Mobile AI Market to grow by USD 39.91 billion between 2023 to 2028, Globally at 26.78% CAGR - Technavio

NEW YORK, Jan. 29, 2024 /PRNewswire/ -- The mobile AI market is estimated to grow by USD 39.91 billion from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 26.78% with a YOY growth rate of 26.33% during the forecast period. However, the growth momentum will progress. 

For more insights on the historical (2018 to 2022) and forecast market size (2024 to 2028) - Request a Free sample report

Technavio has segmented based on Component (Software, Hardware, and Services), Application (Smartphones, Automobiles, Robotics, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the software segment will be significant during the forecast period. The software segment in mobile devices encompasses crucial components enhancing device performance and intelligence. Natural Language Processing (NLP) software enables AI to understand human speech, while machine learning algorithms facilitate learning from user behavior for personalized experiences. Computer vision software processes visual data, improving overall device intelligence and performance.

By geography, the mobile AI market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.

• North America is estimated to contribute 37% to the growth of the global market during the forecast period. The growth in this region is due to rapid advanced technology implementation. Strong wired and wireless communication infrastructure, high Internet penetration, and a well-developed IoT device ecosystem are fostering AI for IoT development. Major US smartphone OEMs like Apple and Google are heavily investing in R&D for innovative products. Apple's AI chip implementation in flagship smartphones is expected to drive AI chip adoption in other IoT devices.

Insights on the contribution of various segments including country and region wise historic data (2018 to 2022) and forecast market size (2023 to 2028) - Download a Free Sample Report

Increasing smartphone penetration is notably driving growth. Advancements in wired and wireless communication tech and infrastructure are fueling global smartphone adoption. Projections indicate 4 billion users by 2025. This rise in smartphone use has increased smartphone Internet users to 62% in 2021, driving global mobile data traffic. The popularity of social platforms like Instagram, Facebook Messenger, WhatsApp, and Snapchat is integrating human-machine interface (HMI) tech like AI, voice recognition, facial recognition, and gesture recognition into smartphones.

• Increasing demand for edge computing in IoT is an emerging trend shaping the growth. 
• Inadequate availability of AI experts is a significant challenge hindering growth. 

Insights on Drivers, trends, & Challenges, historic period(2018 to 2022), and forecast period(2023 to 2028)- Request a Free sample report!

Mobile AI: Key Benefits

Mobile AI offers numerous benefits such as improved Artificial Intelligence (AI) capabilities on mobile devices, better Machine Learning, Natural Language Processing (NLP) in mobile applications, enhanced Virtual Assistants, advanced Speech and Image Recognition, efficient Chatbots, deeper learning with Neural Networks, optimized mobile processors, Edge Computing, secure mobile operating systems, advanced mobile sensors, Gesture Recognition, improved mobile security, enhanced Augmented Reality (AR) and Virtual Reality (VR) experiences, Cloud Computing integration, better mobile analytics, enhanced mobile user experience (UX), streamlined mobile app development, improved Human-Machine Interaction, context-aware computing, mobile edge AI, and mobile cognitive services.

What are the key data covered in this Mobile AI Market report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth between 2024 and 2028
• Precise estimation of the size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Mobile AI industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Mobile AI vendors

Technavio's SUBSCRIPTION platform

Related Reports:

The Artificial Intelligence (AI) Market size is estimated to grow by USD 125.3 billionat a CAGR of 22.26% between 2022 and 2027. 

The Aerospace Artificial Intelligence (AI) Market is projected to increase by USD 4,694.7 million at a CAGR of 43.6% between 2023 and 2028.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Application

Segmentation by Component

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/mobile-ai-market-to-grow-by-usd-39-91-billion-between-2023-to-2028--globally-at-26-78-cagr---technavio-302045367.html

SOURCE Technavio