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Global Mobile Artificial Intelligence Market Outlook 2024: Innovation, Growth, and Future Trends
Mobile Artificial Intelligence Market Outlook
According to The Business Research Company's, The mobile artificial intelligence market size has grown exponentially in recent years. It will grow from $13.63 billion in 2023 to $17.45 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The growth in the historic period can be attributed to growing adoption of smartphones and tablets, increasing research and development activities, increasing awareness of the ai-based solutions, growing dependency on iot devices.
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Market Drivers and Trends:
The increasing penetration of smartphones is expected to propel the growth of the mobile artificial intelligence market going forward. Smartphones are handheld electronic devices that combine the functionalities of a mobile phone and a personal computer. Smartphones play a significant role in implementing and using mobile artificial intelligence (AI) and serve as powerful and versatile platforms for mobile AI, enabling AI-driven functionalities, personalized experiences, intelligent interactions and on-the-go AI processing. For instance, in February 2023, according to Uswitch Limited, a UK-based price comparison and switching service company, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or about 65 million individuals) will own a smartphone. Therefore, the increasing penetration of smartphones will drive the growth of the mobile artificial intelligence market.
Major companies operating in the mobile artificial intelligence market are adopting new technologies, such as generative AI to sustain their position in the market. Generative AI is a type of artificial intelligence technology that can produce various types of content, including text, imagery, audio, and synthetic data. For instance, in April 2023, Sofy, a US-based company that provides automation solutions for mobile apps, launched SofySense, a generative AI-driven, no-code mobile app testing solution. Generative AI can help create new data from existing data, while no-code testing solutions enable users to conduct software testing without writing code. This combination could revolutionize mobile app testing by automating the process and making it more efficient. SofySense reduces time spent reviewing outcomes to identify concerns by producing test cases, hindering research and test design requirements and enabling test cases to smoothly convert to automated tests rather than spending time creating automation code.
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Major Key Players of the Market:
Apple Inc., Google LLC, Samsung Electronics Co Ltd., Microsoft Corporation, Alibaba Group Holding Limited, Tencent Holdings Limited, Amazon Web Services Inc., Intel Corporation, IBM Corporation, LG Electronics Inc., Qualcomm Incorporated, NVIDIA Corporation, Salesforce Inc., Nokia Corporation, MediaTek Inc., Baidu Inc., Cerebras Systems Inc., H2O.ai Inc., Fuzhou Rockchip Electronics Co Ltd., Cambricon Technologies Corporation Ltd., Huawei Technologies Co Ltd., Shanghai Thinkforce Electronic Technology Co Ltd , Blaize Inc., Kneron Inc., Graphcore Ltd., Deephi Technology Co Ltd.
Mobile Artificial Intelligence Market 2024 Key Insights:
• The mobile artificial intelligence market size is expected to grow to $43.22 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%.
• Rising Smartphone Penetration Fuels Growth In The Mobile Artificial Intelligence Market
• Generative Ai-Powered Mobile App Testing Innovations Redefining The Market
• North America was the largest region in the mobile artificial intelligence market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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