MarketsandMarkets has released a new report that predicts that the market for edge AI software will grow from $470 million to $665 million between 2019 and 2021. Those numbers represent a CAGR of 19 percent.
They also account for the impact of COVID-19. According to MarketsandMarkets, many organizations are operating in a suboptimal capacity due to the pandemic, and are now looking for simple solutions that will allow them to regain some of their former efficiency.
With that in mind, MarketsandMarkets expects video surveillance applications to display the most growth in the next two years. COVID-19 has specifically accelerated the use of video technology in the healthcare industry, where providers are relying on telehealth applications to deliver quality care while minimizing the need for face-to-face appointments. Countries like China and South Korea are also using surveillance networks – which can include CCTV cameras and drones – to monitor public areas and implement contact tracing programs. The technology helps enforce social distancing mandates and potentially slows the spread of the coronavirus.
On the other hand, the demand for biometric technology is likely to decline in the immediate future, according to the report. People are wary of contact-based solutions that carry a greater risk of viral transmission, and while the interest in contactless modalities like facial recognition will increase, many of the larger facilities that would implement such technology have currently been shut down.
COVID-19 will have the biggest impact on the North American region, where the closure of manufacturing sites will reduce revenue and the amount of money that organizations have to spend on infrastructural improvements. However, many organizations will lay the groundwork for rapid transformation once things start to return to normal, as demonstrated in the case of the US government using smartphone location data to track the progression of the disease.
MarketsandMarkets identified Google, Microsoft, and IBM as some of the top players in the edge AI software space.