Embedded AI Market Size, Share, Revenue, Trends And Drivers For 2024-2033

The Business Research Company's Embedded AI Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 17, 2024 /EINPresswire.com/ -- The embedded AI market, driven by the application of machine learning and deep learning in device-level software, is projected to witness substantial growth, reaching $23.05 billion by 2028. This represents a significant increase from $13.04 billion in 2023, reflecting a compound annual growth rate (CAGR) of 12.1%. The market's expansion is fueled by various factors, including the miniaturization of hardware components, the increasing demand for smart devices, and advancements in edge computing.

Rising Demand for IoT Devices Propels Market Growth
The increasing adoption of Internet of Things (IoT) devices is expected to be a key driver of growth for the embedded AI market. IoT devices, embedded with sensors and software, enable connectivity and data exchange, creating vast networks of interconnected devices. Embedded AI enhances these devices by enabling local processing of data, reducing the need for constant communication with centralized servers. This leads to real-time decision-making, improved efficiency, and the ability to extract meaningful insights directly at the edge, driving the growth of the embedded AI market.

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Technological Innovations Drive Market Trends
Innovation in technological products is a significant trend in the embedded AI market. Companies are focusing on developing innovative solutions to sustain their position in the market. For example, Cognex Corporation launched the Advantage 182 vision system, an embedded AI-based system designed to automate complex tasks in the life sciences industry. This product includes advanced machine vision, barcode reading, and edge learning technology to automate tasks such as test tube detection and classification, measuring the phases of centrifuged blood, and identifying pathology samples.

Key Players and Market Dynamics
Major companies operating in the embedded AI market include Google LLC, Microsoft Corporation, Amazon Web Services Inc., Siemens, Intel Corporation, and others. These companies are focused on developing innovative products to enhance their market presence. The market is characterized by the integration of AI in consumer electronics, the development of AI-optimized processors, and advancements in semiconductor technology.

Regional Insights: North America Leads the Market
North America dominated the embedded AI market in 2023, driven by the presence of major technology companies and a strong focus on innovation. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period, fueled by the expansion of industrial automation, increased demand for edge AI in healthcare, and the growth of 5G networks.

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

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Embedded AI Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Embedded AI Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on embedded AI market size, embedded AI market drivers and trends, embedded AI market major players, competitors' revenues, market positioning, and market growth across geographies. The embedded AI market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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