The global Artificial Intelligence in Transportation market is expected to develop USD 14.79 billion by 2030, at a compound annual increase in price (CAGR) of 22.97% throughout the forecast period.
Artificial Intelligence specifically refers to those computer-operated tasks which require human intelligence on the note of decision making, and visual perception. Transportation is believed to be one of the most important application area for AI, however, involving the computer vision, technologies, deep learning, and natural language processing (NLP). Absolute autonomous vehicles primarily use AI based software and a set of hardware such as radio detection and ranging (RADAR) sensors, light detection and ranging (LiDAR), and video camera. Thus, such wide range of applications has dominated the dynamics of Artificial intelligence in transportation market.
The global artificial intelligence in transportation market is segmented into application, process, and region. Based on the application the market is categorized by autonomous trucks, HMI in Trucks, Semi-Autonomous Truck. HMI is anticipated to account Artificial Intelligence in transportation market with huge amount of shares, resulting to its high penetration in trucks than ADAS. However, it is foreseen to increase at a faster rate during the forecast period.
On the basis of process the artificial intelligence in transportation market is driven by data mining, image recognition, signal recognition. Getting into the in-depth study, signal recognition is anticipated to project impressive market share in the global Artificial Intelligence in transportation market, resulting the signals in the form of tracking, mapping, text, gestures are being rapidly used in various safety application such as ACC, and traffic sign detection. Data mining is anticipated to witness a fastest growth during the forecast period with an increasing influence of artificial intelligence in car safety, and infotainment.
Based on the technology, the Artificial Intelligence in transportation market is smartly driven into computer vision, deep learning, and NLP. However, deep learning category is expected to account largest share in the market as this technology is being hugely used in several AI related applications in the development of self-driving trucks. Technology is expected to project a productive growth during the forecast period with trucks become more intelligent to drive specifically holding on the situation of unfavorable weather conditions, road terrains and more. Whereas based on the region, the market is widely range to North America, U.S., Canada, Germany, Europe, and UK.
The prime restraint to the development and growth of Artificial Intelligence in transportation industry is the increasing cost of AI system. Most of the artificial intelligence applications are complex in nature and so, expensive in behavior restrict its growth, especially in emerging economies. The rising valuation of LIDAR/RADAR sensor, GPS devices, graphics, hard drive, cameras, and other hardware software devices increases the overall cost of Artificial Intelligence industry.
Leading players of the global artificial intelligence in transportation market Continental AG, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Alphabet Inc., ZF Friedrichshafen AG, Robert Bosch GmbH, Valeo SA, and more others.
Artificial Intelligence in Transportation Market Scope
|Revenue forecast in 2030
|USD 14.79 billion
|CAGR of 22.97 % during 2020-2030
|By Offering, By Machine Learning Technology, Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Volvo, Daimler, Scania, Paccar, Peloton, Valeo, Xevo, ZF, Zonar, Tier-I Suppliers, Software Suppliers, Start-Up’s Bosch, Intel, NVIDIA, Alphabet, Continental, Magna, Man, Microsoft, Nauto, IBM Corporation and Others.
Key Segmentation of the Global Artificial Intelligence in Transportation Market
- Autonomous Trucks
- HMI in Trucks
- Semi-Autonomous Truck
- Data Mining
- Image Recognition
- Signal Recognition
- North America