Artificial intelligence is one of the emerging technologies that help in reducing human efforts and is all machine learning based. With the implementation of this technology, computers can be trained to complete tasks by processing large amounts of data and recognizing patterns in the data.
Due to increased data volumes, advanced algorithms, and improvements in computing power and storage, artificial intelligence is being introduced in various devices like smartphones, medical devices, and sensors which plays a vital role in driving the growth of the market. When a device is equipped with artificial intelligence, it can vastly expand and improve lives, whether by capturing sharper images and videos, communicating more naturally, or perceiving the environment and autonomously navigating to the destination safely.
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There are a number of key drivers responsible for the growth of the on-device artificial intelligence market such as its authentication provided to the users, device management, user understanding, and reliability. The major driver for on-device AI is its digital enhancement of the market. Information and technology industry is expected to expand at a significantly higher rate during the forecast period due to the increasing need to manage and store data derived from various devices used throughout the organization and also for the users.
Growth in the on-device artificial intelligence market for operations is anticipated to increase in the coming years because of the need to streamline operations across services and the increasing need to solve operations related issues quickly. It is projected that key players having high performance in this market are identifying the implementation of artificial intelligence as a key contributor to improved revenue. Enterprises heavily rely on social media channels to obtain insights about customer preferences and trends. Hence, artificial intelligence -powered mobile phones can be used for numerous applications. The demand for artificial intelligence -powered mobile phones is increasing as they are user-friendly; the growth is significantly high as it provides multiple advantages to the users.
The major restraints of the on-device artificial intelligence market are lack of analytical skills, imperfect systems to construct AI, and data constraint. The cost of on-device AI powered devices are also a restraint for the market. On-device AI powered smartphones are emerging at a global level for a digitalized ecosystem. Most of the key players are implementing advance technologies by using AI in order to reduce the complexity. Artificial intelligence is also implemented in medical devices to diagnose chronic disorders, diabetes, and food logging i.e. to track the glucose level etc.
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The on-device artificial intelligence market is segmented in terms of component type, application, industry, and region. The component type segment is further sub-segmented into hardware and software devices. The hardware devices consist of chipsets, robotics, and drones and augmented-enabled devices that consist of processors, sensors, and input devices.
Software consists of on cloud and on-premise solutions. Based on application, the market is segmented into image recognition, voice recognition, image processing, medical imaging, Internet of Things, and medtronic. Based on industry, the on-device artificial intelligence market is classified into Banking, Financial Services and Insurance (BFSI), healthcare, manufacturing, information and technology, internet, and education.
Regional segmentation of the on-device artificial intelligence market includes North America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific accounted for the largest share of the on-device artificial intelligence market in 2017. The Asia Pacific region witnessed major growth in this market mainly due to increasing adoption of smart technologies and developing IT infrastructure in countries such as China and Japan. In the near future, North America would probably be leading due to high government funding, the presence of leading players, and a strong technical base.
The major players of the on-device artificial intelligence market are Qualcomm, Fujitsu, Apple, Amazon, Google, SenseTime Group Limited, Counterpoint Research, Huawei, Baidu, and NVIDIA. These leading companies have primarily focused on collaborations, new product launches, and expansion for growth in the on-device artificial intelligence market.