Automotive Artificial Intelligence Market

Automotive Artificial Intelligence Market

Market Synopsys

Global Automotive Artificial Intelligence market is valued at USD 1963.88 Million in 2022 and is projected to reach a value of USD 17137.13 Million by 2030 at a CAGR of 31.10% over the forecast period.

Artificial intelligence (AI) is one of the most advanced computer science technologies and is linked to human intelligence by similar characteristics such as language comprehension, reasoning, learning, and problem-solving which is expected to increase the demand of Automotive Artificial Intelligence during the forecast period. Manufacturers in the market face enormous intellectual challenges in the development and revision of technology. Furthermore, the automotive industry's expansion is expected to drive the Automotive Artificial Intelligence Market in the years to come. The automotive industry has seen the promise of artificial intelligence and is one of the major industries that uses AI to augment and mimic human action which is boosting the demand for Automotive Artificial Intelligence in various countries and regions during the forecast period. The rise in demand for autonomous vehicles, as well as a preference for enhanced user experience and convenience features, are driving the growth of the Automotive Artificial Intelligence market during the forecast period. On the contrary, a rise in demand for premium vehicles is expected to provide the market with high paying growth opportunities in the coming years. The threat of hackers and the rise in cybercrime, on the other hand, are expected to limit market growth of the market during the forecast period.

Market Segmentation:

The Automotive Artificial Intelligence market is segmented on the basis of Offering, technology, process, and application. Based on offering, the market is segmented as hardware, software. By technology, the market is segmented as Deep Learning, Machine learning, context awareness, computer vision, natural language processing. By application, the market is segmented as human–machine interface, semi-autonomous driving, and autonomous driving. By process, the market is segmented as signal, recognition, image recognition, and data mining.

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Based on offering, the software segment is proved to be the largest contributor in the Automotive Artificial Intelligence market

The software category had a major share in the global Automotive Artificial Intelligence market in 2021.

The gradually decreasing deployment costs of cloud-based software solutions, combined with an increasing need to connect multiple data points for seamless process integration, will result in the software segment emerging as the major shareholder in terms of components and are fueling the growth of software segment in the Automotive Artificial Intelligence market during the forecast period. With advanced technologies emerging in the market and the need to upgrade systems in order to streamline processes and operations within the automotive industry, the segment is expected to maintain its market share during the forecast period.

Technology - Computer vision type holds the largest market share

The Computer vision category had a major share in the global Automotive Artificial Intelligence market in 2021.The Computer vision Automotive Artificial Intelligence is likely to hold a largest market share in terms of value in the global Automotive Artificial Intelligence market during the forecast period. Computer Vision is expected to grow the fastest in the global Automotive Artificial Intelligence market during the forecast period. Several companies around the world have begun to use image recognition as one of the artificial intelligence-based solutions in autonomous or semi-autonomous applications, which is expected to change the way they do business. This is primarily due to rising labour costs, broadening the scope of computer vision implementation in autonomous vehicles for signal recognition, driver monitoring, and increased automation for carrying out core operations.

In the APAC region, the Automotive Artificial Intelligence Market is growing at the highest CAGR during the forecast period

The Asia Pacific region is experiencing rapid growth on all fronts, including consumer electronics, internet infrastructure, economic growth, and spending power. An increase in demand for premium vehicles, rising investments in AI technology for improved productivity, and adoption of AI-based solutions and services among autonomous and semi-autonomous applications will all contribute to growth in this region as a result of government initiatives. According to a Forbes article, Asia-Pacific spending on artificial intelligence was nearly $5.5 billion in 2019, up nearly 80% from 2018, and is expected to reach $15.06 billion by 2022. The South Korean government intends to invest $6.15 billion in significant resources by the end of 2020 to expand the country's production of automation systems and industrial robotics. Several other instances are similar. Several other instances, similar to the ones mentioned above, point to the positive growth of the Asia Pacific Automotive Artificial Intelligence market during the forecast period. Furthermore, growing adoption of intelligent-based solutions for automating operations, as well as increased digitalization, are all contributing to market growth in this region in coming years.

Competitive Landscape

The key players in the Automotive Artificial Intelligence market are launching different strategies for the development of Automotive Artificial Intelligence market such as new product development, geographic enhancement, mergers and amp; acquisitions, and product enhancement among others to increase their presence in the market. Some of the major key players in the Automotive Artificial Intelligence market are NVIDIA Corporation (US), Alphabet Inc. (US), Intel Corporation (US), IBM Corporation (US), Microsoft Corporation (US), Harman International Industries Inc. (US), Xilinx Inc. (US), Qualcomm Inc. (US), Tesla Inc. (US), Volvo Car Corporation (Sweden), BMW AG (Germany), Audi AG (Germany), General Motors Company (US), Ford Motor Company (US), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (US), Honda Motor Co. Ltd. (Japan), Daimler AG (Germany), and Didi Chuxing (China). Some important start-ups of the Automotive Artificial Intelligence market have also been included: AImotive (Hungary), Nauto Inc. (US), nuTonomy (US), Argo AI (US), and drive.ai (US).

Automotive Artificial Intelligence Market is segmented as follows:

Automotive Artificial Intelligence Market is tabulated as follows: