DUBLIN, September 21, 2021 / PRNewswire / – The report “Global Artificial Intelligence (IA) in Automotive and Transportation Market Research Report: Forecast (2021-2026)” has been added to ResearchAndMarkets.com offer.
According to the report, the market is expected to grow at a CAGR of around 20% during 2021-2026.
The growth of the market is attributable to the growing popularity of autonomous vehicles offering a high level of driving comfort and reducing the risk of accidents. The growing demand for technologically advanced automotive solutions and the desire to own premium vehicles are accelerating the growth of the market.
In addition, the growing need for a technologically advanced solution that could help reduce the incidences of human error while driving and the increase in the peloton of trucks that requires rich connectivity technology and automated driving assistance propel market growth.
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has negatively impacted the entire auto and transportation industry due to the lockdown and travel restrictions imposed by the government. The spread of the pandemic has changed the way people get around on public transport due to growing safety concerns and the need to maintain social distancing.
However, integrating AI into the transportation sector is a solution to the problem cited above. It will help reduce person-to-person transmission by ensuring compliance with specific COVID-19 guidelines, thus increasing efficiency.
Growing demand for autonomous vehicles
Due to the growing consumer preference for owning a premium car and the increasing purchasing power of the consumer, the demand for autonomous vehicles has boosted tremendously. In addition, autonomous vehicles have gained popularity due to their features, including autonomous driving and automatic parking.
The autonomous vehicle also reduces the risk of accidents and human error. Thus, the increasing demand for autonomous vehicles will fuel the market growth within the forecast timeline.
Deep Learning represents the largest market share
Based on technology, the market is divided into Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision and Deep Learning. Among these, deep learning technology has gained the largest share of artificial intelligence market for automotive and transportation market due to its wide range of applications in management industry. transports.
In addition, deep learning is used to form networks to mimic human-like driving behavior. In addition, with a deep learning mechanism, the safety of the vehicle increases. Thus, this segment contributes to the overall growth of the market.
Autonomous Driving Processing Chips Achieved Highest Market Share
Based on the application, the market is segmented into Human Machine Interface, Driver Monitoring, Driver Authentication / Identity, Autonomous Driving Processing Chips, and Intelligent Traffic Management System. Among these, autonomous driving processing chips dominated the market in 2019.
Every AI-based vehicle requires certain integrated technologies, sensors and chips to perform its primary functions intended to be performed by the driver. Hence, the demand for autonomous driving processing chips is skyrocketing in the market.
However, the cost of implementing these technologies is drastically high as AI-based vehicles require high-end technological features for their performance, hampering the growth of the market.
North America dominates the market
Geographically, North America held the largest market share in 2019 due to the growing integration of autonomous vehicles and the boom in automated cars in the United States.
The availability of advanced technologies to integrate artificial intelligence programs in the logistics sector in this region is higher than in others. In addition, the increase in the use of AI-based trucks by the US transportation and logistics industry to reduce operating costs is accelerating the market growth in this region.
Key companies profiled
For more information on this report, visit https://www.researchandmarkets.com/r/g0hr4m
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SOURCE Research and Markets