Press release
Growth Of The Global Automotive Artificial Intelligence Market To Be Propelled By The Rising Demand For Autonomous Vehicles That Can Focus On Human Safety And Security And Provide The Luxury Of Better Convenience For Individuals By A Decent CAGR During 20
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The artificial intelligence automotive market consists of three segments which are segmented by component into hardware and software, by technology into speech recognition, virtual agents, machine learning platforms, deep learning and machine reasoning and by application into driver assist and driverless, cloud services, insurance claims and behavioral monitoring. The market is predicted to grow at a moderate CAGR over the forecast period (2020-2027).
The growth of the global automotive AI market is driven by various factors such as the rising disposable incomes of the global population that has been growing with time and growing demand among the global population for self-driving vehicles as well as the demand for personalized driving experiences of the users. Moreover, the safety factor of each individual from any accidents that is being considered by the major global population and the ability of AI to be used in multiple areas which makes the adoption of AI in automobiles attractive among the global population. All these factors are anticipated to drive the growth of the market over the forecast period.
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The global automotive AI market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in North American region is estimated to record the highest growth, owing to the presence of leading manufacturers and the rising personal disposable incomes of the population in the region. The market in Europe is estimated to grow at a significant rate, owing to the rising preferences of the population in the region to own technologically advanced luxury goods.
However, the automotive AI market may face some hurdles in its growth, due to reluctance shown by the global population to shift to a new technology without being satisfied about its working and the benefits that it might offer to individuals and there is also the threat of cyber-attacks when the use of AI comes into play, which could act as major restraints to the growth of the market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global automotive artificial intelligence market which includes company profiling of key companies such as Tesla, Inc. (TSLA), NVIDIA Corporation (NVDA), Nuro, Inc. (NURO), ARM Ltd., IBM Corporation (IBM), Intel Corporation (INTC), Waymo LLC, Kia Motors Corporation (KRX: 000270), Hyundai Motor Group (KRX: 005380) and Otto Motors. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive artificial intelligence market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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