The Global Artificial Intelligence (AI) in Automotive and Transportation Market is projected to grow at a CAGR of 20% in the forecast period of 2021-26, says MarkNtel Advisors in their recent research report. The market is driven principally by the rapidly growing utilization of advanced technologies like Artificial Intelligence (AI) in the automotive & transportation industry, prominently to suffice the growing demand for high standard Advanced Driver Assistance System (ADAS) in vehicles.
Additionally, the integration of Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, & Deep Learning, among others, to improve the overall driving experience, safety, & comfort in vehicles, is another crucial aspect driving the market.
Besides, with governments of different countries worldwide encouraging the adoption of electric & automated vehicles to address & minimize the alarming environmental concerns, the automotive & transportation industry is surging the demand for technology-driven vehicles & their manufacturing using Artificial Intelligence. It, in turn, shall further boost the global market & generate remunerative growth opportunities for the leading players in the industry, further states the research report, “Global Artificial Intelligence (AI) in Automotive and Transportation Market Analysis, 2021."
Deep Learning Holds the Largest Stake in the Global Market
Of all technologies, Deep Learning is anticipated to dominate the Global Artificial Intelligence (AI) in the Automotive & Transportation Market with the largest share during the forecast period. It owes to its mounting adoption for training artificial neural networks to mimic human-like behavior on account of its capabilities like voice recognition, recommendation engines, voice search, image recognition, sentiment analysis, and motion detection, among others. Deep learning solutions help significantly enhance AI algorithms to ensure road & passenger safety.
Since these solutions are AI-based, they considerably minimize the possibilities of error during on-road decision-making. Besides, massive investments by leading market players in the research & development of energy-efficient deep learning solutions with low power consumption to improve the fuel efficiency of vehicles are projected to augment the demand for deep learning solutions in the automotive & transportation sector and propel the overall market growth over the forecast years.
Early Adoption of Advanced Technologies in North America Drives the Global Market through 2026
Among all regions globally, North America dominated the Artificial Intelligence (AI) in Automotive and Transportation Market with the largest share in recent years, and the same trend is likely to be followed in the coming years.
The major countries in North America are the early adopters of electric & self-driven vehicles equipped with advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing, Context-Aware Computing, Computer Vision, & Deep Learning, among others. The advent & utilization of these technologies is principally to assist the driver with functions like voice command, voice search, image recognition, and others.
Increasing support with investments & favorable policies by the governments of countries like the US & Canada to expand the automotive & transportation sector is projected to instigate the regional market during the forecast period, reveals MarkNtel Advisors in their research report, "Global Artificial Intelligence (AI) in Automotive and Transportation Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Artificial Intelligence (AI) in Automotive and Transportation Market are Continental AG, Denso Corporation, Nvidia Corporation, Intel Corporation, Harman International, AI Motive, Argo AI, Siemens, Thales Group, CarVi, Valeo, Optalert, Orbcomm Inc., Visteon Corporation.
Key Questions Answered in the Study