The North America Embedded AI Market would witness market growth of 13.1% CAGR during the forecast period (2023-2030).
Chipset manufacturers invested in R&D to create more powerful and efficient CPUs, particularly for embedded AI applications. Such chipsets contained specialized hardware accelerators like GPUs and NPUs to boost the performance and power effectiveness of these systems. Numerous firms from the technology ecosystem were forming partnerships and collaborations as part of their attempts to draw on one another's knowledge and speed up the development and deployment of these solutions. As an example, IoT device makers collaborated with AI platform providers to enhance their product offerings, while hardware producers worked with AI software companies to provide integrated solutions.
Recent advances in artificial intelligence (AI), connectivity, edge computing, and sensors have sped up the incorporation of data analysis determined by embedded AI capabilities into resource-constrained, energy-efficient hardware devices for processing data at the network edge. By gathering data and meeting user needs without requiring constant contact with physical places, embedded AI also helps users to save expenses, communication, and processing time.
The introduction of AI and automation solutions is anticipated to transform the country's manufacturing sector's source of value creation, develop new business models, and provide value-added services like predictive maintenance and mass customization. In addition, the Canadian government stated in June 2019 that it will provide Hydro Ottawa a USD 5 million investment for Phase 2 of a smart grid project at an affordable housing complex in Ottawa. Users now have the flexibility to set up microgrids, enabling them to produce their own electricity. All of these factors are anticipated to lead to increased process automation adoption. The market will be able to expand due to the rise in process automation in the area.
The US market dominated the North America Embedded AI Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,965.4 million by 2030. The Canada market is experiencing a CAGR of 15.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 14.7% during (2023 - 2030).
Based on Vertical, the market is segmented into BFSI, Healthcare & Lifesciences, IT & Telecom, Automotive, Media & Entertainment, Energy & Power, Transportation & Logistics, Government & Defense, Manufacturing, and Others. Based on Data Type, the market is segmented into Numeric Data, Sensor Data, Image & Video Data, Categorical Data, and Others. Based on Offering, the market is segmented into Hardware (Processors, Memory Units, AI Accelerators, and Others), Software (Edge Computing Platforms, AI & ML Framework, and AI Middleware & Others), and Services. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Embedded AI Market is Projected to reach USD 22.4 Billion by 2030, at a CAGR of 13.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), IBM Corporation, Microsoft Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), NVIDIA Corporation, Intel Corporation, Qualcomm, Inc., Salesforce, Inc., Siemens AG and Oracle Corporation.
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