Automotive Artificial Intelligence Software Market Witness Rapid Growth During Forecast Period 2024

Artificial intelligence has been increasingly adopted by the automotive industry, which is among the major industries using AI to mimic the action of humans. Applications that incorporate AI systems in automotive are semi autonomous and autonomous vehicles. In autonomous vehicles, AI collects, processes, and chooses the specific action based on the information gathered. Semi autonomous and autonomous vehicles use several advanced tools such as long-range radar, LIDAR, cameras, short/medium radar, and ultrasound to gather information and understand the world around them.

After collection of data through different tools, AI analyzes the situation through its technologies such as machine & deep learning, natural language processing, and computer vision. Artificial intelligence has several applications for these vehicles such as, incorporates speech recognition for advanced communication with passengers, directs vehicles towards refueling station or recharge station when it is running low on fuel and Analyzes less populated and congested roads among others.

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At present, North America dominates this market. In 2017, China is expected to register the highest growth in Asia-Pacific. Similarly, the UK is expected to lead the overall market in Europe in 2017. In the same year, the U.S. is estimated to dominate the North American market.

The global automotive artificial intelligence market was valued at $445.8 million in 2017, and is projected to reach at $5,827.6 million by 2024, growing at a CAGR of 43.8% from 2018 to 2024.

The growth of the automotive artificial intelligence market is driven by rise in demand for autonomous vehicles and increase in preference for enhanced user experience & convenience features. However, the threat of hackers and rise in cybercrime are expected to restrain the market growth. On the contrary, rise in demand for the premium vehicle segment is anticipated to provide lucrative growth opportunities for the market.

In 2017, based on component, the hardware segment is anticipated to dominate the global automotive artificial intelligence market, in terms of revenue. However, based on application, semi autonomous dominated the global market in the same year.

The report includes a micro-level study of different regions adopting automotive artificial intelligence for various application. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of automotive artificial intelligence, outlining current trends, key driving factors, and potential areas for product investments.

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Key Findings of the Automotive Artificial Intelligence Market:

•Based on component, the hardware segment is anticipated to dominate the global automotive artificial intelligence market in terms of revenue. However, based on application, semi autonomous dominated the market in 2017.

•In 2017, the machine learning & deep learning based on the technology segment accounted for the highest revenue.

•North America held the majority of market share in 2017.

•LAMEA is anticipated to exhibit the highest CAGR during the forecast period.

Key Players:

•NVIDIA Corporation
•Waymo
•Intel Corporation
•IBM Corporation
•Microsoft Corporation
•Micron Technology
•Otto Motors
•BMW
•Tesla Inc.
•Toyota

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