Artificial Intelligence in Automobiles Market Overview

Market Research Future (MRFR), in its recently published research report, asserts that the global Artificial Intelligence in Automobiles market 2020 is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy CAGR of more than 10% in the forecast period.

The major players in the automotive industry and various technology giants are collaborating to accelerate the development of automotive AI. Automotive OEMs are progressively investing in Artificial Intelligence in Automobiles as it enables them to collectively improve their performance through the improvements in processes and progress in new driver/ vehicle features. Both advanced

driver assistant systems (ADAS) or autonomous driving (AD) are the contribution of artificial intelligence to the automotive industry. AI has the ability to mimic the cognitive functions of the human mind and is capable of solving problems independently. Beyond autonomous vehicles, AI has the ability to make cars more convenient and safer due to which automakers have exhibited heightened interest in the integration of the technology.

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On the downside, the growth of the market might be hindered by various factors. Incorporation of AI in the automotive industry is aligned with challenges such as data privacy and cybersecurity concerns. Automotive AI is still in its development stage and has substantial progress to make before it enters the mainstream. Various incidents of accidents with autonomous cars have been reported, which raises concern regarding the use of technology. Various technological barriers are needed to be overcome, which stand as a bottleneck to market growth. Complexity of tasks and inflated cost of algorithm development are other market impediments.

Competitive Landscape

General Motors Company (US), Toyota Motor Corporation (Japan), BMW AG (Germany), Audi AG (Germany), Ford Motor Company (US), Volvo Car Corporation (Sweden), Tesla Inc. (US), Qualcomm Inc. (US), Hyundai Motor Corporation (South Korea), and Uber Technologies Inc. (US) are the key players in the Artificial Intelligence in Automobiles market.

Segmentation

The Artificial Intelligence in Automobiles market has been segmented based on technology, process, application.

By technology, the Artificial Intelligence in Automobiles market has been segmented into machine learning, deep learning, computer vision, context awareness, and natural language processing.

By process, the Artificial Intelligence in Automobiles market has been segmented into image recognition, signal recognition, and data mining.

By application, the Artificial Intelligence in Automobiles market has been segmented into semi-autonomous driving, human-machine interface, and autonomous driving.

Industry Updates

June 2019 - Volvo, a Swedish multinational manufacturing company and Nvidia, an American technology company, have entered into a partnership to collaborate on AI technology for self-driving vehicles. By incorporation of AI to its trucks, Volvo aims to disrupt the public and freight transport industry.

Regional Analysis

Region-wise, the Artificial Intelligence in Automobiles market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

North America is likely to dominate the global Artificial Intelligence in Automobiles market. The clustering of major market leaders in the region is a key factor driving the growth of the North America market. The US has been a frontrunner in the adoption of autonomous vehicles which provides lucrative growth opportunities to the Artificial Intelligence in Automobiles market. Moreover, various technology, as well as automotive giants, are forming partnerships to fuel the development of Artificial Intelligence in Automobiles, which will boost the market growth over the forecast period.

Europe too is a prominent revenue generator in the Artificial Intelligence in Automobiles market. The automotive manufacturers present in the region are actively engaged in the incorporation of advanced technologies in the automotive sector. Substantial investment in AI along with a growing preference for autonomous vehicles, has fostered the market growth. The UK is a key contributor to the Europe market.

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