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Development of Autonomous Vehicles expected to drive the Artificial Intelligence (AI) in Transportation Market - Forecast to 2023
Artificial Intelligence in Transportation Market
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Major developments in AI in transportation are related to software. Companies such as IBM and Alphabet Inc. are investing heavily in AI software, which is benefiting the market of the category. Furthermore, the declining prices of hardware will increase the share of the software category in the AI in transportation market by 2023.
North America is estimated to account for the largest share in the global AI in transportation market, valued at more than 44.0% in 2017. The region includes developed countries such as the U.S. and Canada, which are prominent markets of AI in transportation. Government support and sales of long-haul and premium trucks are driving the market in the region.
The U.S. has accounted for a major portion of AI in transportation market revenues in the region till now, due to considerable government and private sector investment, coupled with a favourable policy framework. A well-developed trucking industry with an estimated 15 million registered trucks in the country, ensures considerable long-term opportunity for AI in transportation.
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The growth and development of autonomous vehicles is expected to drive the AI in transportation market. AI is a key technology for autonomous driving system, as it is the only technology that enables reliable and real-time recognition of objects around the vehicle. The artificial intelligence powered system will be able to monitor, coordinate, and optimize the utilization of the fleet, offering lower operational costs and increased level of services.
Many start-ups such as TuSimple Inc., nuTonomy Inc., and NAUTO Inc. are also developing autonomous driving systems for passenger cars and commercial vehicles. The multitude of deals represents a growing realization among automakers for autonomy in automobiles. The development of autonomous vehicle integrated with smart features is expected to propel the growth of the AI in transportation market globally, for a long term.
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Some of the major players operating in the AI in transportation industry are ZF Friedrichshafen AG, Robert Bosch GmbH, Continental AG, Valeo SA, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Alphabet Inc.
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