Mobile Artificial Intelligence Industry Set for Exponential Growth: A Forecast for 2024-2028 As Per The Business Research Company’s Mobile Artificial Intelligence Global Market Report 2024
LONDON, Jan. 11, 2024 – The mobile artificial intelligence (AI) market is poised for remarkable growth in the coming years, according to The Business Research Company’s Mobile Artificial Intelligence Global Market Report 2024. The report reveals that the market is projected to surge from $13.63 billion in 2023 to an estimated $17.45 billion in 2024, with an impressive compound annual growth rate (CAGR) of 28.0%. Furthermore, the forecast for the period from 2024 to 2028 indicates that the market could reach a size of $43.22 billion, with a CAGR of 25.5%.
This remarkable growth can be attributed to several key factors. The increasing adoption of smartphones and tablets, alongside elevated research and development activities, has played a significant role in driving the market forward. Additionally, the heightened awareness of AI-based solutions and the growing reliance on Internet of Things (IoT) devices have further contributed to the surge in demand for mobile AI.
Looking ahead, the report identifies various driving factors that will fuel the industry’s growth. The rising adoption of AI-based solutions across industries, coupled with advancements in mobile processors and the development of new mobile AI software frameworks, are expected to be key drivers. Additionally, there is a growing demand for mobile AI applications, which is further fueled by the integration of edge AI and the widespread implementation of 5G connectivity.
In terms of market players, major companies such as Apple Inc., Google LLC, Samsung Electronics Co Ltd., and Microsoft Corporation are leading the way in driving innovation in the mobile AI industry. These companies are constantly exploring new technologies, such as generative AI, to maintain their positions in the market. In April 2023, US-based company Sofy launched SofySense, a generative AI-driven, no-code mobile app testing solution, which has been making waves in the industry.
SofySense represents a significant step forward in mobile app testing. By leveraging generative AI, the solution takes a no-code approach, automating test case generation and streamlining the testing process. This innovation enhances efficiency, reduces the time spent on manual reviews, and paves the way for a smoother transition to automated tests without extensive coding.
In terms of regional dynamics, North America dominated the mobile AI market in 2023. However, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period, driven by the rapid adoption of mobile AI solutions in various industries.
The Business Research Company’s Mobile Artificial Intelligence Global Market Report 2024 provides valuable insights into the industry’s evolution, allowing businesses to stay abreast of emerging trends and understand market dynamics. As the mobile AI industry continues to expand rapidly, staying attuned to market trends and embracing innovative technologies like generative AI will be crucial for sustained success.
In conclusion, the forecast for the mobile artificial intelligence industry is highly optimistic. With significant growth projected in the coming years, fueled by advancements in technology and increasing adoption across industries, the mobile AI market is set to revolutionize the way we interact with our devices and applications.
