Automotive Artificial Intelligence Market Worth $15.9 Billion by 2027, Growing at a CAGR of 39.8% from 2019- Global Market Opportunity Analysis and…

London, June 15, 2020 (GLOBE NEWSWIRE) -- The automotive artificial intelligence market is expected to grow at a CAGR of 39.8% from 2019 to reach $15.9 billion by 2027.

Several established automotive organizations across the globe are increasingly struggling with the rising cost of operations, dissatisfied customers, declining sales, and unidentified competition. Advanced capabilities of AI, coupled with rising consumer expectations, have pushed the automotive industry into adopting artificial intelligence. Several organizations are investing heavily in order to reap the profits in highly dynamic and competitive market environments. The global artificial intelligence in automotive market is expected to witness strong growth over the coming years due to the growing demand for autonomous vehicles, adoption of advanced automotive solutions, growing adoption of artificial intelligence for traffic management, and government initiatives and investments towards connected and autonomous vehicles.

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The increasing volume of data gathered through IoT devices, coupled with the widespread availability of high-speed broadband networks and the emergence of 5G technologies is driving the need for faster data processing. Apart from this, widening the implementation of computer vision technologies across vehicles and shifting consumer preferences for premium vehicles to improve the driving experience while enhancing the vehicle and pedestrian safety are some of the key factors anticipated to drive the growth of artificial intelligence in automotive market in the near future. However, lack of infrastructure coupled with the high procurement operating cost is expected to challenge the growth of the artificial intelligence in automotive market growth during the forecast period.

The global market for artificial intelligence in automotive industry is expected to grow at a CAGR of 39.8% from 2019 to reach $15.9 billion by 2027. The market is witnessing consistent growth owing to the increasing demand for smart IoT devices in automotive, surging demand for connected vehicles, and adoption of advanced driver assistance systems. Apart from this, surging adoption of AI-based solutions and services among the automotive industry is also contributing to the overall growth of artificial intelligence in automotive market. While developed economies offer technological growth opportunities through the proliferation of advanced technologies, the ongoing digital transformation initiatives across emerging economies such as Asia-Pacific and Latin America are likely to offer high growth opportunities for vendors operating in the market.

The global artificial intelligence in automotive market is mainly segmented by components (hardware, software, services), by technology (machine learning, computer vision, natural language processing, context-aware computing), by process (signal recognition, image recognition, voice recognition, data mining), by application (semi-autonomous driving, human-machine interface), and region.

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Based on components, the artificial intelligence in automotive market is segmented into hardware, software, and services. The software segment dominated the artificial intelligence in automotive market in 2019 in terms of market share. This is mainly attributed to the growing usage of learning analytics, growing acceptance of in-car assistants driven by machine learning techniques and an increase in demand for autonomous platforms for automotive industry. However, the services segment is slated to grow at the fastest CAGR during the forecast period and will emerge as the major segment in terms of market share by 2027. This growth is mainly driven by the surging demand for AI-based cloud services for autonomous vehicles, over-the-air (OTA) software services, traffic and mapping services, shared mobility services, remote maintenance services, technical support & training services, maintenance & support services, integration services, performance measurement services, and consulting services.

Based on technology, the artificial intelligence in automotive market is segmented into machine learning, computer vision, natural language processing, and context-aware computing. The machine learning technology segment held the largest share of the overall automotive artificial intelligence market in 2019, owing to the demand for signal diagnosing, image recognition, speech recognition, data mining, and an increase in unstructured data generated by the automotive industry. However, the computer vision technology is slated to grow at the fastest CAGR during the forecast period, due to a widening implementation of computer vision in semi-autonomous vehicles to tackle distracted/ drowsy driving and surging use of LIDAR sensors and cameras to avoid vehicle collisions.

Based on process, the overall artificial intelligence in automotive market is segmented into signal recognition, image recognition, voice recognition, and data mining. The signal recognition segment dominated the artificial intelligence in the automotive market in 2019 and is also estimated to continue its dominance over the forecast period. The growth in this market segment is attributed to the increasing growth of automotive safety systems, rising consumer preference for signal recognition in autonomous vehicles, and government regulations pertaining to the safety rating of a vehicle to reduce road collisions. However, the image recognition process is slated to grow at the fastest CAGR during the forecast period, due to growing demand for advanced driver assistance systems (ADAS) such as road signs detection and pedestrian protection systems.

Based on application, the artificial intelligence in automotive market is majorly segmented into semi-autonomous driving and human-machine interface. The human-machine interface segment dominated the artificial intelligence in automotive market in 2019. This is attributed to the increasing demand for interactive technologies in vehicles, connected systems, and smart convenient features.

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Geographically, the global artificial intelligence in automotive market is segmented into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa with a further analysis of major countries in these regions. North America accounted for the largest share of global artificial intelligence in automotive market in 2019, followed by Europe and the Asia-Pacific region. The largest share of this region is mainly attributed to the presence of developed economies, such as the United States and Canada, focusing on enhancing the existing solutions in the automotive industry, and the existence of major players in this market along with a high willingness to adopt advanced technologies. Apart from this, the growing demand for enhanced user experience, rising living standards, growing adoption of autonomous vehicles and availability of high-end infrastructure, increasing R&D expenditure, and various government initiatives supporting AI research are contributing to the growth in this region.

On the other hand, Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. This growth is attributed to an increase in demand for premium vehicles, growing investments in AI technology for improved productivity, and increasing adoption of AI-based solutions and services in the automotive industry. Apart from this, developing internet & connectivity infrastructure, growing adoption of intelligent solutions and increasing digitalization, and increasing investments by the major players in this region are contributing to the growth in the Asia Pacific AI in automotive market.

Some of the key players operating in the global artificial intelligence in automotive market are Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Tesla, Inc. (U.S.), Xilinx, Inc. (U.S.), Micron Technology, Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Harman International Industries Inc. (South Korea), Honda Motor Co., Ltd. (Japan), Audi AG (Germany), and Qualcomm Technologies, Inc. (U.S.), among others.

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Scope of the Report:

Automotive AI Market, by Component

Automotive AI Market, by Technology

Automotive AI Market, by Process

Automotive AI Market, by Application

Automotive AI Market, by Geography

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Automotive Artificial Intelligence Market Worth $15.9 Billion by 2027, Growing at a CAGR of 39.8% from 2019- Global Market Opportunity Analysis and...