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How Artificial Intelligence Works for Automotive Market? Know Major Participants Strategy Qualcomm, Tesla, Volvo Car Corporation, BMW AG, Audi AG, General Motors Company, Ford Motor Company, Toyota Motor Corporation, Hyundai Motor Corporation, Uber Techno

04-27-2019 08:23 AM CET | IT, New Media & Software

Press release from: Coherent Market Insights (CMI)

Artificial Intelligence in Automotive

Artificial Intelligence in Automotive

Artificial Intelligence is increasingly being adopted in the automotive sector, in order to reduce human errors and human intervention. Artificial intelligence autonomously enhances visual perception, decision making, and speech recognition. The increasing government regulations for vehicle safety become one of the major driver for the growth of the market.

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Increasing demand for autonomous vehicles is expected to support growth of the artificial intelligence in automotive market. Increasing number of road accidents and fatal injuries, due to human errors has led to increasing demand for autonomous vehicles. For instance, according to the World Health Organization (WHO), 2015, fatalities of 1.25 million people were reported and 50 million people were injured, due to road accidents globally. Therefore, using autonomous vehicles could reduce accidents due to human errors. Key automakers are focusing on developing autonomous vehicles, which is expected to aid in growth of the market. For instance, Volkswagen is expected to launch self-driving cars by 2019 and BMW is expected to launch autonomous iNext by 2021.

Deep learning segment held the largest share in 2016 and is projected to retain its dominance throughout the forecast period. Increasing use of deep learning by automotive manufacturers such as Audi, Delphi, Ford, and Volkswagen for various applications such as data analysis, speech recognition, image processing has led to growth of this segment.

The global artificial intelligence market is segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. North America is expected to account for the largest market share in the artificial intelligence in automotive market over the forecast period. This is due to existence of government initiatives regarding the enhancement of the automotive vehicles. For instance, in 2016, the US government has invested US$ 4 billion for autonomous vehicles. Also, high presence of market leaders such as Qualcomm Inc., Ford Motor Company, and General Motors Company is another factor for growth of this market. U.S. and Canada are the growth engines in North America.

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Major players of global artificial intelligence in automotive market are Qualcomm Inc. (U.S.), Tesla Inc., Volvo Car Corporation, BMW AG, Audi AG (Germany), General Motors Company (U.S.), Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (U.S.), and Apple Inc.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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