This report focuses on the “Automotive Artificial Intelligence (AI) Market ” status, future forecast, growth opportunities, upcoming challenges and key players.
Automotive Artificial Intelligence (AI) Market Overview
The advent of autonomous cars, connectivity, electrification, and shared mobility has been nothing short of an achievement for the automotive industry. Artificial intelligence has been the key enabler of these trends as they inherently rely on artificial intelligence. Artificial intelligence is playing a vital role in the development of the automotive industry as it creates numerous opportunities for the development of various underlying key technologies. Market Research Future (MRFR) has recently published an in-depth report on the global Automotive Artificial Intelligence (AI) market, covering the various pertinent trend and patterns that can impact the growth of the market till 2023. MRFR’s analysis has projected a CAGR of 10% in the Automotive Artificial Intelligence (AI) market.
The major players in the automotive industry and various technology giants are collaborating to accelerate the development of automotive AI. Automotive OEMs are progressively investing in Automotive Artificial Intelligence (AI) as it enables them to collectively improve their performance through the improvements in processes and progress in new driver/ vehicle features. Both advanced
driver assistant systems (ADAS) or autonomous driving (AD) are the contribution of artificial intelligence to the automotive industry. AI has the ability to mimic the cognitive functions of the human mind and is capable of solving problems independently. Beyond autonomous vehicles, AI has the ability to make cars more convenient and safer due to which automakers have exhibited heightened interest in the integration of the technology.
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Other factors which are backing the growth of the Automotive Artificial Intelligence (AI) market include progress in interrelated technologies such as natural language processing (NLP) and machine learning techniques, which allow integration of AI in automobiles. Increased demand for driver and passenger personalization is also a crucial factor. Automotive Artificial Intelligence (AI) allows anomaly and object detection, driverless cars, trucks, gesture recognition, predictive maintenance, on-road customer service, and others.
On the downside, the growth of the market might be hindered by various factors. Incorporation of AI in the automotive industry is aligned with challenges such as data privacy and cybersecurity concerns. Automotive AI is still in its development stage and has substantial progress to make before it enters the mainstream. Various incidents of accidents with autonomous cars have been reported, which raises concern regarding the use of technology. Various technological barriers are needed to be overcome, which stand as a bottleneck to market growth. Complexity of tasks and inflated cost of algorithm development are other market impediments.
General Motors Company (US), Toyota Motor Corporation (Japan), BMW AG (Germany), Audi AG (Germany), Ford Motor Company (US), Volvo Car Corporation (Sweden), Tesla Inc. (US), Qualcomm Inc. (US), Hyundai Motor Corporation (South Korea), and Uber Technologies Inc. (US) are the key players in the Automotive Artificial Intelligence (AI) market.
June 2019 – Volvo, a Swedish multinational manufacturing company and Nvidia, an American technology company, have entered into a partnership to collaborate on AI technology for self-driving vehicles. By incorporation of AI to its trucks, Volvo aims to disrupt the public and freight transport industry.
The Automotive Artificial Intelligence (AI) market has been segmented based on technology, process, application.
By technology, the Automotive Artificial Intelligence (AI) market has been segmented into machine learning, deep learning, computer vision, context awareness, and natural language processing.
By process, the Automotive Artificial Intelligence (AI) market has been segmented into image recognition, signal recognition, and data mining.
By application, the Automotive Artificial Intelligence (AI) market has been segmented into semi-autonomous driving, human-machine interface, and autonomous driving.
Region-wise, the Automotive Artificial Intelligence (AI) market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is likely to dominate the global Automotive Artificial Intelligence (AI) market. The clustering of major market leaders in the region is a key factor driving the growth of the North America market. The US has been a frontrunner in the adoption of autonomous vehicles which provides lucrative growth opportunities to the Automotive Artificial Intelligence (AI) market. Moreover, various technology, as well as automotive giants, are forming partnerships to fuel the development of Automotive Artificial Intelligence (AI), which will boost the market growth over the forecast period.
Europe too is a prominent revenue generator in the Automotive Artificial Intelligence (AI) market. The automotive manufacturers present in the region are actively engaged in the incorporation of advanced technologies in the automotive sector. Substantial investment in AI along with a growing preference for autonomous vehicles, has fostered the market growth. The UK is a key contributor to the Europe market.
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