Acumen research and consulting estimates that the global artificial intelligence in transportation market is anticipated to reach market size of around US$ 5,000 Mn by 2027 and is anticipated to grow at a CAGR of around 15% in terms of revenue during the forecast period 2020 – 2027.
Artificial intelligence is a computerized process that requires the taking of decisions by human intelligence. The global artificial intelligence market for transportation has grown substantially as vehicle safety and security regulations have been mounted by the government, and improved driver support systems have been implemented. The artificial intelligence in transport market size was supported by different processes. Due to the requirement for mounting prognostic maintenance in the transport industry, the market has shown a high demand for data mining in the near future.
Consolidation and the increasing number of partnerships among the players in the transport market are the key trend seen in the AI. In February 2018, for example, NVIDIA and Continental announced that they were working in partnership to create self-driving AI system for level 3 based on the NVIDIA DRIVE platform. In addition, Scania entered into a technological collaboration this month with Haylion Technologies to develop electrified, automated and linked mobility systems for public transport. The growth of AI in the transport sector is driven by the production of autonomous vehicles. And is the only technology that allows the accurate and real-time identification of vehicle artifacts, AI is essential for autonomous driving systems. There are significant investment currently being made by major vehicle original equipment manufacturers ( OEMs) in the automotive industry , particularly to optimize the self-driving technology. Tesla Inc., for example, unveiled a sleek semi-autonomous electric truck in November 2017. Therefore, the development of self-supporting vehicles integrated with intelligent characteristics will in the long term drive global market growth.
Deep learning has been the most significant segment of all machine learning technology and will grow at the most rapid rate on the market, as it is widely used in promoting self-sufficient automobiles which demand seeing, continuing to drive, think and learn. Due to the demands on mounting maintenance in the transportation sector, the mounting impact of artificial intelligence on safety of automobiles and infotainment and the demand for additional image data and signals that should be managed and analysed. The data mining sector should grow at the fastest speed on the market. Moreover, the signal recognition sector has represented the biggest share of the market, as signals are being gradually used in various safety applications in the form of text, gestures, mapping, tracking etc.
North America, for its high government funding, is locally the biggest artificial intelligence on the transport market. Furthermore, leading technology companies in the region, a shortage of truck drivers and rigorous government road safety regulations facilitate the development of the North American market. Moreover, Asia-Pacific is seen as the fastest market growth due to the increasing population. Furthermore, the growth in the Asia Pacific artificial intelligence transport market is steadily increasing through solid economic growth and the move from an unorganized logistics sector to an organized sector as well as a growed logistics and supply chain sector.
Major players included in this report are Scania Group, Volvo Group, Man SE, Daimler AG, Magna, PACCAR Inc., Robert Bosch GmbH, Continental AG, Alphabet Inc, Microsoft Corporation, NVIDIA, ZF Friedrichshafen AG, Intel Corporation, and others. Key players in the transport market for artificial intelligence are responding to demand through collaboration and acquisition with small players and investment in advanced technology vehicles throughout the globe. In February 2018, NVIDIA collaborated on the NVIDIA DRIVE platform with Continental to build AI self-driving systems with plans to bring the vehicle onto the market in 2021.
The global artificial intelligence in transportation market is segmented as below:
Artificial Intelligence in Transportation Market By Offering
Artificial Intelligence in Transportation Market By Machine Learning Technology
Artificial Intelligence in Transportation Market By Process
Artificial Intelligence in Transportation Market By Application
Semi & Full-Autonomous
Artificial Intelligence in Transportation Market By Geography
Middle East & Africa
The market value of artificial intelligence in transportation is anticipated to be around US$ 5,000 Mn in 2027.
It is anticipated to grow around 15% CAGR amid the forecast period 2020 to 2027
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Increasing transportation concerns, increasing vehicle traffic, and rising incidence of human errors or accidents due to various reasons is expected to drive the growth of the artificial intelligence in transportation market.
High initial cost is a major factor expected to restraint the growth of the market.
Scania Group, Volvo Group, Man SE, Daimler AG, Magna, PACCAR Inc., Robert Bosch GmbH, Continental AG, Alphabet Inc, Microsoft Corporation, NVIDIA, ZF Friedrichshafen AG, Intel Corporation, and others are the prominent players in the artificial intelligence in transportation market.