotics and big data technologies. In addition, China, being a global manufacturing hub, holds immense potential for the automotive industry. These factors are expected to fuel the

Key Market Players

Key players in the current sensor market include Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro Microsystems (US), Siliocn Labs (US), LEM International (Switzerland), Sensitec (Germany), Koshin Electrin (Japan). Asahi Kasei Microdevices (Japan) is a leader in the current sensing industry. The company has shown consistent growth in the market by demonstrating capability to serve new markets, and its product launches and promotional activities have boosted its revenue growth.

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Provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

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Miller Pit

Member since: Jan 23, 2019
Published articles: 118