The latest research study “Automotive Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global automotive artificial intelligence market size reached US$ 2.12 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 13.53 Billion by 2027 exhibiting a CAGR of 33.50% during 2022-2027.
Artificial intelligence (AI) refers to one of the most progressive technologies of computer science concerned with building smart machines capable of performing tasks that are usually done by humans. It is associated with human intelligence via similar characteristics, such as language understanding, reasoning, problem-solving, learning, etc.
Artificial intelligence is extensively used in semi-autonomous and autonomous vehicles to predict malfunctions, control smart devices, schedule maintenance programs, collect data on events, including speeding and traffic violations, etc. This, in turn, aids in enhancing workflow, privacy, data security, etc., and enabling faster innovation cycles.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Automotive Artificial Intelligence Market Trends and Drivers:
The escalating demand for autonomous vehicles, owing to their several features, including autopilot and automatic parking that minimize human effort, is primarily driving the automotive artificial intelligence market. Additionally, the launch of various favorable policies by government bodies across countries to promote road safety is further catalyzing the market growth.
Besides this, automotive AI assists in predicting the movements of objects in the vicinity of the vehicle, self-parking, and auto-changing lanes, thereby improving driver comfort and reducing accidents, which is acting as another significant growth-inducing factor. Moreover, the introduction of vehicle tracking software that is set for providing a live update on numerous locations efficiently and effectively is also augmenting the global market.
Apart from this, the development of a driver monitoring system that utilizes a driver-facing hi-tech camera on the dashboard to alert drivers from distraction and drowsiness is anticipated to fuel the automotive artificial intelligence market over the forecasted period.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Technology:
- Machine Learning and Deep Learning
- Computer Vision
- Natural Language Processing
Breakup by Process:
- Data Mining
- Image Recognition
- Signal Recognition
Breakup by Application:
- Semi-Autonomous
- Autonomous
By Geography:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
List of Major Key Players:
The major players in the market are Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, Hyundai Motor Company, Intel Corporation, International Business Machines Corporation, Micron Technology Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Incorporated, Tesla Inc., Toyota Motor Corporation and Uber Technologies Inc
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