Northbrook, IL 60062 -- (SBWIRE) -- 11/21/2022 -- The Mobile Artificial Intelligence (AI) Market in Europe is projected to grow from USD 1.1 billion in 2018 to USD 3.0 billion by 2023; it is expected to grow at a CAGR of 28.4% from 2018 to 2023.
The growth of the Mobile Artificial Intelligence (AI) market is driven by increasing demand for AI-enabled processors in mobile devices, a rise in cognitive computing, and the growing number of AI applications.
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The global Mobile Artificial Intelligence (AI) Market is projected to grow from USD 5.2 billion in 2018 to USD 17.8 billion by 2023; at a CAGR of 28.4% from 2018 to 2023.
By application, the smartphone is projected to hold the largest share of the mobile AI market in Europe during the forecast period
The market for smartphones is expected to hold the largest share of the mobile AI market during the forecast period. Increasing demand for real-time voice processing and image recognition is driving the growth of the market for AI processors for smartphones. Most AI processors have additional inbuilt neural processing units (NPUs), which are capable of parallel processing, use low power, and can carry out cognitive tasks. With technological advancements and increasing implementation of emerging technologies in countries like Italy, Europe is changing drastically. It is at the forefront in using technologies and electronic products such as smartphones, surveillance cameras, and autonomous vehicles. Mobile AI chips are used to help improve accuracy while analyzing content.
By technology node, 20–28nm technology nodes are to witness the highest growth for the mobile AI market in Europe during the forecast period
Processors such as VPU Jetson and S32V234 are built upon 20–28nm technology nodes. These processors are used in various applications, including ADAS, drones, robotics, security cameras, and AR/VR headsets. The increasing participation of European automotive and IT giants to develop autonomous cars is flourishing the mobile AI market for autonomous driving. European tech giants like NXP Semiconductor (Netherlands) are developing AI systems and software for autonomous vehicles. Countries like Germany are known for their high-class automobile companies such as Audi, Daimler, and BMW. Most R&D, production, and service activities for vehicles are carried out in Germany; this makes the region advanced in terms of automation. Europe is a potential market for drones, autonomous vehicles, and commercial robots, which are the major application areas for the adoption of 20–28nm technology nodes in mobile AI. There is an increase in the adoption of robotics, automation, and augmented reality (AR) in Europe, owing to the growing use of machine-related data, generated by digital systems.
Europe is expected to hold a significant share of the market by 2023
The European region is expected to hold a significant share for Mobile AI market during the forecast period. Countries such as Germany, the UK, France, and Italy play a significant role in the European Mobile AI market and will continue to do so in the coming years. In Europe, Germany is a hub of technological innovations for most OEMs, bolstering the market for semiautonomous and autonomous vehicles. The German government's Industry 4.0 project to computerize the manufacturing industry to increase resource efficiency and industrial output contributes to the growth of the mobile AI market for the automotive sector. Germany is working toward establishing strong start-ups in new sectors and markets to further strengthen the prospect of AI. The UK is a prominent market for surveillance cameras, wearable devices, and autonomous cars; it is one of the early adopters of connected autonomous vehicle (CAV) technology. Surveillance cameras and smartphones significantly contribute to the growth of the mobile AI market in the UK. Thus, a significant contribution from countries like UK and Germany is expected to propel the growth of the mobile AI market.
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Key Players in the Market
The key players operating in the mobile AI market are Apple (US), Qualcomm (US), NVIDIA (US), Intel (US) among others.