Increasing adoption of AI in the transportation sector is highly supported by the governments of developed economies. In addition, the developing nations are also inclining towards the adoption of AI technology in the transportation industry. These factors are presumed to augment the AI in transportation industry in the upcoming years. In addition, the utilization of the technology ensures smooth flow of traffic. Increasing road traffic problems over the world is anticipated to drive the expansion of the AI in transportation market in the near future. The sales of automobiles are projected to further increase, which is prognosticated to catapult the AI in transportation market on upward trajectory. Furthermore, AI is expected to find applications in aviation and railways. Rising tourism industry is also forecasted to impact the market greatly. The growing amount of air traffic is anticipated to lead the AI in transportation market growth in the foreseeable future. Technological innovations are further projected to influence the AI in transportation market greatly.
The AI in transportation market 2020 is presumed to gain traction in the coming months. AI has the potential to ease the traffic and facilitate efficient management. It is transforming the transportation industry and is likely to gain a quick mileage over the next couple of years. It has many advantages which the governments are now raising awareness about. This, in turn, is expected to drive the growth of the market in the near future. An observation provided by Market Research Future (MRFR) presents that the global AI in transportation market is expected to mark 18.03% CAGR over the forecast period 2017 to 2023. The AI in transportation market size is anticipated to increase from USD 1.2 Bn in the year 2017 to USD 3.07 Bn by 2023 end.
Various factors are driving the growth of the AI in transportation market. These factors, in accordance with the Market Research Future (MRFR) report, include growing concern for vehicle and driver safety, increasing focus to develop autonomous cars and reduce transportation costs, technological advancements, stringent regulations laid down by the government for vehicle safety, and growing demand for safety. Additional factors driving the market growth include the development of industry-wide standards for implementing safety features such as advanced driver assistance systems (ADAS), lane-keep assist, collision warning, and adaptive cruise control (ACC), growing applications of artificial intelligence in railway cargo, and the ongoing trend of truck platooning.
On the contrary, lack of infrastructure development, high cost of AI systems, and security concerns related to handling transportation data are factors that may deter the AI in transportation market growth over the forecast period.
Also Read: https://www.abnewswire.com/pressreleases/ai-in-transportation-market-analysis-demand-opportunities-future-estimations-competitive-landscape-business-revenue-forecast-and-statistics_429699.html
AG, NVIDIA Corporation, Robert Bosch GmbH, Microsoft Corporation, Daimler AG, Volvo Group, Scania Group, Magna International Inc, ZF Friedrichshafen AG, MAN SEPACCAR Inc., Valeo SA, Alphabet Inc., Intel Corporation, and IBM Corporation are the key holders of the AI in transportation market share.
Based on the region, the AI in transportation market report covers growth opportunities and the latest trends across Europe, North America, Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. The presence of key players and leading country-level markets have a favorable impact on market growth. Moreover, North America is a pioneer in technological advancements as well as well-equipped for the adoption of artificial intelligence technology in transportation.
The AI in transportation market in Europe will have a favorable growth in the market over the forecast period. It is predicted to grow at the highest CAGR. The thriving automotive sector, high economic growth rate, and adoption of autonomous cars are predicted to boost the market growth of this region.
The AI in transportation market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to a steadily growing population, robust economic growth, growing supply chain, and logistics sector.
On the basis of offerings, the AI in transportation market size has been divided into hardware and software. The sub-segments of the software segment are AI platforms and AI solutions. The sub-segmentation of the hardware segment covers sensors, GPUs, CPUs, and others.
Based on IoT communications technology, the AI in transportation market has been segmented into 5G, LTE, and LPWAN.
On the basis of machine learning technology, the AI in transportation market has been segmented into deep learning, natural language processing, computer vision, and context awareness.
Based on application, the AI in transportation market has been segmented into autonomous truck, precision and mapping, semi-autonomous trucks, human-machine interface (HMI), truck platooning, predictive maintenance, and others (driverless buses and smart traffic management).