Global Automotive Artificial Intelligence (AI) Market is expanding at a fast growth rate mainly owing to a spurring demand for autonomous vehicles, increasing use of advanced automotive solutions, widespread adoption of AI for traffic management, governments’ supporting initiatives, and massive investments in connected and autonomous vehicles.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its research study, estimated the market size of global Automotive Artificial Intelligence (AI) Market at USD 1.27 billion in 2021. And BlueWeave forecasts Global Automotive Artificial Intelligence (AI) Market to flourish at a lucrative CAGR of 33% between 2022 and 2028 to reach a market size of USD 9.44 billion at the end of the period in analysis. Major growth factors for the market include a rapidly increasing demand for driverless vehicles, widespread adoption of advanced automotive solutions, use of AI for traffic management, favorable programs by governments, and growing investments in connected and autonomous vehicles.
Global Automotive Artificial Intelligence Market – Technology Advancements
Artificial Intelligence (AI) is comparable to human intelligence in terms of abilities such as language understanding, logic, learning, problem-solving, and other things. Manufacturers in the automobile market face significant underlying intellectual obstacles related to the development and revision of the technology. Additionally, the automotive artificial intelligence market is expected to be driven by the expansion of the automotive sector. One of the primary businesses employing AI to supplement and replicate human action is the automotive industry, which has already experienced the promise of AI. Additionally, the development of standards for convenience features, such as blind spot alert, adaptive cruise control, and advanced driver assistance systems (ADAS), attracts automakers to AI.
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Global Automotive Artificial Intelligence Market – Rising Demand
There are rising demands for better user experiences and extra features, the trend toward automated driving, the rising concern over confidentiality and protection, and the rising preference for premium vehicle segments. Increased demand for autonomous vehicles and a growing preference for improved user experiences and convenience features are driving the growth of the automotive artificial intelligence market. However, it is expected that the threat posed by hackers and the surge in cybercrime could affect the industry’s expansion. On the other hand, it is projected that increased demand for the premium car category would provide profitable growth prospects for the industry. Major companies in the global automotive artificial intelligence market are NVIDIA Corporation, Waymo, Intel Corporation, IBM Corporation, Microsoft Corporation, Micron Technology, Otto Motors, BMW, Tesla Inc., and Toyota.
Global Automotive Artificial Intelligence Market – By Method
Based on the processes used, global automotive artificial intelligence market is segmented into data mining, image recognition, and signal recognition. The market segment for data mining currently has the highest market share and is expected to maintain its global dominance with a consistent CAGR during the forecast period. Vehicles are equipped with a variety of sensors that are used to collect data and train the vehicles to recognize walls and other obstructions. Due to the enormous amount of data the vehicle generates, which is expected to spur market expansion, data mining is necessary.
On many fronts, including consumer electronics, internet infrastructure, economic development, and purchasing power, Asia Pacific (APAC) is expanding significantly. Spurring demand for luxury vehicles, increasing investments in AI technology for increased productivity, and adoption of AI-based solutions and services among autonomous and semi-autonomous applications could contribute to growth in the region as a result of government initiatives. According to a Forbes article, the Asia-Pacific region spent close to $5.5 billion on AI in 2019, an increase of about 80% from the previous year, and is projected to spend $15.06 billion in total by 2022. Numerous indicators, including the ones mentioned above, suggest that the automotive artificial intelligence market will continue to grow at a significant rate in APAC. Additionally, the APAC market is benefiting from increased usage of intelligent-based solutions for automating operations, expanding digitalization, and building internet and communication infrastructure.
Impact of COVID-19 on Global Automotive Artificial Intelligence Market
COVID-19 pandemic has spurred novel business opportunities and scientific progress. It has accelerated the adoption of AI in sectors such as healthcare. AI-based tools are being used more frequently in crisis situations. During the outbreak, several businesses experienced a rise in consumer demand even as their workforce dropped. Significant delays in customer support were caused by a number of contact centers being overloaded with calls or closing because of security concerns. As a result, conversational AI has emerged as a key technological advancement. In order to keep businesses resilient, AI has also changed other industries outside healthcare. As the educational sector adopted AI, online learning start-ups started to provide specialized services catered to the demands of students. The COVID-19 issue has highlighted the need to update education. Aside from changing the way students learn, AI-powered computers assisted teachers in automating administrative tasks, evaluating student progress, and finding instructional errors.
Microsoft Corporation, IBM Corporation, Tesla Inc., Alphabet Inc., NVIDIA Corporation, Intel Corporation, Xilinx Inc., Harman International Industries Inc., Qualcomm Inc., and Volvo Car Corporation are major companies competing in global automotive artificial intelligence industry.
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