According to the latest report by IMARC Group, titled "Automotive Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive artificial intelligence market reached a value of US$ 2.12 Billion in 2021. Artificial intelligence (AI) is associated with human intelligence through similar characteristics, such as language understanding, reasoning, learning, problem-solving, and others. It is one of the most progressive technologies in computer science. The automotive industry has experienced a significant rise in its adoption and is among the primary sectors using AI to augment and mimic human actions. The emergence of advanced driver assistance systems (ADAS), adaptive cruise control (ACC), and blind spot alert, along with the escalating demand for convenience features, are attracting automotive vendors towards artificial intelligence. These systems are used to alter, process, and function data and algorithms to simulate the intellectual functions of the human brain and gain the capacity to resolve problems automatically. Automobiles with self-driving features are more likely to adopt such systems to improve overall efficiency and functioning.
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Global Automotive Artificial Intelligence Market Trends:
The global market is majorly driven by significant growth in the automotive industry. In line with this, the rising popularity of autonomous vehicles for increased driver comfort and reducing accidents is positively influencing the market. Furthermore, multiple automotive manufacturers are offering innovative driver assistance solutions to gain a competitive advantage in the market. Apart from this, the growing demand for premium vehicles among the masses is offering numerous opportunities for vendors. Moreover, the widespread adoption of ADAS technology by OEMs is catalyzing the market. Besides this, the rapid development of autonomous vehicle technology and strict government regulations related to road safety worldwide are creating a positive outlook for the market. Additionally, the increasing adoption of artificial intelligence for traffic management and heavy investments in connected and autonomous vehicles are providing a boost to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.53 Billion by 2027, exhibiting a CAGR of 33.50% during 2022-2027.
- On the basis of the component, the market has been segmented into hardware, software, and services.
- Based on the technology, the market has been categorized into machine learning and deep learning, computer vision, and natural language processing.
- On the basis of the process, the market has been classified into data mining, image recognition, and signal recognition.
- On the basis of the application, the market has been segmented into semi-autonomous and autonomous.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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.
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