With 28.5% CAGR, Mobile Artificial Intelligence (AI) Market Size is Expected to Reach USD 880.28 Bn by 2029

According to Exactitude Consultancy the Global Mobile Artificial Intelligence (AI) Market Size is expected to reach USD 80.28 Bn by 2029, growing at a 28.5% CAGR of Between Forecast Period 2023 to 2029, How Artificial Intelligence (AI) Transforms Mobile Technology? The Future of Smartphones, Artificial Intelligence, and Virtual Reality

PUNE, India, June 2, 2023 /PRNewswire/ -- Exactitude Consultancy explores the current market and new opportunities in the growing Mobile Artificial Intelligence (AI) Market.

Is technological advancement or price competition driving the market? Read more to get insights for from the report. By 2029, due to the growing, information technology markets, the demand for the mobile artificial intelligence (AI) market will be increasing, which will result in a market growth of the market is around USD 84.19 billion.

According to the latest market research completed and published by Exactitude Consultancy, the mobile artificial intelligence (AI) market is expected to grow at a CAGR of more than 28.5% over the forecast period from 2022 to 2029. This is likely to grow the market value from USD 8.45 billion in 2020 to USD 80.28 billion in 2029. The report discusses the market considering the key market players, their brands, the advancements made in the mobile artificial intelligence (AI) market, and the result it provides for the use of the consumer. Other critical aspects of the market considered while writing the report are the phenomena recognizing the application of different types of mobile artificial intelligence (AI) techniques, and the segments they are used.

The expansion of the mobile artificial intelligence (AI) market is fueled by factors such as the high demand for artificial intelligence in smartphones, the increase in demand for AI-capable processors, and the increased investment in AI technologies. Many ground-breaking uses of artificial intelligence technologies may be found in the fields of industrial, automotive, and video games. AI technology is being used by the smartphone industry, and it is used for much more than just applications like digital assistants. In order to create AI features for smartphones that meet user expectations, several mobile manufacturing companies are competing. The expansion of the global mobile artificial intelligence (AI) market is, however, significantly constrained by the high cost of artificial processors.

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The Report Scope and Market Definition and Market Segments Considered for The Study:

Mobile AI (on-device AI) is the capability to process data on devices using neural processing units (NPUs) without connecting the internet or the cloud. Artificial intelligence (AI) refers the simulation of human intellectual functions by machines, particularly computer systems having the capacity to imitate intelligent behavior and reach independent judgements.

The mobile artificial intelligence (AI) market is divided on the basis of technology, component, and application. Based on technology, the mobile AI market is segmented into 5nm-10nm, 11nm-20nm, and Above 20nm. The Mobile Artificial Intelligence Market is dominated by 10nm nodes, with a strong CAGR anticipated during the projected period. The market expansion can be attributed to the rising adoption of 10nm technology nodes in new high-end smartphones. The 10nm technological node advancements lead to more power-efficient processors, longer battery life, and higher performance in smartphones. The bulk of current high-end cellphones contain AI chips.

Based on component, the market is segmented into hardware, software, and services. The hardware segment held the major market share in 2020, accounting for nearly two-thirds of the total share, and is estimated to continue its lead position during the projected period. Though, the software segment is projected to record the highest CAGR from 2022 to 2029.

Based on application, the market is segmented into smartphones, drones, automotive, cameras, robotics, augmented reality (AR), virtual reality (VR), and others. Due to the increasing demand for real-time voice processing and picture recognition, the market for AI processors for smartphones is expanding. Most AI computers have neural processing units (NPUs), which can process information in parallel, use little energy, and carry out cognitive functions. It is anticipated that on-device AI, which depends on specialized AI chipsets, will appear more frequently in all flagship smartphones.

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Key Market Segments: Mobile Artificial Intelligence (AI) Market

• By Technology: 5nm-10nm, 11nm-20nm, Above 20nm
• By Component: Hardware, Software, Services
• By Application: Smartphones, Drones, Automotive, Cameras, Robotics, Augmented Reality (AR), Virtual Reality (VR), Others
• By Region: North America, Europe, Asia Pacific, South America and Middle East and Africa

Regional Growth Insights:

North America has the largest market for mobile artificial intelligence (AI). Due to its favorable regulatory and compliance environment for startups and SMEs, the North American region is anticipated to represent a significant share of the market in terms of demand.

