Westford,USA, May 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Mobile Artificial Intelligence (AI) market will attain a value of USD 114.36 billion by 2031, with a CAGR of 26.9% over the forecast period (2024-2031). Rapidly surging sales of smartphones and connected devices and high demand for AI in them are estimated to drive the global mobile artificial intelligence (AI) market growth across the forecast period.The use of mobile artificial intelligence in digital assistants will also bolster mobile artificial intelligence (AI) market growth over the coming years.
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Mobile Artificial Intelligence (AI) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 17 billion |
| Estimated Value by 2031 | $ 114.36 billion |
| Growth Rate | Poised to grow at a CAGR of 26.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology Node, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Demand for personalized AI solutions |
| Key Market Drivers | Rising use of novel AI applications in smartphones |
Crucial Role of AI Hardware in Functionality of AI Applications Allow it to Dominate the Market
Hardware is highly important in establishing the functionality of mobile AI solutions and this is why this segment holds a high market share. Rising investments in the development of new AI chips and other AI-related hardware are also forecasted to bolster the mobile artificial intelligence (AI) market growth via this segment going forward.
Rising Popularity of AR/VR Technology Makes it the Fastest Growing Segment in Market
Use of mobile artificial intelligence (AI) for AR/VR applications is slated to surge at a rapid pace over the coming years. Advancements in AR/VR technology and growing demand for the same from different industry verticals will also help this segment boost mobile artificial intelligence (AI) market development at a rapid pace over the coming years.
Growing Integration of Mobile Artificial Intelligence (AI) Solutions in Different Industry Verticals Helps North America Maintain a High Market Share
Adoption of artificial intelligence in almost all industry verticals in the North American region is high, which contributes to this region’s dominance. Growing sales of smartphones, high adoption of IoT (Internet of Things), and the presence of key mobile artificial intelligence (AI) companies are other factors that contribute to the high market share of North America led by the United States.
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Mobile Artificial Intelligence (AI) Market Insights:
Drivers
- Rising demand for AI applications in smartphones.
- Growing use of connected devices and smartphones.
- Advancements in mobile AI technology.
Restraints
- Compatibility issues with certain mobile devices.
- Data security and privacy concerns.
Prominent Players in Mobile Artificial Intelligence (AI) Market
- Google LLC (Alphabet Inc.)
- Graphcore
- International Business Machines Corporation (IBM)
- Cambricon Technology
- Qualcomm Technologies Inc.
- Sambanova Systems
- Rockchip (Fuzhou Rockchip Electronics Co., Ltd.)
- Thinci
- INTEL CORPORATION
- Cerebras Systems
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Key Questions Answered in Mobile Artificial Intelligence (AI) Market Report
- What drives the global mobile artificial intelligence (AI) market growth?
- Who are the leading mobile artificial intelligence (AI) providers in the world?
- Which region leads the demand for mobile artificial intelligence (AI) in the world?
This report provides the following insights:
- Analysis of key drivers (rising use of smartphones and connected devices, growing demand for AI applications in smartphones), restraints (data privacy and security concerns for mobile AI applications, compatibility issues with different mobile devices), and opportunities (development of personalized AI solutions, growing demand for miniaturized mobile AI hardware), influencing the growth of Mobile Artificial Intelligence (AI) market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Mobile Artificial Intelligence (AI) market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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