Dublin, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The "Artificial Intelligence in Transportation Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global artificial intelligence in transportation market has experienced remarkable growth, surging from $2.6 billion in 2022 to $3.1 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 19.4%. The market is poised for further expansion, projected to reach $6.3 billion by 2027, maintaining the same CAGR of 19.4%.
Artificial intelligence in transportation plays a crucial role in collecting traffic patterns, minimizing road congestion, and enhancing public transportation schedules, leading to optimized logistics and reduced turnaround time. The market offers various types of offerings, including hardware and software, encompassing technologies like deep learning, computer vision, context awareness, and natural language processing.
Major players in the market are actively focusing on technological advancements and innovations to strengthen their market positions in this rapidly evolving industry. For instance, in January 2022, Qualcomm, a US-based semi-conductor manufacturing company, launched Snapdragon Ride
Snapdragon Ride aims to reduce the complexity of autonomous driving and Advanced driver assistance systems by combining high-performance, power-efficient hardware, artificial intelligence (AI) technologies, and an autonomous driving stack to deliver a low-cost, high-energy system. It provides comprehensive tools for compiling deep neural networks (deep learning).
North America was the largest region in the artificial intelligence in transportation market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The countries covered in the artificial intelligence in transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Growing demand for autonomous vehicles is expected to propel the growth of artificial intelligence in the transportation market going forward. An autonomous vehicle is a medium of transport that can drive itself in "autopilot" mode from a starting point to a given destination using various in-vehicle technologies and sensors such as adaptive cruise control, active steering, anti-lock braking systems, GPS navigation technology, lasers, and radar. Autonomous vehicles employ artificial intelligence to operate the vehicle and to sense any accidents or obstacles.
For instance, according to a survey conducted by AlixPartners, a financial advisory and global consulting firm, more than 60% of consumers are aware of level 2 autonomy in China, France, Italy, and Germany. Level 2 autonomy means some driving responsibilities are carried out by the vehicle, however, it is anticipated that the driver will respond to interactions in a timely manner. Also, more than 50% of the consumers are ready to give up vehicle ownership for robotaxi services. Therefore, an increase in the growing demand for autonomous vehicles will drive artificial intelligence in the transportation market.
Artificial Intelligence in transportation market includes revenues earned by entities by road traffic management systems, unmanned aircraft systems, automation of train operation (ATO), automatic identification systems (AIS) for shipping and autonomous navigation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $3.1 billion |
| Forecasted Market Value (USD) by 2027 | $6.3 billion |
| Compound Annual Growth Rate | 19.4% |
| Regions Covered | Global |
Major players in the artificial intelligence in transportation market are
- Volvo Cars
- Mercedes-Benz Group AG
- Scania AB
- Peloton Interactive, Inc.
- Valeo
- Xevo Inc
- NVIDIA Corporation
- Intel Corporation
- Robert Bosch GmbH
- Continental AG
- Microsoft Corporation
- IBM Corporation
- Magna International Inc.
- ZF Friedrichshafen AG.
Key Topics Covered:
1. Executive Summary
2. Artificial Intelligence in Transportation Market Characteristics
3. Artificial Intelligence in Transportation Market Trends And Strategies
4. Artificial Intelligence in Transportation Market - Macro Economic Scenario
4.1. COVID-19 Impact On Artificial Intelligence in Transportation Market
4.2. Ukraine-Russia War Impact On Artificial Intelligence in Transportation Market
4.3. Impact Of High Inflation On Artificial Intelligence in Transportation Market
5. Artificial Intelligence in Transportation Market Size And Growth
5.1. Global Artificial Intelligence in Transportation Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Artificial Intelligence in Transportation Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Artificial Intelligence in Transportation Market Segmentation
6.1. Global Artificial Intelligence in Transportation Market, Segmentation By Offering, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hardware
- Software
6.2. Global Artificial Intelligence in Transportation Market, Segmentation By Machine Learning Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Deep Learning
- Computer Vision
- Context Awareness
- Natural Language Processing
6.3. Global Artificial Intelligence in Transportation Market, Segmentation By Process, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Signal Recognition
- Object Recognition
- Data Mining
6.4. Global Artificial Intelligence in Transportation Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Semi Autonomous Truck
- Truck Platooning
- Predictive Maintenance
- Precision And Mapping
- Autonomous Truck
- Other Applications
7. Artificial Intelligence in Transportation Market Regional And Country Analysis
7.1. Global Artificial Intelligence in Transportation Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Artificial Intelligence in Transportation Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/kwj840
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