According to Acumen Research & Consulting, the global automotive artificial intelligence market size is estimated to grow a CAGR above 39.6% over the forecast timeframe and reach a market value of around USD 53,118 million by 2030.
Our projections suggest that autonomous vehicles will be sufficiently reliable, economical, and common by 2030 to supplant most human driving, resulting in significant cost savings and advantages. Communication, intelligent transportation systems (ITS), and computational systems advancements have recently opened up new prospects for intelligent traffic safety, comfort, and efficiency solutions. In various fields of scientific study, artificial intelligence (AI) has been widely applied to improve traditional data-driven methodologies. The vehicle-to-everything (V2X) technology, when combined with AI, may gather data from a variety of sources, broaden the driver's perception, and forecast probable accidents, improving driving comfort, safety, and efficiency.
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Global Automotive Artificial Intelligence Market Growth Aspects
The increased adoption of autonomous vehicles, rising government initiatives for vehicle and road safety, and ongoing investments in the automotive AI industry are some of the leading factors that are fueling the global automotive artificial intelligence market. The AI industry has flourished in the automotive industry due to its driver assist systems such as ADAS. This system is designed to avoid crash by using technologies to alert drivers to possible hazards or take over control of the vehicle to avoid such mishaps.
On the other hand, the integration of such high-tech technologies increases the cost of the vehicle. Thus, low and medium-income people are unable to purchase premium vehicles that are loaded with these systems. Furthermore, the increasing consciousness among consumers about the safety and surging demand for driver convenience and improving access to mobility are other factors that are contributing to the global automotive artificial intelligence market.
The automobile industry is quickly becoming a key source of artificial intelligence and machine learning. Artificial intelligence will have a huge impact on the automotive sector in the future decade. Faced with long-term existential risks such as sustainability, overcapacity, and the prospect of lower volume as a result of the shared mobility dilemma, automotive companies must tap into AI's potential. The biggest promise is found in the vast amounts of data that car suppliers and manufacturers collect but do not adequately utilize.
As the quantity and scope of autonomous, software-defined, and networked vehicle operations grow, data volume will only increase. Data science and machine learning (ML) are designed to quickly assimilate vast amounts of data, decipher what it means, and apply the findings as soon as possible.
The global automotive artificial intelligence market has been segmented based on offering, process, technology, and application. Based on the offering, the market is divided into software and hardware. Among them, the hardware segment achieved a significant market share while the software segment is expected to gain a substantial growth rate in the coming years. Based on the process, the market is split into image recognition, signal recognition, voice recognition, and data mining. Out of these, the data mining segment is expected to grow with the fastest CAGR throughout the forecast period 2022 – 2030.
By technology, the market is categorized into computer vision, context awareness, deep learning, machine learning, and natural language processing. Based on them, deep learning technology is one of the leading segments that are used in the automotive artificial intelligence market.
Furthermore, autonomous driving, semi-autonomous driving, and human-machine interface are the splits of the application segment. Among them, the human-machine interface segment gathered a significant amount of share in 2021.
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global automotive artificial intelligence market. The Asia-Pacific automotive artificial intelligence market is anticipated to grow at the fastest rate during the forecast period 2022 – 2030. The high growth in the region is credited to the increased sales of premium passenger vehicles, rising disposable income, and increased positive perception of AI among consumers. Moreover, the North America region contributed the largest market share in the global market due to the surge in adoption of autonomous and electric vehicles in the US and the presence of many AI and self-driving car companies in the region. Then again, the Europe region stood for the second-largest position due to the presence of stringent government regulations and tremendous sales of electric vehicles due to these strict regulations in the region.
Some key players covered globally in the automotive artificial intelligence industry are Appian, Alphabet Inc. (Waymo), BMW, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Micron Technology, Inc, Nvidia Corporation, Uber Technologies Inc. (OTTO Motors), Tesla, Inc, and Toyota Motor Corporation.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Frank Wilson
Acumen Research and Consulting