Global Artificial Intelligence (Ai) In Automotive Market Growing at A CAGR of 28.8% From 2019 To 2026

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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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