Global Artificial Intelligence (Ai) In Automotive Market Growing at A CAGR of 28.8% From 2019 To 2026
The global artificial
intelligence (AI) in automotive market was valued at USD 81.6 billion in
2018 and is expected to reach USD 170.6 billion in 2026, growing at
a CAGR of 28.8% from 2019 to 2026.
Artificial Intelligence
(AI) is basically an imitation of human intelligence using computer systems.
Application of AI in the automotive industry includes the implementation of
various processes, such as learning the information and instructions for using
the information, reasoning, and self-correction. The growth of the artificial
intelligence (AI) in automotive market is primarily driven by the rapid
advancement in technological development and utilization of advanced
computational systems.
Moreover, the growing
emphasis on improving convenience and development of self-driving cars is
fuelling demand for employing artificial intelligence (AI) in Automotive.
Recent years has witnessed a spur of investments in this field which has
resulted in the growth of this market. However, the requirement of high
investment and concerns regarding data privacy are some of the restraining
factors which may hamper the growth of the global artificial intelligence (AI)
in automotive market.
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The hardware offering
is poised to dominate the market throughout the forecast period Based on
offering, the artificial intelligence (AI) in automotive market has been
segmented into hardware, software and Service. The hardware segment accounted
for approximately 52.87% of the share in the global artificial intelligence
(AI) in automotive market in 2018. While software offering segment accounted
highest CAGR of around 31.46% in the global artificial intelligence (AI) in
automotive market during the forecast period owing to demand customized
solutions. This advantage is anticipated to propel the demand and sales for
consulting solutions across the developed and developing countries in the
global market in the near future.
Based on function, the
machine learning segment is expected to grow at a CAGR of around 28% during the
forecast period Based on function, the market has been segmented into computer
vision, machine learning, deep learning, and others. The machine learning
segment accounts for the largest share in the market and expected to grow at a
CAGR of around 28% during the forecast period.
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Based on application,
the autonomous driving segment is expected to dominate during 2019 to 2026Based
on application, the market has been segmented into Human–Machine Interface
(HMI), autonomous driving and others. The autonomous driving segment accounts
of the largest share in the market and held for more than 32% of the total
market in 2018.
The major factors that
are driving the growth of this segment are the growing number of new players
and start-ups which offer cost-efficient solutions. Key players are investing a
substantial amount of resources in order to develop modern solutions to cater
to customised requirements.
Regionally, North
America to dominate the artificial intelligence (AI) in automotive market
throughout the forecast period North America region accounted for nearly 37.6%
share of the global artificial intelligence (AI) in automotive market in 2018
and is expected to dominate the market throughout the forecast period. Asia
Pacific region is expected to hold the highest CAGR in the global market during
the forecast period owing to rising adoption of deep learning and NLP
technologies in finance, agriculture, marketing, and law applications in APAC.
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Company Profiles and Competitive Intelligence:
The major players operating in the global
artificial intelligence (AI) in automotive market are
·
Alphabet Inc. (United
States),
·
Audi AG (Germany),
·
BMW AG (Germany),
·
Daimler AG (Germany),
·
Didi Chuxing (China),
·
IBM Corporation (United
States),
·
Microsoft Corporation
(United States),
·
Tesla, Inc. (United
States),
·
Uber Technologies, Inc.
(United States),
·
Xilinx, Inc. (United
States)
·
Among
others.
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