Report: ‘Global AI Market’ for automotive & transportation industry to top $69 billion by 2029
FREMONT, California, Jan. 30, 2020 /PRNewswire/ — According to a new market intelligence report by BIS Research, titled “Global Artificial Intelligence Market for Automotive and Transportation Industry – Analysis and Forecast, 2019-2029,” the global AI market for automotive and transportation industry is expected to reach $69.05 billion by 2029.
As disposable incomes of individuals have been rising across the world, an increase in luxury offerings for vehicles leads to an inclination in consumer preference toward additional vehicle functions and amenities.
These features can include:
- Human-machine interface to increase the ease of driving
- Driver authentication systems for better automotive cyber security
- For safer driving experiences with driver monitoring systems
Advanced driving features including ADAS features through autonomous vehicle processing chips are also being marketed as luxury additions in vehicles.
New technologies have also been being adopted in urban areas for establishing smarter cities through intelligent traffic management systems. These various features have accelerated the growth of such AI-based technology products in the automotive and transportation industry.
Due to road safety concerns and increasing need for reliable technologies in vehicles, the demand for such AI-based solutions is anticipated to increase.
According to Arpit Benjwal, Principal Analyst at BIS Research, “The Asia-Pacific region is expected to witness the fastest growth in the global artificial intelligence market for automotive and transportation industry. The artificial intelligence market for automotive and transportation industry in Asia-Pacific is expected to grow at a significant CAGR during the forecast period, 2019-2029. The Asia-Pacific region generated the fastest growth rate due to the increased adoption of automotive technologies in this region.”
Many prominent vehicle manufacturers are present in this region, and along with various regional governments, have promoted the usage of ADAS safety systems and driver monitoring systems in vehicles. Many cities in Asia-Pacific have also adopted ITMS technologies for better traffic flow in their cities. The key players operating in this market have launched new AI-based automotive and transportation solutions and have increased their partnership and collaboration activities over the recent years to expand their businesses, upgrade their technologies, and compete with competitors’ product portfolios. For instance, in March 2019, Nvidia announced its collaboration with Toyota Research Institute-Advanced Development (TRI-AD) for developing self-driving cars. Similarly, in November 2019, Intel’s Mobileye collaborated with NIO to develop self-driving electric vehicles in China.
Driven by the rapid evolution of the end-user industries such as autonomous vehicles and intelligent transportation system, there has been a swift growth in the research and development activities by several important players in the artificial intelligence market for automotive and transportation industry, with the motive of developing advanced AI-based solutions. For instance, in January 2018, Continental AG launched its Centre for Deep Machine Learning in Budapest, Hungary, to expand its expertise in the area of automated driving. Similarly, in November 2018, Continental AG announced that it plans to expand its worldwide network of AI experts by 2021.
Key Questions Answered in the Report:
- How much revenue was generated by the global artificial intelligence market for automotive and transportation industry in 2018, and how is it expected to perform during the forecast period 2019-2029?
- Which global factors, including drivers, trends, challenges, opportunities, and trends, are expected to impact the industry in the future?
- Which companies are the major players in the artificial intelligence market for automotive and transportation industry?
- What key strategies of development have been being undertaken by the different companies operating in the industry?
- How much value is expected to be generated by the following segments during the forecast period, 2019-2029:
- Application, including human-machine interface, driver monitoring, driver authentication, autonomous driving processing chips, and intelligent traffic management system
- Vehicles, including passenger vehicles, light commercial vehicles, heavy trucks, and heavy buses
Components, including hardware and software
- Level of autonomy, including level 1, level 2, level 3, level 4, and level 5
- Region, including North America, Europe, Asia-Pacific, Africa, and Latin America