LONDON, Jan. 11, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Mobile Artificial Intelligence Global Market Report 2024, the mobile artificial intelligence (AI) market has witnessed extraordinary growth, surging from $13.63 billion in 2023 to an estimated $17.45 billion in 2024, with a remarkable compound annual growth rate (CAGR) of 28.0%. This surge in the historic period is attributed to the increasing adoption of smartphones and tablets, elevated research and development activities, heightened awareness of AI-based solutions, and a growing reliance on IoT devices.
Anticipated Growth and Driving Factors
The mobile AI market is poised for exponential growth, projecting a market size of $43.22 billion by 2028, with a CAGR of 25.5%. Key drivers in the forecast period include the rising adoption of AI-based solutions across various industries, the increasing power of mobile processors, the development of new mobile AI software frameworks, and a surging demand for mobile AI applications.
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Mobile Artificial Intelligence Market Emerging Trends
Several trends are expected to shape the mobile AI industry in the forecast period. These include advancements in AI chipsets, innovations in hardware, the proliferation of AI-powered mobile apps, the integration of edge AI, and the widespread implementation of 5G connectivity.
Mobile Artificial Intelligence Market Key Players
Major players in the mobile AI market, including Apple Inc., Google LLC, Samsung Electronics Co Ltd., and Microsoft Corporation, are at the forefront of driving innovations. These companies are exploring new technologies, such as generative AI, to maintain their positions in the market. Generative AI, a type of AI technology, is making waves, as exemplified by Sofy, a US-based company that launched SofySense, a generative AI-driven, no-code mobile app testing solution in April 2023.
Case in Point: SofySense - Revolutionizing Mobile App Testing
SofySense, a generative AI-driven solution, introduces a no-code approach to mobile app testing. By leveraging generative AI, it creates diverse content, including text, imagery, audio, and synthetic data. This innovation streamlines the testing process, automating test case generation and facilitating a smoother transition to automated tests without the need for extensive coding. SofySense is set to revolutionize mobile app testing, enhancing efficiency and reducing the time spent on manual reviews.
Regional Dynamics
North America dominated the mobile AI market in 2023, while Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period.
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Mobile Artificial Intelligence Market Segmentation
The mobile AI market is segmented based on components (Hardware, Software, Services), technology nodes (20–28 Nano Meter (NM), 10 Nano Meter (NM), 7 Nano Meter (NM), Other Technology Nodes), and applications (Smartphones, Robotics, AR and VR, Cameras, Drones, Automotive, Other Applications).
In conclusion, the Mobile Artificial Intelligence Global Market Report 2023-2028 provides a comprehensive view of the industry's evolution. Businesses can leverage this report to stay abreast of emerging trends, understand market dynamics, and strategize for growth. As players navigate this dynamic landscape, embracing innovative technologies like generative AI and staying attuned to market trends will be essential for sustained success in the rapidly expanding mobile AI industry.
Mobile Artificial Intelligence Global Market Report 2024 by The Business Research Company provides insights on the mobile artificial intelligence market size, mobile artificial intelligence market segments, mobile artificial intelligence market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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