Posted by IMARC Group, a leading market research company, has recently releases report titled “Automotive Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automotive artificial intelligence market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Automotive Artificial Intelligence Market
Automotive artificial intelligence (AI) refers to the application of AI technologies in the automotive industry. It relies on the utilization of computer systems and algorithms to enable vehicles to perform tasks and make decisions without human intervention. It also encompasses various technologies such as machine learning (ML), computer vision, natural language processing, and robotics. It enables autonomous driving, where vehicles can navigate and operate on their own, enhancing safety, efficiency, and convenience. It is also employed for vehicle diagnostics, predictive maintenance, voice recognition systems, and personalized in-car experiences. Furthermore, it is capable of optimizing traffic flow, reducing congestion, and decreasing fuel consumption, leading to more efficient transportation systems.
How Big Is the Automotive Artificial Intelligence Market?
The global automotive artificial intelligence market size reached US$ 3.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.6 Billion by 2028, exhibiting a growth rate (CAGR) of 31.91% during 2023-2028.
Global Industry Trends and Drivers:
The automotive artificial intelligence (AI) market is driven by several industry trends and drivers that shape its growth and development. One key trend is the increasing demand for autonomous vehicles. The adoption of AI technologies in self-driving cars enables advanced perception, decision-making, and control systems, driving the market growth. Additionally, the growing focus on safety and the need for accident prevention technologies propel the demand for AI-driven advanced driver assistance systems (ADAS). The integration of AI in voice recognition, natural language processing, and human-machine interfaces is another significant trend. AI-powered virtual assistants and voice-activated controls enhance the in-vehicle experience, making it more intuitive and user-friendly. The rise of connected cars and the Internet of Things (IoT) also contribute to the growth of the AI market, as AI enables intelligent connectivity, predictive maintenance, and real-time data analysis for vehicle performance optimization. Government regulations and initiatives promoting autonomous and electric vehicles drive the adoption of AI in the automotive industry. Governments worldwide are implementing policies and incentives to encourage the development and deployment of AI-based technologies in vehicles. This includes funding research and development, supporting infrastructure development, and establishing guidelines for autonomous vehicle testing and deployment.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Technology:
- Machine Learning and Deep Learning
- Computer Vision
- Natural Language Processing
Breakup by Process:
- Data Mining
- Image Recognition
- Signal Recognition
Breakup by Application:
- Semi-Autonomous
- Autonomous
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, Hyundai Motor Company, Intel Corporation, International Business Machines Corporation, Micron Technology Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Incorporated, Tesla Inc., Toyota Motor Corporation and Uber Technologies Inc.