IMARC Group, a leading market research company, has recently releases report titled “Automotive Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automotive artificial intelligence market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Automotive Artificial Intelligence Market
Artificial intelligence (AI) refers to one of the most progressive technologies of computer science involved with creating smart devices 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, and collect data on events, including speeding and traffic violations, etc. This, in turn, aids in enhancing workflow, privacy, data security, etc., and enables faster innovation cycles.
How Big Is the Automotive Artificial Intelligence Market?
The global automotive artificial intelligence market size reached US$ 3.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.6 Billion by 2028, exhibiting a growth rate (CAGR) of 31.91% during 2023-2028.
Global Industry Trends and Drivers:
The escalating demand for autonomous vehicles, owing to their several features, such as autopilot and automatic parking that minimize human effort, is among the primary factors driving the automotive artificial intelligence market. In addition to this, the launch of various policies by government bodies across countries to promote road safety is further augmenting the market growth. Moreover, 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 also catalyzing the global market. Apart from this, the introduction of vehicle tracking software that is set to provide a live update on several locations efficiently and effectively is acting as another significant growth-inducing factor. Furthermore, 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 expected to bolster the automotive artificial intelligence market in the coming years.
What Is Included In Market 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
Breakup by Region:
- 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
The report provides a comprehensive analysis of the industry key players listed below:
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.