Automotive Artificial Intelligence Market - Industry Trends and Market Forecast
Artificial intelligence (AI) is a state-of-the-art advancement in computer science. In terms of language understanding, thinking, learning, and problem-solving, AI is equivalent to human intelligence. During the period in analysis, market producers will confront significant intellectual obstacles in the creation and modification of technology. Additionally, the automotive industry's growth is expected to fuel the growth of automotive artificial intelligence market, which has realized the promise of AI and is one of the primary sectors that use AI to supplement and replicate human action. Automotive Artificial Intelligence Market is expected to witness growth at a robust rate during the forecast period due to the rising demand for self-driving automobiles and consumers' inclination for improved user experiences and convenience features. Also, an increase in the demand for luxury automobiles is anticipated to offer the market lucrative growth potential in the coming years. On the other hand, the market expansion is anticipated to be constrained during the forecast period due to the threat posed by hackers and the rise in cybercrimes.
Growth Drivers
Rising Demand for Autonomous Vehicles
Due to their numerous features, which reduce human effort when driving, such as automatic parking, self-driving, autopilot, and others, autonomous vehicles are gaining popularity across the globe. Additionally, autonomous vehicles have the support of some of the biggest, most technologically advanced businesses, including Tesla, NVidia, and Intel, so the likelihood of failure is quite low. For instance, one of the most sophisticated systems on the market for automotive artificial intelligence is Tesla's autopilot system, which includes capabilities like maintaining the car in its lane while driving, automatically changing lanes when necessary, self-parking, and others. Additionally, it is projected that the use of autonomous cars will considerably reduce the need for human intervention and will be crucial in sectors that lack sufficient manpower for transportation. Hence, these factors are expected to boost the growth of automotive AI market.
Global Automotive Artificial Intelligence Market - Increasing Demand
By enabling companies to keep an eye on their operations, support business strategies, enhance in-auto stoner experience, develop independent and semi-autonomous vehicles, and give a better result in the digital world, the use of automotive artificial intelligence is steering in a new period. The main factors driving the growth of the global automotive artificial intelligence request are the rising demand for independent vehicles, the use of advanced automotive results, and the expanding use of artificial intelligence for business operations, government enterprises, and investments in connected and independent vehicles.
Restraints
Privacy and Security Concerns
Autonomous vehicles have made consumers' lives safer and more accessible. Data security, cyberattacks, and motorist distraction are just a many of the issues that manufacturers must address in terms of security and sequestration. For instance, 1.4 million Fiat Chrysler vehicles were recalled in the US as a result of a bug in the dashboard computers that allowed hackers to take control of the auto. In an analogous tone, white chapeau hackers were successful in fitting malware into a Tesla auto's system. These cases of customer sequestration irruption are among the main factors could limit the growth of global automotive AI market.
Global Automotive Artificial Intelligence Market - By Elements
Based on the types of components used, the market is divided into three segments: hardware, software, and services. Additionally, hardware is divided into sections for processors, memories, and networks.
Global Automotive Artificial Intelligence Market - By Process
The market can be divided into signal recognition, image recognition, and data mining based on process. Because autonomous and semi-autonomous vehicles produce and handle vast amounts of data, the data mining segment is predicted to dominate the market during the forecast period.
Global Automotive Artificial Intelligence Market - By Technology
According to technology, global automotive artificial intelligence market can be classified into three groups: computer vision, natural language processing, and context aware processing. Due to its application in autonomous vehicles for signal detection, image recognition, driver monitoring, among other functions, the computer vision segment is also expected to expand rapidly during the period in analysis.
Global Automotive Artificial Intelligence Market - By Application
Depending on the application, global automotive artificial intelligence market is categorized into semi-autonomous and autonomous segments. The market's effects on North America, Europe, Asia Pacific, Latin America, and Middle East and Africa are evaluated. As the demand for better customer experiences grows, the human-machine interaction market segment is expected to dominate the market by application.
Global Automotive Artificial Intelligence Market - By Region
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa are major the geographic regions covered in the automotive artificial intelligence market report. Due to an increasing demand for high-end vehicles and the growing adoption rate of AI and AI-based services and solutions, particularly among the autonomous and semi-autonomous vehicles in the region, Asia Pacific is predicted to experience growth at the highest rate in the global automotive artificial intelligence market.
Impact of COVID-19 on Global Automotive Artificial Intelligence Market
The commercial environment has changed as a result of the COVID-19 pandemic. The ecosystem of the market has seen a direction change in how the supply side of the market is accessed. The COVID-19 pandemic in the market for AI in automobiles has had a significant impact on major global economies, including the United States, India, China, and the United Kingdom, and has caused significant recession in these countries. Because of the numerous job losses and ongoing salary cuts that have squeezed their wallets, consumers are being urged to prioritize what is essential. As a result, the automotive industry has suffered greatly.
Competitive Landscape
The automotive market for AI is fragmented. Market leaders and rising firms with specialized products dominate the broader competitive ecosystem, even while the major corporations continue to lead innovation and, in most cases, adopt digital reforms. BlueWeave Consulting’s recent study on AI in Automotive Market examines significant market trends and the strategies used by leading market players while presenting profiles of some of them. NVIDIA Corporation, Alphabet Inc., Intel Corporation, IBM Corporation, Microsoft Corporation, Harman International Industries Inc., Xilinx Inc., Qualcomm Inc., Micron Technology, Otto Motors, BMW AG, Tesla Inc., and Volvo Car Corporation are the leading companies active in the automotive artificial intelligence market.
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