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Market Research Future (MRFR), in its latest “Automotive Artificial Intelligence (AI) Market” report states that the global market of Automotive Artificial Intelligence (AI) is expected to generate considerable revenue expand at a growth rate of 10% by 2023.
The comfort threshold of consumers is rising. This is triggering automakers to opt for advanced technologies that can simplify the production of smart automobiles and meet consumers’ demands. This is observed as the chief factor that is expected to propel the growth of the worldwide Automotive Artificial Intelligence (AI) market. The exploitation of technologies, such as cloud-hosted intelligence, internet of thing, and driver-assist features for the production of automobiles is expected to improve the health of the Automotive Artificial Intelligence (AI) Market. In addition, the hefty investment made by wealthy players of the market for upgradations in artificial intelligence for automobiles is expected to boost the expansion of the growth of the market. The increase in need for improvements in areas, such as advanced driver assistance systems, adaptive cruise control, and blind-spot alert is surging the need for deployment of Automotive Artificial Intelligence (AI). This is expected to boost the growth of the Automotive Artificial Intelligence (AI) market. The alterations in demand for consumer preference and different approaches towards safety and convenience of people regarding road safety are expected to push the market growth. Alongside, the increase in the number of original equipment manufacturers and their inclination towards AI are expected to spur the market growth. On the contrary, the lack of cognizance about automotive AI and high installation costs are are expected to spur the market growth.
Regional Outlook
The automotive AI market in North America is expected to exhibit a fast growth rate across the forecast years. MRFR regional insights reveal that the market in North America is poised to generate high revenue by the end of the forecast year. The expansion of the market in North America can be attributed to the presence of major producers of automakers in the region. Alongside, the availability of sophisticated technology in the US that can develop more effective artificial intelligence solutions that are easily accessible can surge the regional market. The increase in the demand for autonomous vehicles in the region is expected to propel the growth of the market. In Asia Pacific, the presence of favorable government norms and presence of leading automobile manufacturers are expected to accelerate the automobile artificial intelligence market in the region.
Segmental Outline
The automobile artificial intelligence market is studied by technology, process, and application. By technology, the market is classified into deep learning, machine learning, context awareness, computer vision, and natural language processing. By process, the market is segmented into signal recognition, image recognition, and data mining. By application, the market is segmented into semi-autonomous driving, autonomous driving, and human-machine interface.
The emergence of new companies developing Automotive Artificial Intelligence (AI) solutions or provides such services is expected to boost the expansion of the market. The latest developments in products and services are also noted to cast a positive impact on the market. Moreover, the intensifying competition among key players and their growing need to improve product portfolio are expected to benefit the global market of artificial intelligence market in the review period.
Key Players
MRFR listed some noteworthy contenders of the automobile artificial intelligence market. They are; Volvo Car Corporation (Sweden), Tesla Inc. (US), Audi AG (Germany), Qualcomm Inc. (US), General Motors Company (US), Uber Technologies Inc. (US), Hyundai Motor Corporation (South Korea), Toyota Motor Corporation (Japan), Ford Motor Company (US), and BMW AG (Germany).
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