Mobile AI Market Research Report- Forecast till 2023
Market Research Future (MRFR), in its recently published research report, asserts that the global mobile AI market 2020 is booming and expected to grow exponentially over the review period, recording a substantial market valuation of USD 10.28 billion and a healthy CAGR of 29% in the forecast period (2018-2023).
Drivers and Restraints
The augmented demand for AI-Capable Processors in mobile devices is fueling the market as there are numerous applications which supports users in their day to day activities such as camera image benefits, voice assistants, language translator, and user behaviors. Apple iPhone X deploys an AI-based algorithm for its Face ID device unlocking system. Integrated with Apple’s elaborate hardware, the AI system operates to identify the user’s face for security. Rise of cognitive computing and the increasing number of AI applications is encouraging the market. It is technologies like AI and ML that allows cognitive computing systems to analyze a tremendous volume of data and generate insights and adopt them as a learning experience to give improved results. More and more industries and establishments are leveraging rational solutions to improve their operations like data volume, action planning and management, insight generation, which increases productivity. Premium pricing of AI processors is impeding the market. AI platforms charges for training the models and for receiving predictions with the increased cost of the AI chip, which raises the cost of processors. With the advent of modern technologies such as smartphones, mobile apps, and IoT devices, operational tasks for organizations have become easier faster, and more effective than ever with the impact of AI.
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Global mobile AI market study aims at different segments such as mobile platform, vertical, and application.
By mobile platform, the mobile AI market is segmented into iOS, Android, and Windows.
By application, the mobile artificial intelligence market is segmented into navigation, virtual assistant, camera, drones, chatbots, and others.
By vertical, the market is segmented into finance, healthcare, education, media & entertainment, travel & tourism, and others.
The geographical analysis of the global market has been conducted in four major regions, including Europe, the Asia Pacific, North America, and the rest of the world (Latin America, and the Middle East and Africa). Asia-Pacific is anticipated to be the fastest expanding region for mobile AI market during the forecast period. China accounts for the major market share in this region for mobile artificial intelligence. The applications such as virtual assistant as well as chatbots show major growth potential in this market. AI start-ups in China are raising funds to produce the AI-processors, due to which it is slated to be the fastest growing region in the market.
North America is expected to dominate the market due to the presence of substantial number of key market players and companies in this region are producing the AI processors to bring built-in AI features to the smartphones. Europe is slated to rank second in terms of market growth in the mobile AI market owing to the growing government support for AI-startups. The rest of the world is projected to show relatively slow growth for mobile AI market. The Middle East is contributing with a major market share among the economies of the rest of the world, due to the rising AI-enabled smartphone penetration in this region which leads to the increasing deployment of mobile phones in enterprises to enhance the productivity and efficiency.
The top market players operating in the global market as identified by MRFR are NVIDIA (US), Apple Inc (US),Huawei (China), MediaTek (Taiwan), Amazon Inc (US), Samsung Electronics (South Korea),Qualcomm (US), IBM Corporation (US), Intel Corporation (US), Microsoft Corporation (US), and Google Inc (US),Graphcore (UK).
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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
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