Mobile AI Market Flowing at a Healthy Gowth Rate

Technology is retreating from a growth-at-all-costs, casting aside an approach that has worked for many mobiles AI generating companies but has sputtered in the real world of mobile and artificial intelligence. On this, Market Research Future study being into the spotlight that the global mobile AI market 2020 will be flowing at a healthy growth rate of 29.52% CAGR during the forecast period 2018–2023. Over this period, the market will also be valued at around $10.28 billion, with the same growth rate by 2023.
Global Mobile AI Market Research Report, by Mobile Platform (Android, iOS, Windows), by Application (Virtual Assistant, Camera, Chatbots, Navigation, Drones), by Vertical (Finance, Education, Travel & Tourism, Media & Entertainment) – Forecast till 2023

Market Key players

The protruding players in the mobile AI market are listed as NVIDIA (US), Apple Inc (US), Samsung Electronics (South Korea), Huawei (China), Qualcomm (US),  Amazon Inc (US), IBM Corporation (US), Intel Corporation (US), MediaTek (Taiwan), Microsoft Corporation (US), and Google Inc (US), Graphcore (UK).

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Market Segmentation

The market includes segments such as navigation, virtual assistant, camera, drones, chatbots, and others.

As per MRFR’s study, the global mobile AI market aims at different segments, which is mentioned to be as application, vertical, and mobile platform.

In terms of mobile platform, the market includes segments such as Android, iOS, and Windows.

In terms of application, the market includes segments such as navigation, virtual assistant, camera, drones, chatbots, and others.

In terms of vertical, the market includes segments such as media & entertainment, finance, education, healthcare, travel & tourism, and others.

Regional Framework

The geographical analysis of the global Mobile AI Market has been done for the key regions of North America, Europe, Asia-Pacific, and the rest of the world.

Among these regions, Asia-Pacific can become the fastest growing market for mobile AI owing to a large number of mobile manufacturers residing in this region that manufacture on-device AI processors to a great extent.

With this, the significant investments for research and development in the field of AI also assist the market in inflating, resulting in paving ways for business expansion opportunities in the market.

The region of North America is also probable to lead the market of mobile AI during the assessment period as the companies are speedily adopting various technologies to integrate artificial intelligence in smartphones.

Also, this region involves major key players named Qualcomm, IBM Corporation, NVIDIA Corporation, and others, which is likely to motivate the growth of the mobile AI market.

Top Market Trends & Drivers

As per the study reveal by MRFR, mobile devices offer optimum convenience in accessing information and services with the help of email, web, application, and multimedia features along with artificial intelligence.

With the provision of algorithms and cognitive functions, a system is built that performs all the tasks and functions similar to humans.

Thus, the combination of both empowers the mobile phone to progress its capabilities by raising its computational power. This factor has been one influential factor streaming the market with outstanding growth in the forecast period.

At the same time, mobile phones are continually becoming faster, better, cheaper, and reliable and expanding speedily across the world.

Thus, these have become a widely adopted consumer electronic device, which, when cohesive with AI capabilities, enhances the user experience.

AI chipsets that are being used to increase the computational power of mobile devices and make them run AI-enabled applications is yet another important factor leading the global mobile AI market towards growth prospects during the forecast period.

On the other side, the rising demand for on-device AI processing is motivating the growth of the mobile AI market.

AI-enabled processors eventually help mobile devices to process machine learning tasks, gain performance, and energy-saving features in a better way to boost the user experience.

The region of North America is also probable to lead the market of mobile AI during the assessment period as the companies are speedily adopting various technologies to integrate artificial intelligence in smartphones.

Such a factor has led to an increase in demand for on-device AI processing all over the world, resulting in the growth of the market inevitably.

Case of point, Apple’s A11 Bionic chip, which is an AI-enabled chip with the neural engine used in its latest iPhone X, that added the high accuracy face locking feature for mobile security.

The investments for on-device AI-enabled processors are thus rising, which is supporting advanced algorithms for building deep learning systems, which is making the market becoming more robust with a high valuation.

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With this, the upcoming mobile AI application is yet actively driving the mobile AI market towards growth.

The mobile apps were also being build using AI algorithms and applied to nearly everything a user does — buying a product, interacting with a virtual assistant on the smartphone, watching a film, and more.

These applications, in all, can predict anything the user will do next and take necessary actions on his behalf, which helps in delivering a unique experience to the users—all these results in mounting demand for mobile AI applications.

On the flip side, the factor of mobile AI processors being expensive is posing as restraints to the market’s growth as these processors can only be used in superior mobile devices.

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