The region is anticipated to lead in the adoption of technology and key AI solution providers for mobile applications based in North America, thanks to different developments made by these businesses. As a result, the market is predicted to expand significantly throughout the forecast period.

Furthermore, the APAC region is anticipated to expand the fastest in the next years due to the increased government investment. The region's mobile artificial intelligence market is expanding as a result of the development of cognitive computing and the rise in AI applications.

The key growth driver for the mobile artificial intelligence market is the increasing demand for AI-capable processors in mobile devices.

The growing number of AI applications, the breakthroughs in smartphone image recognition technology, the expanding need for cognitive computing, and the increasing engagement of various automotive and IT giants in the creation of autonomous automobiles. The market is expanding as a result of the work being done by large IT businesses on technologies like virtual reality and augmented reality. Qualcomm Incorporated, for instance, launched a new virtual reality (VR) orientation platform built on the strong Qualcomm Snapdragon 845 Mobile Platform in order to provide new technological innovation and benefit from the expanding standalone and smartphone VR sector.

The increasing need for edge computing in the internet of things, as well as the rising demand for real-time speech and voice recognition and analysis dedicated to low-cost AI chips for camera and vision applications in mobile devices, are the other major factors boosting the growth of the mobile artificial intelligence market.

Competitive landscape and companies covered in the global mobile artificial intelligence (AI) market report:

Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.

There is almost no difference in the product range for applications in the market. Almost all the top companies offer all the products thus making it much of a marketing and incentive-based market rather than innovation. Major players operating in the global mobile artificial intelligence (AI) market Amazon Inc., Apple, Baidu Inc., Cambricon, ClariFI, Cyrcadia Health, Deephi Technology, Enlitic, Graphcore, Huawei, Intel Corporation, MediaTek, Microsoft, Qualcomm, Samsung Electronics and others.

Industry Development:

• January 24, 2023: Enlitic Inc., a leading healthcare information technology company, announced a new long-term collaboration with GE Healthcare (GE) to improve operational efficiencies and outcomes for GE's radiologists and patients around the world. GE will embed Enlitic's proprietary AI based Curie platform into GE radiologist's workflow to advance data standardization and drive capacity and efficiency within the system.
• October 5, 2022: Enlitic, a leading healthcare information technology company, announced a new partnership with MULTI Inc., a provider of healthcare technology, authentic parts, equipment, and service.

Objectives of the research and the key questions answered:

The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, investment banks and VCs, IT companies, healthcare industries, governments, and research personnel.

The Key Questions Answered in The Report Are:

1. What is the expected growth rate of the mobile artificial intelligence (AI) market over the next 7 years?
2. Who are the major players in the mobile artificial intelligence (AI) market and what is their market share?
3. What are the end-user industries driving demand for market and what is their outlook?
4. What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, and Africa?
5. How is the economic environment affecting the mobile artificial intelligence (AI) market, including factors such as interest rates, inflation, and exchange rates?
6. What is the expected impact of government policies and regulations on the mobile artificial intelligence (AI) market?
7. What is the current and forecasted size and growth rate of the global mobile artificial intelligence (AI) market?
8. What are the key drivers of growth in the mobile artificial intelligence (AI) market?
9. What are the distribution channels and supply chain dynamics in the mobile artificial intelligence (AI) market?
10. What are the technological advancements and innovations in the mobile artificial intelligence (AI) market and their impact on product development and growth?
11. What are the regulatory considerations and their impact on the market?
12. What are the challenges faced by players in the mobile artificial intelligence (AI) market and how are they addressing these challenges?
13. What are the opportunities for growth and expansion in the mobile artificial intelligence (AI) market?
14. What are the product offerings and specifications of leading players in the market?

Exactitude Consultancy Services Key Objectives:

• Increasing sales and market share
• Developing new technology
• Improving profitability
• Entering new markets
• Enhancing brand reputation

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About Exactitude Consultancy

Exactitude Consultancy is a market research consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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Website: https://exactitudeconsultancy.com/

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Irfan Tamboli 
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SOURCE Exactitude Consultancy

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