Automotive Artificial Intelligence Market - Segmented By Component (Hardware, Software, Services), Technology (Deep Learning, Machine Learning, Computer Vision, Context Awareness), Process (Signal Recognition, Image Recognition, Data Mining), and Geography - Growth, Trends and Forecast (2019 - 2024)

Overview

Artificial Intelligence (AI) is considered to be the next big technological development, similar to past developments such as the revolution of industries, the computer era, and the emergence of smartphone technology. At present, artificial intelligence (AI) is a key technology trend in automotive. For instance; Autonomous driving relies on AI because it is the only technology that enables the reliable, real-time recognition of objects around the vehicle. With the growing usage of Internet of Things, cloud-hosted intelligence and driver assist features the market for automotive artificial intelligence is expected to witness significant growth over the forecast period. Furthermore, the major players in the automotive industry heavily investing in the development of artificial intelligence for automobiles, the industry-wide standard such as the adaptive cruise control, advanced driver assistance systems and blind spot alert would further trigger the growth in the automotive artificial intelligence market.

Market Dynamics

The automotive artificial intelligence market is majorly driven by the growing demand of autonomous vehicle. Autonomous vehicles are gaining popularity globally because of many features like automatic parking, self-driving, autopilot, and others, which reduces human effort during driving. Moreover, such autonomous vehicles are backed up by some of the biggest technologically strong companies such as Nvidia, Tesla, and Intel among others. The autonomous vehicles are projected to significantly bring down the requirement of human intervention and be of vital importance in the industries which are suffering from low manpower for transportation purposes. This, in turn, is expected to drive the growth of automotive AI market.

There are various challenges which manufacturers are facing regarding security and privacy concerns such as safety of personal data, cyber-attacks, and driver distractions. For instance, nearly 1.4 million Fiat Chryslers were recalled in the US because of a technical glitch in their dashboard computers that permitted hackers to disable the vehicle. Correspondingly, white hat hackers were successful in implanting malware into the system of a Tesla car. These instances of intruding customer’s privacy are some of the major restraints in the market growth.

Geographical Analysis

The Asian countries like South Korea, Japan, China, and India possess strong technological capabilities, due to which major technology leader in the market are investing in these countries. North America is likely to be one of the significant contributors to the automotive AI market. The growth is anticipated to be driven by two primary factors: rapid development of autonomous vehicle technology and the strict government regulation for road safety. For instance, in 2016, the government United States has invested more than USD 4 billion to accelerate the acceptance of autonomous vehicles in the country. Also, favorable government regulations coupled with Ford Motor Company, General Motors, and Fiat-Chrysler Automotive leading the charge in the development of the artificial intelligence in automotive by continually upgrading their product will have a positive impact on the market.

Recent Developments:

• October 2018: Honda has joined hands with General Motors tech startup Cruise to develop autonomous vehicles as the race to market self-driving cars heats up, the companies
• September 2018: Mercedes-Benz has partnered with SoundHound to integrate its Houndify voice-enabled artificial intelligence into the car’s latest infotainment system.

Major Players: Qualcomm Inc, Volvo Car Corporation, BMW AG, Toyota Motor Corporation, Hyundai Motor Corporation among others.

Report Scope:

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