๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ซ๐ญ๐ข๐๐ข๐๐ข๐๐ฅ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐: “Artificial Intelligence Reshaping the Automotive Industry”: Trends and Opportunities
The global automotive artificial intelligence market is expected to grow at a CAGR of 39.8% from 2019 to reach $15.90 billion by 2027 with Asia Pacific automotive artificial intelligence market expected to grow at the highest CAGR. In modern digital society, artificial intelligence is becoming a dynamic business norm. The adoption of automotive artificial intelligence is routing in a new era allowing the companies to track their operations, augment business strategies, enhance in-car user experience, develop autonomous and semi-autonomous vehicles, and provide a better outcome in the digital world. The growth of the global automotive artificial intelligence market is primarily driven by factors, such as growing demand for autonomous vehicles, adoption of advanced automotive solutions, growing adoption of artificial intelligence for traffic management, government initiatives and investments in connected and autonomous vehicles. However, the lack of infrastructure coupled with the high procurement and operational costs are the major hindrances to market growth.
Growing Demand for Autonomous Vehicles is fueling the growth of the Global Automotive Artificial Intelligence Market
The global market for autonomous vehicles has witnessed remarkable growth in recent years. As the adoption of AI in autonomous vehicles progresses from needing driver assistance to having full autonomy, enhanced user experience and convenience features, driverless cars are becoming a reality. Autonomous vehicles are called self-driven or driverless vehicles that use artificial intelligence (AI) software, light detection & ranging (LiDAR), computer vision, GPS, and RADAR sensing technology and sensors to operate without any human interference. The growing demand and necessity for safe, efficient, and convenient driving experience; increasing government focus on streamlined traffic infrastructure and regulations, rising demand for a reliable transportation system, and availability of advanced technologies relevant for the automotive industry are driving the demand for autonomous and semi-autonomous vehicles, globally. Furthermore, an increase in demand for connected vehicles using the internet of things (IoT), reduction in traffic congestion and increased road safety measures, are contributing to the growth of autonomous vehicles market. In U.K the government has committed an investment of $327.5 million (£250 million) towards R&D and test sites to accelerate development of safe technologies for automotive vehicles for the U.K. market.
Autonomous vehicle provides many features such as adaptive cruise control, automatic emergency braking, automatic parking, lane departure warning systems, and adaptive headlights. With technological enhancements, the number of such features is continuously expanding. Automotive manufacturers are aggressively working towards incorporating advanced technologies in their vehicles for enhancing the user experience.
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Key Findings in the Global Automotive Artificial Intelligence Market Study:
Computer vision ready to create an impact in the global automotive artificial intelligence market with a high growth rate
Computer Vision is poised to exhibit the fastest growth across the global automotive artificial intelligence market. Several companies across the globe have started to adopt image recognition as one of the artificial intelligence-based solutions in autonomous or semi-autonomous applications which is expected to reshape their business. This is mainly driven by soaring labor cost, widening the implementation scope of computer vision in autonomous vehicles for signal recognition, driver monitoring and increase in automation for carrying out core operations.
Asia Pacific: The Fastest Growing Market
The Asia Pacific region is experiencing significant growth across all fronts including consumer electronics, internet infrastructure, economic growth, and spending capabilities. Owing to the government initiatives, an increase in demand for premium vehicles, rising investments in AI technology for improved productivity, and adoption of AI-based solutions and services among autonomous and semi-autonomous applications will contribute to growth in this region. According to an article published by Forbes, in 2019, the Asia-Pacific spending on artificial intelligence equaled nearly $5.5 billion, up almost 80% from 2018, and expected to reach $15.06 billion by 2022. By the end of 2020, the South Korean government plans to expand the country’s production of automation systems and industrial robotics with investments into significant resources worth $6.15 billion. Several other instances similar to the aforementioned ones are indicating positive growth of the automotive artificial intelligence market in the Asia Pacific region. Furthermore, developing internet and connectivity infrastructure, growing adoption of intelligent based solutions for automating operations and increasing digitalization are also aiding market growth in this region.
Software segment expected to maintain a majority share in terms of components
Gradually decreasing deployment cost of cloud-based software solutions along with a rising need to connect multiple data points for seamless integration of processes will result in software segment emerging as the major shareholder in terms of components. The segment is expected to maintain its market share during the forecast period with advanced technologies emerging in the market and necessity to upgrade systems in order to streamline processes and operations within the automotive industry.
Services to emerge as the fastest growing sub-segment within component
Demand for services related to installation, upgradation and maintenance will constantly rise as more and more automotive organizations look to implement AI solutions for seamless flow of operations and improvements in terms of product quality. This will result in a steady growth rate of services segment which in turn will exceed the CAGR encountered in hardware and software segment.
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Scope of the Report:
Automotive AI Market, by Component
- Hardware
- Software
- Services
Automotive AI Market, by Technology
- Machine Learning
- Computer Vision
- Natural Language Processing
- Context-Aware Computing
Automotive AI Market, by Process
- Signal Recognition
- Image Recognition
- Voice Recognition
- Data Mining
Automotive AI Market, by Application
- Semi-Autonomous Driving
- Human Machine Interface
Automotive AI Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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Key questions answered in the report-
- Which are the high growth market segments in terms of components, technology, process, application, and countries?
- What was the historical market for automotive artificial intelligence across the globe?
- What are the market forecasts and estimates for the period 2019–2027?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global automotive artificial intelligence market?
- Who are the major players in the global automotive artificial intelligence market?
- How is the competitive landscape in the global automotive artificial intelligence market?
- What are the recent developments in the global automotive artificial intelligence market?
- What are the different strategies adopted by the major players in the global automotive artificial intelligence market?
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