(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Mobile AI Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Mobile AI Market products.
Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
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The Mobile AI Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe's organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
Mobile devices provide convenience in accessing information and services using email, web, apps, and multimedia features while artificial intelligence uses algorithms and cognitive functions to build a system which can perform tasks and functions similar to humans. The combination of both enables the mobile phone to improve its capabilities beyond its basic features by increasing its computational power. Mobile phones are constantly becoming faster, better, cheaper, and reliable. Mobile phone thus has become a widely adopted consumer electronic device, which when integrated with AI capabilities enhances the user experience. Al algorithms use a large amount of data to learn and train the AI models which gives mobile phones, an ability to predict the users' behavior and take actions accordingly on their behalf. AI chipsets are being used to increase the computational power of mobile devices and make them run AI-enabled applications.
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The increasing demand for on-device AI processing is driving the growth of mobile AI market. AI-enabled processors help mobile devices to better process machine learning tasks, gain performance, and energy saving features which boost the user experience. This has led to an increase in demand for on-device AI processing. For instance, Apple's A11 Bionic chip, which is an AI-enabled chip with neural engine used in their latest iPhone X, adding the high accuracy face locking feature for mobile security. The investments for on-device AI enabled processors are increasing, which is supporting advanced algorithms for building deep learning systems. The rising mobile AI application is also driving the mobile AI market towards growth.
The mobile apps are build using AI algorithms that are being applied to nearly everything user does — buying a product, interacting with virtual assistant on the smartphone, watching a film and others. These applications can predict what user will do next and take required actions on his behalf which aids in delivering a unique experience to the users. This results in increasing demand for mobile AI applications. However, the mobile AI processors are expensive which restrains the market growth as these processors can only be used in premium mobile devices. The global mobile AI market is expected to generate a market value of USD 10.28 billion by 2023 growing at a 29.52% CAGR during the forecast period 2018–2023
Global mobile AI market study aims at different segments such as mobile platform, application, vertical, regions and estimating market growth across these segments
By mobile platform, the market is segmented into Android, iOS, and Windows.
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 global market for mobile AI is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of mobile AI market is done for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to be the fastest growing market for mobile AI due to large number of mobile manufacturers present in this region, which manufacture on-device AI processors. Also, the major investments for research and development in the field of AI helps the market to grow, paving the way for business expansion opportunities in the market.
North America is expected to dominate the market of mobile AI during the forecast period since the companies are adopting various technologies to integrate artificial intelligence in the smartphones. Moreover, this region consists of major key players such as NVIDIA Corporation, IBM Corporation, Qualcomm, and others which is expected to drive the growth of mobile AI market in this region.
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The prominent players in the mobile AI market are 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), and Google Inc (US),Graphcore (UK).
Market research and consulting firms
Governments and financial institutions
Original equipment manufacturers (OEMs)
Raw material and manufacturing equipment suppliers
Forums, alliances, and associations
Analysts and strategic business planners
End users willing to study the technological advancements in mobile AI industry
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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.