While Intel dominates the market for computer processors (CPUs) - its Intel Inside sticker is on around 80 percent of the world's PCs - Nomura thinks that the future growth is in mobile application processors.
Nomura told Reuters that demand for mobile processors is rising around 40 percent annually through 2014, while growth in PC processors will be in the single digits.
It thinks that the Global AP market will be $33 billion by 2015, as the CPU market goes down by more than a tenth to $34 billion.
Samsung is flat out converting some production lines to AP chips while Intel still has little presence in this market.
The figures have been backed by Francis Sideco, analyst at research firm IHS iSuppli.
He thinks that Samsung could overtake Intel in overall semiconductor output if Samsung expands its AP customer base beyond themselves and Apple.
Sideco said that Intel would have to completely miss the boat on its own mobile ambitions.