Surging Demand for Advanced Driver-assistance Systems of Artificial Intelligence in Automotive
Artificial intelligence (AI) in the automotive industry involves the development of cognitive systems that can perceive, learn, decide, and act on their own. AI technologies are being leveraged for applications ranging from autonomous vehicle navigation and advanced driver-assistance systems to vehicle maintenance and predictive analytics. AI-powered self-driving systems use sensors, neural networks, deep learning algorithms, and other technologies to safely operate a vehicle.
The global Artificial Intelligence in Automotive Market is estimated to be valued at US$ 9.3 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Surging Demand for Advanced Driver-assistance Systems: Advanced driver-assistance systems (ADAS) leverage AI-based technologies such as computer vision and machine learning to provide enhanced safety features such as adaptive cruise control, autonomous emergency braking, blind spot monitoring, and lane keeping assistance. The growing demand for ADAS and self-driving features to reduce accidents is a major factor augmenting the growth of the global AI in automotive market. For instance, according to a 2020 study by Accenture, 95% of vehicles in 2035 will incorporate more than 10 advanced driver assistance systems (ADAS) like adaptive cruise control and automated parking.
While discussing market dynamics, key aspects to focus on include technology advancements, product innovation, industry trends, regulatory frameworks, evolving customer demands, and their influence on the overall market growth. The response should thoroughly analyze and interpret the market forces shaping the industry progress without mentioning any company names or products.
SWOT Analysis
Strength: Artificial intelligence has the potential to make driving safer and more efficient. AI technologies allow vehicles to sense their surroundings, process vast amounts of data, and make decisions. AI also enables self-driving technologies which could reduce accidents caused by human error.
Weakness: Developing safe and reliable AI systems for vehicles requires huge investments in research and testing. Autonomous vehicles may also face legal and regulatory challenges initially. Cybersecurity is another concern as connected vehicles could potentially be hacked.
Opportunity: As self-driving cars get closer to mass market deployment, AI will create new business opportunities for automakers, tech companies, insurers and others. It may allow new mobility services like driverless taxis and delivery robots. The elderly and disabled could get improved transportation access.
Threats: Technology companies and startups are aggressively working on autonomous driving and could disrupt the traditional automotive industry. Regulations differ across countries which may slow mass adoption initially. Customers may also have doubts about fully handing over driving tasks to AI systems.
Key Takeaways
The Global Artificial Intelligence in Automotive Market Size is expected to witness high growth. By 2030, autonomous vehicles are projected to account for 10% of new car sales. AI will play a critical role in enabling self-driving capabilities.
Regional analysis related content comprises North America currently dominates due to large technology companies and automakers conducting research. However, Asia Pacific is expected to be the fastest growing region due to government support for EVs and self-driving vehicles in countries like China and Japan.
Key players related content comprises Key players operating in the Artificial Intelligence in Automotive Market are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft. Tesla and Waymo are leading the development of fully autonomous vehicles while traditional automakers are working to integrate more advanced driver-assistance systems using AI.
Explore more information on this topic, Please visit -
Explore more trending article related this topic -
https://careersplay.com/artificial-intelligence-in-genomics-unlocking-the-mysteries-of-human-dna/