January 13, 2020
According to the research report titled ‘Artificial Intelligence (AI) in Automotive Market Size, By Component (Software, Hardware, Service), By Technology (Computer Vision, Context Awareness, Deep Learning, Machine Learning, Natural language Processing (NLP)), By Process (Data Mining, Image/Signal Recognition), By Application (Semi-Autonomous Vehicles, Fully Autonomous Vehicles) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, the global artificial intelligence (AI) in automotive market is expected to surpass USD 12 billion by the year 2026.
Rapid technological advancements in automotive sector coupled with shifting preference towards AI-powered vehicle driving systems are propelling the growth of artificial intelligence in automotive market. Automotive manufacturers are primarily focusing on integrating adaptive cruise control, driver behavior monitoring, lane assistance and automated parking systems in new vehicles.
Rising focus of various governments on adopting automated mobility systems in order to improve traffic management and reduce road accidents is aiding the expansion of the artificial intelligence in automotive market. Advanced AI automotive systems offer real-time connectivity between driver and vehicle, which further helps in reducing driver fatigue and promotes safe driving.
As per component type, the report states that hardware segment held 60% share in the year 2019 and is expected to register continuous growth during the estimated timeframe. Rising adoption of AI components in automobiles are fueling the growth of the segment. Advancements in equipment such as ultrasonic sensors, LiDARS, and high-resolution cameras are also facilitating the business scenario.
In terms of technology, context awareness segment is expected to grow with a CAGR of 35% during the period of 2019-2026. Increasing utilization of semi-automated cruise control and driver assistance solutions are stimulating the industry outlook. On the other hand, machine learning segment is witnessing considerable growth owing to the rising adoption of such technology which helps AI to anticipate and analyze driving patterns in dense traffic conditions.
By process, the report cites that image/signal recognition segment held 65% share of artificial intelligence in automotive industry in the year 2019. Increasing concerns regarding vehicle speed control in order to reduce road accidents are driving the market growth.
Based on application spectrum, semi-autonomous vehicle segment is estimated to expand with a CAGR of 38% during 2019-2025. Growing demand for ADAS (advanced driver assistance systems) and rising development of cruise control and semi-autopilot technologies are contributing towards the popularity of semi-autonomous vehicles across the globe.
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Considering the geographical landscape, Europe accounted for 35% share of artificial intelligence in automotive industry in the year 2019. Growing inclination towards autonomous technologies and high presence of key industry players are augmenting the demand for AI solutions in automobiles across the region. Favorable government regulations which promote AI for smart traffic control are also contributing towards the growth of the market.
The prominent companies operating in the artificial intelligence in automotive market are Tesla Inc., Qualcomm Inc., NVIDIA Corp., Microsoft Corp., Intel Corp., IBM Corp., Honda Motor Co. Ltd., Harman International Industries Inc., General Motors Co., Ford Motor Co., Didi Chuxing, Daimler AG, BMW AG, Audi AG, and Alphabet Inc. among others.
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