Samsung Electronics is prioritizing on-device AI and projects its consumer electronics division to outperform the global market in 2023. The company anticipates growth in smartphones, TVs, and home appliances, driven by advancements in AI and robust competition.
Samsung Electronics plans to increase its focus on on-device AI, anticipating its consumer electronics unit to outperform the overall global market growth this year. The world's largest smartphone and TV maker projects its mobile devices business to expand by 4-5% this year, while growth in its TV and home appliances division is anticipated to accelerate.
Samsung CEO Jong-Hee Han stated during an interview with CNBC that the global consumer electronics market, encompassing smartphones, TVs, and home appliances, is projected to grow around 3% in 2025. Han, who also heads Samsung Electronics' Device eXperience (DX) division, mentioned that Samsung expects its mobile devices business to grow by 4%-5% this year, with growth in its TV and home appliances unit also likely to accelerate. Samsung has been strengthening AI functionalities on its premium flagship smartphone models, such as the Galaxy S24 series, which have emerged as formidable competitors. Han characterized competition from Chinese companies as 'helpful' for both Samsung and consumers, emphasizing that the company aims to distinguish its products through enhanced security and convenience rather than price reductions. Despite its dominance in the memory chip sector, Samsung has fallen behind SK Hynix in supplying high bandwidth memory chips (HBM chips), a crucial component for AI leader Nvidia. According to Reuters estimates, Samsung's operating profit for the second quarter of 2023 reached 12.37 trillion won, a notable increase from 2.8 trillion won reported a year earlier, but lower than the 9.18 trillion won in the previous quarter. Last year, shares of the South Korean giant plummeted 32%, according to LSEG data, trailing the broader benchmark Kospi's 9.6% loss
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