Artificial Intelligence In Transportation Market Is Anticipated To Witness High Growth Owing To Rise In ADAS Demand
The artificial intelligence in transportation market is predominantly utilized in road and rail transportation for several applications such as semi and fully autonomous vehicle development, route planning and optimization, driver and passenger safety assistance through ADAS systems, predictive maintenance, traffic condition monitoring and management, freight monitoring, autonomous trains, and fleet and asset management among others. AI is used in the transportation industry to improve safety, efficiency, experience, and sustainability. Some key features of AI in transportation include vehicle automation, automation of support activities, optimization of transportation operations, predictive maintenance, and personalization.
Key Takeaways
Key players operating in the artificial intelligence in transportation are Peloton, Paccar, Scania, Valeo, Xevo, ZF, Zonar, Nvidia Corporation, Siemens Mobility, NEC Corporation, Microsoft Corporation, IBM Corporation, Robert Bosch GmbH, Continental AG, Volvo Group. These players are collaborating and partnering with tech giants for development of AI solutions and are investing heavily in R&D.
The key opportunities in the market include development of human-aware Artificial Intelligence in Transportation Market Demand rising investments in start-ups working in autonomous driving technologies, and increasing focus of OEMs and transportation companies on AI-powered predictive maintenance and optimization of fleet operations.
Globally, companies are expanding their presence across major markets to cater to the growing demand for AI solutions in transportation. For instance, Siemens expanded its global footprint by opening new AI research centers in Canada, Germany, and the US. IBM partnered with Maersk to develop blockchain-based global trade digitization platform.
Segment Analysis
Application Segment for autonomous vehicles is expected to grow at a high rate in the forecast period. The use of AI in autonomous vehicles help perceive the environment and navigate without human input. As technology advances, more cars are getting equipped with advanced driver-assistance capabilities which will encourage the growth of this segment.
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