Meticulous Research® - leading global market research company published a research report titled “Automotive Artificial Intelligence Market by Component (Hardware, Software, Services), By Technology (Machine Learning, Computer Vision, Natural Language Processing, Context-Aware Computing), By Process (Signal Recognition, Image Recognition, Voice Recognition, Data Mining), By Application (Semi-Autonomous Driving, Human Machine Interface), and Region - Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, 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. Substantial growth in the global automotive artificial intelligence market is mainly attributed to growing demand for autonomous vehicles, rising adoption of artificial intelligence for traffic management, government initiatives & investments towards connected and autonomous vehicles, and surging adoption of the advanced driver assistance system.
Growth in the number of smart IoT devices, proliferation of internet, increase in demand for connected vehicles using the internet of things (IoT), and optimization of traffic efficiency are factors contributing to market growth. Furthermore, shifting consumer preferences for premium vehicles, to improve the driving experience, while enhancing the vehicle and pedestrian safety have also encouraged the demand for artificial intelligence, thereby, complimenting the overall growth of automotive artificial intelligence market. However, lack of infrastructure, coupled with high procurement and operational costs are expected to throw some challenges to the pace of automotive artificial intelligence market growth during the forecast period.
Global Automotive Artificial Intelligence Market study presents historical market data in terms of values (2017), estimated current data (2018), and forecasts for 2027-by component (hardware, software, services), by technology (machine learning, computer vision, natural language processing, context-aware computing), by process (signal recognition, image recognition, voice recognition, data mining), by application (semi-autonomous driving, human-machine interface). The study also evaluates industry competitors and analyzes the market at a country level.
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Based on component, the global automotive artificial intelligence market is majorly segmented into hardware, software and services. Software segment leads in terms of market share owing to a decrease in the cost of cloud-enabling technology deployment, growing usage of learning analytics and increasing awareness towards cloud computing. A rising demand for automated solutions to meet changing business needs in the automotive sector, is also contributing to growth in the global automotive artificial intelligence market.
Based on technology, the global automotive artificial intelligence market is majorly segmented into machine learning, computer vision, natural language processing and context-aware computing. Machine learning technology is expected to spearhead the growth of automotive AI in the coming years. Subsequently, there has been an increase in demand for signal diagnosing, image recognition, speech recognition, data mining, and adoption of cloud-based services. These factors will continue to propel growth in machine learning during the forecast period.
Based on process, the global automotive artificial intelligence market is majorly segmented into signal recognition, image recognition, voice recognition, and data mining. The signal recognition segment is leading amongst all other processes in terms of share and is expected to grow even further in the coming years. This is mainly attributed to the growing demand of autonomous vehicles, stringent government regulations regarding the safety rating of a vehicle, minimization of road collisions, and rising demand for driver assistance systems in automotive sector, to gain better awareness of the road and avoid potential hazards.
Based on application, the global automotive artificial intelligence market is majorly segmented into semi-autonomous driving and human-machine interface. Human Machine Interface is the majority shareholder in terms of market revenue and is expected to grow even further during the forecast period. Factors contributing to this scenario include enhancement of in-car user experience, increasing smart IoT devices, the proliferation of internet, and rising demand for connected vehicles and convenient features.
Based on geography, the global automotive artificial intelligence market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. With respect to revenue, North America is by far the most commanding market and expected to maintain its dominance throughout the forecast period. Factors contributing to growth include the presence of several developed economies, such as the United States and Canada, the presence of leading automotive players, demand for enhanced user experience, growing adoption of autonomous vehicles and availability of high-end infrastructure. However, Asia Pacific is predicted to challenge the dominance of North America in the global automotive artificial intelligence market. Within APAC region, government initiatives to promote manufacturing activities, rising living standards, high rate of adoption of advanced features in vehicles; growing adoption of AI-based solutions and services among end-user industries, and rise of digitalization will emerge as factors driving growth within the Asia Pacific region.
The major players operating in global automotive artificial intelligence market are Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Tesla, Inc. (U.S.), Xilinx, Inc. (U.S.), Micron Technology, Inc. (U.S.), Uber Technologies, Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Harman International Industries Inc. (South Korea), Honda Motor Co., Ltd. (Japan), Audi AG (Germany), and Qualcomm Technologies, Inc. (U.S.) among others.
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