| Status : Published | Published On : Feb, 2021 | Report Code : VRAT4066 | Industry : Automotive & Transportation | Available Format :
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Page : 194 |
Global Artificial Intelligence (AI) Market for Automotive and Transportation Industry – Analysis and Forecast (2021-2027)
Industry Insights by Offering (Hardware, Software, and Services), by Technology (Machine Learning, Deep Learning, Computer Vision, Context Awareness, and Natural Language Processing [NLP]), by Application (Autonomous Vehicle, Semi-Autonomous Vehicle, and Human Machine Interface [HMI]), by Process (Data Mining, Image Recognition, and Signal Recognition)
Industry Overview
The global artificial intelligence (AI) market for automotive and transportation industry is expected to reach USD 47.1 billion by 2027, growing at a CAGR of 18.0% during the forecast period. The global artificial intelligence (AI) market for automotive and transportation industry is growing at exponential rate with growing adoption of ADAS (Advanced Driver-Assistance Systems), rising investment in vehicle performance improvement, and implementation of government regulations for vehicle safety and security. Among the AI technologies, deep learning captures largest market share in terms of revenue and is the fastest growing technology as well.
Artificial intelligence in automotive and transportation industry is used in different subdivisions including autonomous vehicle, public transport, traffic management, ride sharing and so on. Deep learning technology is used in autonomous vehicle for applications such as speech recognition, image processing, and data analysis.
Market Segmentation
Insight by Offering
On the basis of offering, the market is bifurcated into hardware, software, and services. Among these offering, software and service segment together captures higher market share in 2020 and is expected to grow at fastest rate, owing to its growing integration of different software in public transports and traffic management to improve their performance.
Insight by Application
On the basis of application, the market is subdivided into autonomous vehicle, semi-autonomous vehicle, and human machine interface (HMI). Of all these applications, HMI has grown considerably in past 2-3 years and is implemented in several emerging technologies including voice and gesture recognition. This as a result will attribute to the artificial intelligence market for automotive and transportation industry during the forecast period.
Insight by Process
On the basis of process, the market is segmented into data mining, image recognition, and signal recognition. Due to large set of data collected from different source and application areas, data mining become one of the most preferred process. As a result, data mining is expected to account for the largest market share in current year and is expected to grow at fastest rate with adoption of autonomous and semi-autonomous vehicle.
Industry Dynamics
Industry Trends
Growing adoption of autonomous and semi-autonomous vehicle in the market is expected to be ruling trend of the artificial intelligence market for automotive and transportation industry. AI integration with these cars will ensure driver with safer roads, minimum traffic and a reduced amount of pollution.
Growth Drivers
Growing demand for improved driving experience with enhanced safety and comfort features will act as a major driver for the artificial intelligence market for automotive and transportation industry. Along with that, ADAS and inclination towards safety and security will act as an addition factor driving the market. All these factors will impact the artificial intelligence market for automotive and transportation industry progression in the market in years to come.
Challenges
High cost of AI integration in automotive and transportation sector may obstructs the growth of the artificial intelligence market for automotive and transportation industry. Further, cyber security issues are also another major challenge to the industry.
Geographic Overview
Geographically, North America, specifically US is the largest artificial intelligence market for automotive and transportation industry with technically advance region and early adopter of AI in numerous sectors. Besides, implementation of some of the government regulations such as Hours of Service Solution (HOS) revisions Compliance, Safety, and Accountability (CSA) and are expected to drive the artificial intelligence market for automotive and transportation industry in the region.
Further, APAC is the fastest growing regions in the artificial intelligence market for automotive and transportation industry. The region comprises, some of the biggest growing economies such as China and India, largest population growth, and inclination towards evolving technologies is creating a positive impact on the artificial intelligence market for automotive and transportation industry growth in the region.
Competitive Insight
Key players in the artificial intelligence market for automotive and transportation industry consist of both Tier 1 automotive OEMs and leading AI software companies. The automotive OEMs are making huge investments in AI technology integration in high end and other autonomous vehicles. Partnership and collaboration is one of the key strategies adopted by these market stakeholders currently and expected to drive the market in near future.
Some of the key players operating in the artificial intelligence market for automotive and transportation industry are Continental AG, Denso Corporation, Nvidia Corporation, Intel Corporation, Harman International, AI Motive, Argo AI, CarVi, Harman International, Valeo, Orbcomm Inc., and Affectiva.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
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Source: VynZ Research
Source: VynZ Research
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Artificial Intelligence (AI) Market for Automotive and Transportation Industry