LONDON, March 03, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive artificial intelligence market, strategic collaborations between companies are gaining popularity amongst automotive artificial intelligence industry trends. Companies providing artificial automotive intelligence are undergoing partnerships and collaboration to develop new technologies and products.
For instance, in May 2021, a mobile transportation company based in China and Volvo, an automobile manufacturing company based in Sweden, are involved in a partnership with automatic driving vehicles. Through this partnership, Volvo will provide Didi with XC90 SUVs fitted with steering and brake backup systems. The vehicles will be the first to use Didi Gemini, the ride-hailing company's new self-driving hardware platform, and will be tested with human safety drivers. In the other partnership, in February 2021, Volkswagen, a German-based automobile manufacturer, and Microsoft, an American multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services, partnered to develop self-driving car software. With this partnership, Volkswagen and Microsoft will jointly develop the "Volkswagen Automotive Cloud". The service will support all of the German automaker's digital and mobility products, including car-sharing and other shared mobility services. By 2020, Volkswagen hopes to have more than 5 million linked vehicles in the cloud, thanks to the Internet of Things. As part of the agreement, the businesses will open a new automotive cloud development center near Microsoft's headquarters in Redmond, Washington.
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Major players in the automotive artificial intelligence market are DiDi Chuxing Technology, Otto Motors, Waymo LLC, Microsoft Corporation, Intel Corporation, NVIDIA Corporation, BMW AG, IBM Corporation, Harman International Industries Inc., Xilinx Inc., Qualcomm Inc., Tesla Inc., Volvo Car Corporation, Micron Technology, Inc., Toyota, and Uber Technologies.
The global automotive artificial intelligence market size is expected to grow from $1.42 billion in 2021 to $1.98 billion in 2022 at a compound annual growth rate (CAGR) of 39.62%. Automotive artificial intelligence market growth is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7.78 billion in 2026 at a CAGR of 40.79%.
The growing demand for autonomous vehicles is expected to propel the growth of the automotive artificial intelligence market. Artificial intelligence has a wide range of applications in the automotive industry. As technology evolves, the automobile industry has taken advantage of new discoveries to provide new ways to make driving more autonomous. Using artificial intelligence to develop self-driving automobiles is one of them. A self-driving car (also known as an autonomous car or driverless car) is a vehicle that travels to locations without the need for a human driver by utilizing a variety of sensors, radars, cameras, and artificial intelligence. For instance, according to Deloitte, the global automotive AI market will culminate in a total volume of around $27 billion in 2025. Therefore, a rise in demand for automotive cars drives the growth of automotive artificial intelligence.
The global automotive artificial intelligence market outlook is segmented by component into hardware, software, service; by type into automatic drive, ADAS; by process into signal recognition, image recognition, data mining; by technology into deep learning, machine learning, context awareness, computer vision, natural language processing; by application into semi-automatic, human machine interface, autonomous driving.
In 2021, North America was the largest region in the automotive artificial intelligence market. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Artificial Intelligence Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive artificial intelligence market overviews, automotive artificial intelligence market analyze and forecast market size and growth for the whole market, automotive artificial intelligence market segments and geographies, automotive artificial intelligence market trends, automotive artificial intelligence market drivers, automotive artificial intelligence market restraints, automotive artificial intelligence market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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