Imagination is announcing its first mobile 64-bit processor based on the MIPS64 instruction set. The first mobile device to feature the MIPS 64-bit processor will ship in 2016.

The MIPS Warrier i6400 will be able to run Google's 64-bit Android mobile operating systems, including the next iteration of Android, Android L. It is with this processor that Imagination hopes to catch up with the likes of Intel and ARM in the mobile processing market.

"This is the MIPS Warrior core that many have been waiting for," said Tony King-Smith, EVP of marketing at Imagination. "As the industry moves toward instruction set neutrality, customers can now choose a CPU based on its technical superiority.

Imaginations new chipset is faster, more efficient and more powerful than its previous MIPS processor, the InterAptiv. Because of this, mobile devices that use it will be both faster and more efficient. In fact, the MIPS Warrier i6400 is up to 50 percent fast than the InterAptiv.

The 64-bit design brings a number of benefits. Devices will be able to use more memory and even run more applications at the same time.

"The I6400 is more efficient, flexible and scalable than the competition, and its feature set clearly lends itself to the needs of a wide range of next-generation applications including smartphones and tablets," continued King-Smith.

Mobile chipmakers will also be able to combine multiple i6400 processors in one chip.

While Imagination chips are featured in some low-cost mobile devices, Imagination has been lagging behind Intel, ARM and Qualcomm in the mobile processing market for some time now. Ideally, the i6400 will help change that.

Another great thing about the new chip is that power can be managed for separate cores. Previously, power was consumed and managed for all cores.

"To address the ongoing evolution in applications from IoT to mobile to networking and storage, companies need to select scalable platforms that can future-proof their designs," said Jim McGregor, founder and principal analyst at Tirias Research. "With 64-bit, multi-threading, and multicore/multi-cluster support, the I6400 is designed to be a phenomenally flexible, low-power processor architecture capable of scaling across a wide range of applications."

Releasing a midrange 64-bit chip before Intel will help Imagination's success in markets such as China, where price is a huge factor when considering which processor to use rather than just performance.

While Imaginations first offering to the 64-bit mobile chip world is impressive, it's hardly anything that could be seen in the next flagship devices. In order to really get back in the market, Imagination needs to release a P-Class MIPS64 processor, which is the next level up in Imaginations line.

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