Acumen Research and Consulting recently published a report titled “Automotive Artificial Intelligence (AI) Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2022-2030”.
TOKYO, May 05, 2022 (GLOBE NEWSWIRE) — the Global Automotive Artificial Intelligence Market Size is expected to grow at a CAGR of over 39.6% over the forecast period and reach a market value of approximately USD 53,118 million by 2030.
Our projections suggest that autonomous vehicles will be reliable, economical and common enough by 2030 to supplant most human driving, resulting in significant cost savings and benefits. Advances in communication, intelligent transport systems (ITS) and computer systems have recently opened new perspectives for intelligent solutions for road safety, comfort and efficiency. In various fields of scientific study, artificial intelligence (AI) has been widely applied to improve traditional data-driven methodologies. Vehicle-to-everything (V2X) technology, when combined with AI, can collect data from a variety of sources, broaden driver perception and predict likely accidents, thereby improving driving comfort, safety and efficiency.
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Growth aspects of the global automotive artificial intelligence market
Increased adoption of autonomous vehicles, rise in government initiatives for vehicle and road safety, and continuous investments in the automotive AI industry are some of the major factors fueling the global automotive market. automotive artificial intelligence. The AI industry has flourished in the automotive industry through its driver assistance systems such as ADAS. This system is designed to prevent accidents by using technologies to alert drivers to possible hazards or take control of the vehicle to avoid such accidents.
On the other hand, the integration of such advanced technologies increases the cost of the vehicle. Thus, people with low and middle incomes cannot buy high-end vehicles equipped with these systems. Additionally, growing consumer awareness about safety and rising demand for driver comfort and improved access to mobility are other factors contributing to the global automotive artificial intelligence market.
The automotive industry is rapidly becoming a key source of artificial intelligence and machine learning. Artificial intelligence will have a huge impact on the automotive sector over the next decade. Faced with long-term existential risks such as sustainability, overcapacity and the prospect of declining volume due to the dilemma of shared mobility, automotive companies must harness the potential of AI. The greatest promise lies in the vast amounts of data that car suppliers and manufacturers collect but do not use adequately.
As the amount and scope of autonomous, software-defined, and networked vehicle operations increase, the volume of data will only increase. Data science and machine learning (ML) are designed to quickly assimilate large amounts of data, decipher what it means, and apply the results as soon as possible.
The global automotive artificial intelligence market has been segmented on the basis of supply, process, technology, and application. On the basis of supply, the market is divided into software and hardware. Among them, the hardware segment has attained a large market share while the software segment is expected to witness a substantial growth rate in the coming years. Based on the process, the market is divided into image recognition, signal recognition, voice recognition and data mining. Among these, the data mining segment is expected to grow with the fastest CAGR throughout the forecast period 2022-2030.
By technology, the market is categorized into computer vision, context awareness, deep learning, machine learning, and natural language processing. Based on this, deep learning technology is one of the major segments used in the automotive artificial intelligence market.
Moreover, autonomous driving, semi-autonomous driving, and human-machine interface are the divisions of the application segment. Among them, the human-machine interface segment gathered a large share in 2021.
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North America, Asia-Pacific, Europe, Latin America, Middle East and Africa constitute the regional classification of the global automotive artificial intelligence market. The Asia-Pacific Automotive Artificial Intelligence Market is expected to grow at the fastest rate during the forecast period 2022-2030. The strong growth in the region is attributed to increased sales of premium passenger vehicles, increased disposable income and increased positive perception of AI among consumers. Additionally, the North America region has contributed the largest market share in the global market owing to the surge in adoption of autonomous and electric vehicles in the US and the presence of numerous artificial intelligence and self-driving cars in the region. Again, the Europe region was in second place due to the presence of strict government regulations and considerable sales of electric vehicles due to these strict regulations in the region.
Interconnected reports Automotive, Transport and Logistics Market
the global Artificial intelligence (AI) in the aviation market accounted for US$321.4 million in 2020 with a considerable CAGR of 47.3% during the forecast period of 2021 to 2028.
the global industry 4.0 market is expected to reach a market size of approximately US$160 billion by 2027 and is expected to grow at a CAGR of approximately 16% in terms of revenue during the forecast period 2020-2027.
the global artificial intelligence in the transport market is expected to reach a market size of approximately US$5,000 million by 2027 and is expected to grow at a CAGR of approximately 15% in terms of revenue during the forecast period 2020-2027.
the global artificial intelligence market is expected to reach a market value of approximately US$160 billion by 2026 and is expected to grow at a CAGR of approximately 49% in terms of revenue over the estimated period 2019-2026.
Some Key Players covered globally in Automotive Artificial Intelligence Industry are Appian, Alphabet Inc. (Waymo), BMW, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Micron Technology, Inc, Nvidia Corporation, Uber Technologies Inc. (OTTO Motors), Tesla, Inc and Toyota Motor Corporation.
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Mr. Frank Wilson
Acumen Research and Consulting