Northbrook, IL -- (SBWIRE) -- 08/06/2018 -- The mobile AI market is expected to be valued at USD 17.86 billion by 2023, growing at a CAGR of 28.41% between 2018 and 2023. The growth of the mobile AI market can be attributed to the increasing demand for AI-capable processors for use in mobile devices, growing number of AI applications, and rise in cognitive computing. Moreover, dedicated low-cost AI chips for camera and vision applications in mobile devices and rising demand for edge computing in IoT are expected to create huge growth opportunities for the players in the mobile AI market.

According to the new market research report "Mobile Artificial Intelligence (AI) Market by Application (Smartphones, Cameras, Drones, Automotive, AR/VR, Robotics, Smart Boards, and PCS), Technology Node (10nm, 20 to 28nm, 7nm and Others), and Geography - Global Forecast to 2023", the mobile AI market is expected to reach USD 17.83 billion by 2023 from USD 5.11 billion in 2018, at a CAGR of 28.41% during the forecast period. The growth of the mobile AI 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. Moreover, dedicated low-cost AI chips for camera and vision applications in mobile devices and rising demand for edge computing in IoT are creating huge growth opportunities for players in the market.

The mobile AI market for AR/VR applications is expected to grow at a high rate during the forecast period. Increasing interest of large tech companies in emerging technologies, such as augmented reality and virtual reality, is a major factor driving the growth of the mobile AI market for AR/VR applications. For example, in June 2016, Movidius (US) partnered with Lenovo (Hong Kong) to provide Myriad 2 Vision Processing Unit (VPU) and custom computer vision algorithms for Lenovo's various virtual reality products.

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10nm technology nodes are expected to hold the largest share of the mobile AI market, in terms of volume, throughout the forecast period. Advancements in 10nm technology nodes have resulted in more power-efficient processors, better battery life, and improved performance of smartphones. The main factor boosting the demand for 10nm nodes is the increasing use of 10nm technology nodes in new, high-end smartphones.

Among all regions, the mobile AI market in Asia Pacific is expected to grow at the highest rate between 2018 and 2023. The growth of the market in this region can be attributed to the presence of a large number of manufacturing companies, along with automobile and electronics and semiconductor companies, in China and Japan. It also contributes to the growth of the market for AI chips or processors for applications such as smartphones, industrial robots, and automotive.

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