According to a new report from Research and Markets (www.researchandmarkets.com), the mobile artificial intelligence (AI) market is expected to reach $17.83 billion by 2023 from $5.11 billion in 2018, at a compound annul growth rate (CAGR) of 28.41% during the forecast period.
The research group says the growth of this market can be attributed to the increasing demand for AI-capable processors for use in mobile devices, rise in cognitive computing, and growing number of AI applications. Factors such as premium pricing of AI processors and limited number of AI experts are restraining market growth.
Among all applications, smartphones are expected to hold the largest size of the market throughout the forecast period. Research and Markets says growing requirement for higher security, low latency, faster computing, and less reliance on connectivity is boosting the adoption of devices with dedicated AI chips.
On-device AI uses dedicated AI chipsets, which are likely to become prominent in all flagship smartphones in the near future. Research and Markets expects that the use of dedicated AI chips in smartphones will increase substantially by 2023, and these chips will be available in most smartphones sold in the coming years.
The mobile AI market for AR/VR applications is expected to grow at the highest rate between 2018 and 2023. Large tech companies such as Qualcomm, Google, Microsoft, and Apple have shown their interests in contributing to the growth of augmented technology by adopting strategies such as product launches, acquisitions, or funding. AR and VR, coupled with AI, will provide smarter, more relevant, and personalized experience
In terms of technology node, Research and Markets says the mobile AI market for 20-28nm is expected to grow at a high rate between 2018 and 2023. The market for drones, robotics, and surveillance cameras wherein vision processing units are used is likely to grow at a significant rate in the near future.
The image, Fusion of human head with artificial intelligence, is from Shutterstock