AI in Automotive Market revenue to surpass USD 12 Bn by 2026, growing at over 35%: Global Market Insights, Inc.

Major automotive AI market players are Alphabet Inc., Audi, BMW, Daimler, Didi Chuxing, Ford Motor, General Motors, Harman International Industries, Honda Motor, IBM, Intel, Microsoft, NVIDIA, Qualcomm, Tesla, Toyota Motor, Uber Technologies, Volvo Car, and Xilinx Inc.

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Selbyville, Delaware, Dec. 18, 2019 (GLOBE NEWSWIRE) --

According to latest report “Artificial Intelligence (AI) in Automotive Market by Component (Software, Hardware, Service), Technology (Computer Vision, Context Awareness, Deep Learning, Machine Learning, Natural language Processing (NLP)), Process (Data Mining, Image/Signal Recognition), Application (Semi-Autonomous Vehicles, Fully Autonomous Vehicles), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of automotive AI will reach $12 billion by 2026.

The AI in automotive market growth is attributed to steadily growing uptake of driver assistance technologies for increasing driving comfort and ensuring safe driving experience. Consumers are increasingly exhibiting a positive attitude toward AI-powered vehicle driving systems, creating new avenues for market growth. Automotive manufacturers are capitalizing on the steadily growing industry by introducing new features in their vehicles including automated parking, lane assistance, driver behavior monitoring, and adaptive cruise control.

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Some major findings of AI in automotive market report include:

  • With the dynamically changing technology landscape in the automotive sector, an increasing number of automobile manufacturers are focusing on integrating semi-autonomous and fully autonomous technologies into their vehicles.
  • Sophisticated onboard AI systems are providing real-time connectivity between vehicle & driver, enabling safe driving and reducing driver fatigue by suggesting resting periods & controlling car navigation during driver distraction.
  • Machine learning solutions are witnessing a sustained rise in adoption, enabling AI systems to predict and decide driving patterns in dense traffic. With vastly improved neural network technologies, machine learning can achieve near human driving behavior without external assistance.
  • Technology providers including NVIDIA, Intel, and AMD are continuously upgrading their solutions and offering energy-efficient hardware, enabling AI technologies with low power consumption.
  • The growing interest of government agencies in adopting autonomous mobility for reducing traffic accidents and improving traffic management is creating a positive outlook for the market.
  • AI platform providers are focusing on strategic collaboration and long-term contracts with automotive manufacturers to gain market share.

The hardware segment held majority of the market with over 60% share in 2019 and is expected to continue its dominance over the forecast timespan. This is attributed to the increasing adoption of automotive AI components for implementation of AI solutions. Energy-efficient System-on-Chips (SoCs) and dedicated AI GPUs are assisting enterprises in deploying highly sophisticated onboard computers with robust computing power.

The context awareness segment is anticipated to register an impressive growth with a CAGR of over 35% in the automotive AI market from 2019 to 2026 due to the rapid proliferation of driver assistance solutions and semi-automated cruise control. Context awareness systems provide situational intelligence through multi-sensory input and enable onboard computers to detect & classify on-road entities including pedestrians, traffic, and road infrastructure. Customers are reaping the benefits of context-awareness systems by deploying effective navigation assistance, which enables safe driving even during driver distraction. Major technology companies are investing in innovative automotive technologies including context awareness.

The image/signal recognition segment held majority of the market with over 65% share in 2019 due to the growing importance of vehicle speed control for reducing on-road accidents. Image/signal recognition technologies can detect traffic signs & speed limit indicators and reduce the vehicle speed accordingly without human intervention. The technology is also expected to grow significantly as several government initiatives are promoting traffic sign recognition to ensure adherence to speed limits.

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The semi-autonomous vehicles segment will grow at an impressive CAGR of over 38% by 2026 due to the extensive demand for Advanced Driver Assistance Systems (ADAS) and facilitating driving during heavy traffic scenarios. Semi-autonomous technologies have already been commercialized and are expected to gain significant market proliferation over the forecast timespan. Major automotive manufacturers, such as Chrysler, Audi, and Ford, have started integrating semi-autopilot and drive cruise control technologies into their latest models. Driver behavior monitoring, road condition awareness, and lane tracking are a few of the innovative solutions that have been introduced through the implementation of AI technologies in semi-autonomous vehicles. Furthermore, supporting initiatives from various governments to incorporate semi-autonomous vehicle technologies by 2022 will positively impact industry growth.

Europe held majority of the automotive AI market with over 35% share in 2019 due to the growing demand for autonomous technologies in the region. Presence of several industry leaders including BMW, Audi, Mercedes, Daimler, and Bentley accelerated the advancements in autonomous mobility including several successful trial runs of level-5 autonomous vehicles. The increasing focus of automotive manufacturers on AI technologies, especially in Germany and the UK is driving the adoption of AI across the Europe automotive sector. Supportive initiatives from the government to adopt AI for smart traffic control has propelled the development of automotive AI solutions.

Companies operating in AI in automotive market are focusing on various business growth strategies including investments in autonomous mobility solutions, strengthening partner network, and expanding R&D activities. Through such strategic moves, companies are trying to gain a broader market share and maintain their leadership in the market. For instance, in September 2019, Daimler partnered with Torc Robotics, an automated mobility firm, to design and develop level-4 autonomous trucks. Under the partnership, the companies are jointly testing autonomous trucks in the U.S. and focusing on evolving automated driving for heavy-duty vehicles.

Browse key industry insights spread across 200 pages with 257 market data tables and 27 figures & charts from the report, “Automotive AI Market Size 2020–2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-automotive-market


Table of Contents (ToC) of the report:

Chapter 3. Automotive Artificial Intelligence (AI) Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2015 – 2026

3.4. Evolution of AI in automotive

3.5. Industry architecture

3.6. Industry ecosystem analysis

3.7. Technology & innovation landscape

3.7.1. Machine learning and neural networks

3.7.2. Multiple sensor fusion technology

3.8. Regulatory landscape

3.8.1. Vienna Convention on Road Traffic (global)

3.8.2. North America

3.8.3. Europe

3.8.4. APAC

3.8.5. Latin America

3.8.6. MEA

3.9. Industry impact forces

3.9.1. Growth drivers

3.9.2. Industry pitfalls & challenges

3.10. Growth potential analysis

3.11. Porter’s analysis

3.12. PESTEL analysis

Browse Complete Table of Contents (ToC) @

https://www.gminsights.com/toc/detail/artificial-intelligence-ai-in-automotive-market


About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


        

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