As per Research PK, the global automotive artificial intelligence market was valued at $445.8 million in 2017, and is projected to reach at $5,827.6 million by 2024, growing at a CAGR of 43.8% from 2018 to 2024. Artificial intelligence (AI) is one of the most progressive technologies in computer science. It is associated with human intelligence through similar characteristics such as language understanding, reasoning, learning, problem solving, and others. Manufacturers in the market witness enormous underlying intellectual challenges in the development and revision of the technology. In addition, the growth in automotive industry is expected to drive the automotive artificial intelligence market.
Automotive industry has experienced the promise of artificial intelligence and is among the major industries using AI to augment and mimic the action of humans. Furthermore, emergence of standards such as advanced driver assistance system (ADAS), adaptive cruise control (ACC), blind spot alert, and growth in demand for convenience features attract automotive vendors towards AI.
Applications that incorporate AI systems in automotive are semiautonomous and autonomous vehicles. In autonomous vehicles, AI collects, processes, and chooses the specific action based on the information gathered. Semiautonomous and autonomous vehicles use several advanced tools such as long-range radar, LIDAR, cameras, short/medium radar, and ultrasound to gather information and understand the world around them. After collection of data through different tools, AI analyzes the situation through its technologies such as machine & deep learning, natural language processing, and computer vision.
Artificial intelligence has several applications for these vehicles such as, incorporates speech recognition for advanced communication with passengers, directs vehicles towards refueling station or recharge station when it is running low on fuel and Analyzes less populated and congested roads among others.
The growth of the automotive artificial intelligence market is driven by rise in demand for autonomous vehicles and increase in preference for enhanced user experience and convenience features. However, the threat of hackers and rise in cybercrime is expected to restrain the market growth. On the contrary, rise in demand for the premium vehicle segment is anticipated to provide lucrative growth opportunities for the market.
Research PK’s recent report presents an in-depth assessment of the global automotive artificial intelligence market including market drivers, restraints, challenges, applications, key trends, case studies, opportunities, future roadmap, value chain, ecosystem player profiles, vendor market share and strategies. The report also presents forecasts for global automotive artificial intelligence Market revenue from 2016 through to 2023. The forecasts cover 3 Component Type, 3 Technology Type, 2 Applications, 4 regions and 16 countries.
- Global automotive artificial intelligence market was valued at $445.8 million in 2017, and is projected to reach at $5,827.6 million by 2024, growing at a CAGR of 43.8% from 2018 to 2024.
- North Americas is expected to dominate the global automotive artificial intelligence market during the forecast period, owing to rise in demand for autonomous vehicles
- In 2017, China is projected to dominate the Asia-Pacific market. The U.S. is anticipated to lead the market in North America, whereas the UK led the European market in 2017.
- In 2017, based on component, the hardware segment is anticipated to dominate the global automotive artificial intelligence market, in terms of revenue. Based on application, semiautonomous dominated the market in 2017.
- In 2017, the machine learning & deep learning based on the technology segment accounted for the highest revenue.
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
For more details, contact John Abbot via email at [email protected]