Artificial intelligence is a technology that helps in imitating human decisions or their thinking ability with the help of data and algorithms. Artificial intelligence has extensive application in the automotive and transportation industry across the value chain, including production, supply chain, and post-production activities.
According to the MarkNtel Advisors’ research report, “Global Artificial Intelligence (AI) in Automotive and Transportation Market Analysis, 2021," the market is likely to grow at a CAGR of around 20% during 2021-26. The market growth attributes to the snowballing popularity of autonomous vehicles with the high level of driver comfort and reducing chances of accidents. The rising demand for technologically advanced automotive solutions and the urge to own premium segment vehicles is accelerating the market growth.
Further, the growing need for a technologically advanced solution that could help in reducing the incidences of human error while driving and the surging truck platooning that requires rich connectivity technology & automated driving support is propelling the market growth.
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has adversely affected the overall automotive & transportation industry due to lockdown and travel restrictions by the government. The spread of the pandemic has altered the way people used to travel in public transport due to the rising safety concerns and the need to maintain social distancing. However, integrating AI in the transportation sector is a solution to the problem cited above. It will help reduce person-to-person transmission by ensuring the compliance of specific COVID-19 guidelines, thereby increasing efficiency.
Deep Learning Accounted for the Largest Market Share
Based on technology, the market bifurcates into Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, and Deep Learning. Among these, deep learning technology acquired the largest share in the Artificial Intelligence Market for the Automotive and Transportation Market owing to its wide range of applications in the transportation management sector.
Further, deep learning is used for training networks to imitate human-like driving behavior. Additionally, with a deep learning mechanism, the safety of the vehicle increases. Thus, this segment contributes to the overall growth of the market, says MarkNtel Advisors in their research report, “Global Artificial Intelligence (AI) in Automotive and Transportation Market Analysis, 2021."
Autonomous Driving Processing Chips Attained the Highest Market Share
Based on the Application, the market segments into Human-Machine Interface, Driver Monitoring, Driver/ Identity Authentication, Autonomous Driving Processing Chips, and Intelligent Traffic Management System. Out of these, the Autonomous Driving Processing Chips dominated the “Global Artificial Intelligence (AI) in Automotive and Transportation Market” in 2019.
Every AI-based vehicle requires certain in-built technologies, sensors, and chips to perform its primary functions meant to be carried out by the driver. Therefore, the demand for Autonomous Driving Processing Chips is soaring in the market. However, the implementation cost of these technologies is considerably high as AI-based vehicle requires high-end technological features for its performance, thereby hampering the market growth.
North America Dominated the Market
Geographically, North America held the largest share in the “Global Artificial Intelligence (AI) in Automotive and Transportation Market” in 2019 due to the mounting integration of self-driving vehicles and the surging automated cars in the US. The availability of advanced technology to integrate artificial intelligence programs into the logistics industry in this region is higher than in others. Additionally, the rise in usage of AI-based trucks by the US transportation and logistics industry to reduce operational costs is accelerating the market growth in this region.
Burgeoning Demand for Autonomous Vehicle
Due to the rising preference of consumers to own a premium car and the increasing purchasing power of the consumer, the demand for autonomous vehicles has spurred immensely. Additionally, autonomous vehicles have gained popularity owing to their features including self-driving, and automatic parking. The autonomous vehicle also reduces the chances of accidents and human error. Thus, the growing demand for autonomous vehicles will fuel the market growth in the forecast timeline.
According to MarkNtel Advisors, the key industry leaders in the “Global Artificial Intelligence (AI) in Automotive and Transportation Market” are Continental AG, Denso Corporation, Nvidia Corporation, Intel Corporation, Harman International, AI Motive, Argo AI, Siemens, Thales Group, CarVi, Valeo, Optalert, Orbcomm Inc., and Visteon Corporation.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of “Global Artificial Intelligence (AI) in Automotive and Transportation Market?”
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the “Global Artificial Intelligence (AI) in Automotive and Transportation Market?”
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the “Global Artificial Intelligence (AI) in Automotive and Transportation Market” based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the “Global Artificial Intelligence (AI) in Automotive and Transportation Market” study?
Market Outlook, Segmentation and Statistics
1) Impact of COVID-19 on ”Global Artificial Intelligence (AI) in Automotive and Transportation Market”
2) Market Size & Analysis
a) By Revenue
3) Market Share & Analysis
a) By Application
i) Human-Machine Interface
(1) Central Display
(2) Instrument Cluster
(3) Steering Mounted Control
(4) Head-up Display
ii) Driver Monitoring
(1) Physiological Measurement
(2) Facial Movement and Eye Detection
iii) Driver/ Identity Authentication
(2) Facial and Iris
iv) Autonomous Driving Processing Chips
v) Intelligent Traffic Management System
b) By Vehicle Type
i) Passenger Vehicles
ii) Light Commercial Vehicles
iii) Heavy Trucks
iv) Heavy Buses
c) By Component
d) By Level of Autonomy
i) Level 1
ii) Level 2
iii) Level 3
iv) Level 4
v) Level 5
e) By Technology
i) Machine Learning
ii) Natural Language Processing
iii) Context-Aware Computing
iv) Computer Vision
v) Deep Learning
f) By Region
i) North America
ii) South America
iv) Middle East & Africa
g) By Competitors
i) Competition Characteristics
ii) Market Share & Analysis
iii) Competitive Metrix
4) ”Global Artificial Intelligence (AI) in Automotive and Transportation Market” Hotspots & Opportunities
5) ”Global Artificial Intelligence (AI) in Automotive and Transportation Market” Regulations & Policy
6) Key Strategic Imperatives for Success and Growth
7) Global Competition Outlook
a) Competition Matrix
b) Company Profile