|Status : Published
|Published On : Dec, 2023
|Report Code : VRAT4066
|Industry : Automotive & Transportation
|Available Format :
|Page : 194
The Global Artificial Intelligence (AI) Market for the automotive and transportation industry is expected to reach USD 47.1 billion by 2030, growing at a CAGR of 18.0% during the forecast period. The global artificial intelligence (AI) market for the automotive and transportation industry is growing at an exponential rate with the 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 the largest market share in terms of revenue and is the fastest-growing technology as well.
Artificial intelligence in the automotive and transportation industry is used in different subdivisions including autonomous vehicles, public transport, traffic management, ride-sharing, and so on. Deep learning technology is used in autonomous vehicles for applications such as speech recognition, image processing, and data analysis.
Insight by Offering
Based on offering, the market is bifurcated into hardware, software, and services. Among these offerings, the software and service segment together capture a higher market share in 2020 and is expected to grow at the fastest rate, owing to its growing integration of different software in public transport and traffic management to improve their performance.
Insight by Application
Based on application, the market is subdivided into autonomous vehicles, semi-autonomous vehicles, and human-machine interfaces (HMI). Of all these applications, HMI has grown considerably in the past 2-3 years and is implemented in several emerging technologies including voice and gesture recognition. This as a result will contribute to the artificial intelligence market for the automotive and transportation industry during the forecast period.
Insight by Process
Based on the process, the market is segmented into data mining, image recognition, and signal recognition. Due to the large set of data collected from different sources and application areas, data mining become one of the most preferred processes. As a result, data mining is expected to account for the largest market share in the current year and is expected to grow at the fastest rate with the adoption of autonomous and semi-autonomous vehicles.
Global Artificial Intelligence (AI) Market for Automotive and Transportation Industry Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. XX Billion
Revenue Forecast in 2030
U.S.D. 47.1 Billion
Segments Covered in the Report
By Machine Learning Technology, By Process, By Application, By Offering, By IoT Communication
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America,Europe,Asia-Pacific (APAC),Rest of the World (RoW)
The growing adoption of autonomous and semi-autonomous vehicles in the market is expected to be a ruling trend of the artificial intelligence market for the automotive and transportation industry. AI integration with these cars will ensure drivers safer roads, minimum traffic, and a reduced amount of pollution.
Growing demand for improved driving experience with enhanced safety and comfort features will act as a major driver for the artificial intelligence market for the automotive and transportation industry. Along with that, ADAS and its inclination towards safety and security will act as an additional 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.
The high cost of AI integration in the automotive and transportation sectors may obstruct the growth of the artificial intelligence market for the automotive and transportation industries. Further, cyber security issues are also another major challenge to the industry.
Geographically, North America, specifically the US is the largest artificial intelligence market for the automotive and transportation industry with technically advanced regions and early adopters of AI in numerous sectors. Besides, the implementation of some of the government regulations such as Hours of Service Solution (HOS) revisions Compliance, Safety, and Accountability (CSA) are expected to drive the artificial intelligence market for the automotive and transportation industry in the region.
Further, APAC is the fastest-growing region in the artificial intelligence market for the automotive and transportation industry. The region comprises, some of the biggest growing economies such as China and India, The 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.
Key players in the artificial intelligence market for the automotive and transportation industry consist of both Tier 1 automotive OEMs and leading AI software companies. Automotive OEMs are making huge investments in AI technology integration in high-end and other autonomous vehicles. Partnership and collaboration are some of the key strategies adopted by these market stakeholders currently and are expected to drive the market soon.
Some of the key players operating in the artificial intelligence market for the 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.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
The Artificial Intelligence (AI) Market for Automotive and Transportation Industry report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Source: VynZ Research
Source: VynZ Research