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Global Automotive Artificial Intelligence Market Trends 2022-2027

Automotive Artificial Intelligence Market,

According to the latest report by IMARC Group, titled “Automotive Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global automotive artificial intelligence market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global automotive artificial intelligence marketsize reached US$ 2.12 Billion in 2021Looking forward, IMARC Group expects the market to reach a value of  US$ 13.53 Billion by 2027, exhibiting a growth rate (CAGR) of 33.50% during 2022-2027.

Automotive artificial intelligence represents progressive technologies, such as machine learning, deep learning, computer vision, natural language processing, etc., that are used to build smart and autonomous vehicles. Some of the processes include data mining, image recognition, signal recognition, and others. Automotive artificial intelligence solutions enable vehicles to analyze road conditions, provide driver assistance functions, predict malfunctions, control smart devices, schedule maintenance programs, and collect data on several events, including accidents, speeding, traffic violations, etc. They allow automobiles to sense and interact with their environment with the need for much human involvement. Consequently, they are in extensive use across the globe.

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Industry Trends & Drivers

The shifting consumer preferences toward autonomous vehicles across the globe, on account of their advanced features, such as autopilot, self-driving, and automatic parking, that lower human efforts are among the key factors driving the automotive artificial intelligence market. Moreover, the increasing number of technological innovations, including the driver monitoring system that uses a driver-facing hi-tech camera on the dashboard to track the eye movements of drivers for alerting them from distraction and drowsiness and avoid fatal road mishaps, is acting as another significant growth-inducing factor.

 In line with this, the introduction of vehicle tracking software that is designed to facilitate a live update of a vehicle on various locations efficiently and effectively is also positively influencing the market growth. Additionally, the rising adoption of artificial intelligence for traffic management and the inflating investments in developing connected and autonomous vehicles are expected to bolster the automotive artificial intelligence market in the coming years.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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.

Report 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

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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