Artificial Intelligence In Transportation Market Is Anticipated To Witness High Growth Owing To Rise In ADAS Demand

Other

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.

The global artificial intelligence in transportation market is estimated to be valued at US$ 6.51 Bn in 2024 and is expected to exhibit a CAGR of 17. % over the forecast period 2024 to 2031.

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.

Market Drivers:

Rise in demand for ADAS and autonomous vehicles due to increasing road accidents and demand for safer transportation is a key driver. Growing investments by tech giants and automakers in self-driving technologies is another major driver.

Market Restrain: Cyber security threats, high costs of development of AI solutions for transportation, and lack of standard regulations for deployment of self-driving vehicles are some major restraints to the market growth.

Segment Analysis

Transportation Infrastructure Segment is dominating in the Artificial Intelligence in Transportation Market Analysis AI systems for transportation infrastructure help analyze traffic patterns and monitor road and rail conditions in real time which help cities and transport authorities improve transport planning and operations. These systems help detect anomalies or issues and predict maintenance needs which help transport operators to enhance safety and efficiency of transportation infrastructure.

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.

Global Analysis

North America region dominates the Artificial Intelligence in Transportation Market and is expected to continue its dominance in the forecast period. The growth in this region is driven by presence of major players and growing investment in AI for transportation applications by transport operators and authorities.

Europe is projected to grow at a significant rate during the forecast period due to initiatives by European Commission to integrate and deploy AI for transportation applications. Rapid adoption of autonomous vehicles and focus of European countries on investing in smart transportation infrastructure is also driving the demand in this region.

Get More Insights On, Artificial Intelligence in Transportation Market

Explore More Related Article On, Automotive Radiator Market

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

#Artificial Intelligence in Transportation Market Demand

Submitted 12 months 1 day ago by Sachin CMI.