Mobile AI Market Projected to Hit USD 80.5 Billion at a 24.25% CAGR by 2030 – Report by Market Research Future (MRFR)
The increasing demand for on-device AI processing is driving the growth of mobile AI Industry
New York, US, Feb. 23, 2023 (GLOBE NEWSWIRE) — Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Mobile AI Market, By Mobile Platform, By Application, By Vertical – Forecast 2030”. Valuation is poised to reach USD 80.5 Billion by 2030, registering a 24.25% CAGR throughout the forecast period (2022–2030).
In contrast to artificial intelligence, which builds a system that can do jobs and functions similar to humans, mobile devices make it convenient to access information and services utilising email, the web, apps, and multimedia features. By boosting its computational capability, the combination of the two enables the mobile phone to enhance its capabilities beyond its fundamental features. Mobile phones are always getting quicker, better, more affordable, and more dependable. Incorporating AI capabilities into mobile phones, a commonly used consumer electronic product, improves the user experience.
Mobile phones now have the power to predict user behaviour and act on their behalf thanks to artificial intelligence (AI) models that are trained and learned using massive amounts of data from algorithms. Mobile devices may now execute AI-enabled applications by having more processing power thanks to AI chipsets.
The prominent players in the mobile AI market
- Apple Inc (US)
- NVIDIA (US)
- Huawei (China)
- Samsung Electronics (South Korea)
- Amazon Inc (US)
- Qualcomm (US)
- Intel Corporation (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- MediaTek (Taiwan)
- Google Inc (US)
- Graphcore (UK)
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Mobile AI Market Report Scope:
|Revenue forecast in 2030||USD 80.5 Billion|
|Growth Rate||CAGR of 24.25% from 2022 to 2030|
|Forecast Units||Value (USD Billion)|
|Key Market Drivers||The increasing demand for on-device AI processing is driving the growth of mobile AI market|
The market for mobile AI is expanding as a result of the rising demand for on-device AI processing. Mobile devices benefit from AI-enabled CPUs’ improved performance and energy-saving capabilities, which enhance user experience. On-device AI processing is becoming more in demand as a result of this. For instance, Apple’s A11 Bionic processor, a neural engine-equipped AI chip used in their newest iPhone X, adds the great accuracy.
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On-device AI processor investments are growing, which is enabling cutting-edge algorithms for creating deep learning systems. The market for mobile AI is expanding due to the increasing number of AI applications. The development of mobile apps makes use of AI algorithms that are used in almost all user activities, including making purchases, communicating with virtual assistants on smartphones, viewing movies, and more. These programmes can anticipate what a user will do next and conduct the necessary activities on his behalf, helping to give users a distinctive experience. As a result, demand for mobile AI apps is rising. The market growth is hampered by the high cost of mobile AI processors, which can only be employed in high-end mobile devices.
Global mobile AI market study aims at different segments such as mobile platform, application, vertical, regions.
By application, the market is segmented into virtual assistant, navigation, camera, chatbots, drones, and others.
By vertical, the market is segmented into healthcare, finance, education, travel & tourism, media & entertainment, and others.
The projected period from 2018 to 2023 predicts a strong growth in the global market for mobile AI. North America, Europe, Asia-Pacific, and the rest of the globe are all included in the geographic study of the market for mobile AI.
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Due to the huge number of mobile manufacturers present in this region who provide on-device AI processors, Asia-Pacific is predicted to have the fastest expanding market for mobile AI. Also, the significant expenditures made in AI research and development assist the market expand, creating prospects for corporate growth.
Since firms are implementing a variety of technologies to incorporate artificial intelligence in smartphones, North America is anticipated to dominate the market for mobile AI over the forecast period. Also, this area is home to important key players like NVIDIA Corporation, IBM Corporation, Qualcomm, and others that are anticipated to fuel the expansion of the mobile AI market there.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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