Artificial Intelligence's Role in Modern Transportation: 2024 Global Market Forecast

"The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence in Transportation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The artificial intelligence in transportation market size has grown rapidly in recent years. It will grow from $3.11 billion in 2023 to $3.71 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to use of cameras and sensors for collision avoidance, use of ai to analyze information in real time, use of high-performance computing and deep learning systems, growth in the availability of big data for training ai models, increasing emphasis on automation for improved safety and efficiency.

The artificial intelligence in transportation market size is expected to see rapid growth in the next few years. It will grow to $7.54 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to expansion of ai applications in supply chain and logistics for efficient operations, surge in adoption of ai for autonomous vehicle development, integration of ai in multimodal transportation planning and coordination, growth in the use of ai for real-time route optimization and traffic prediction, increasing demand for ai-driven solutions in public transportation systems. Major trends in the forecast period include development of ai-powered mobility-as-a-service (maas) platforms, emphasis on explainable ai for transparency in decision-making processes, use of ai for personalized and adaptive in-vehicle experiences, customization of ai solutions for specific transportation modes and industries, collaboration between ai developers and transportation stakeholders.

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Market Drivers and Trends:

Growing demand for autonomous vehicles is expected to propel the growth of artificial intelligence in the transportation market going forward. An autonomous vehicle is a medium of transport that can drive itself in ""autopilot"" mode from a starting point to a given destination using various in-vehicle technologies and sensors such as adaptive cruise control, active steering, anti-lock braking systems, GPS navigation technology, lasers, and radar. Autonomous vehicles employ artificial intelligence to operate the vehicle and to sense any accidents or obstacles. For instance, according to a survey conducted by AlixPartners, a financial advisory and global consulting firm, more than 60% of consumers are aware of level 2 autonomy in China, France, Italy, and Germany. Level 2 autonomy means some driving responsibilities are carried out by the vehicle; however, it is anticipated that the driver will respond to interactions in a timely manner. Also, more than 50% of the consumers are ready to give up vehicle ownership for robotaxi services. Therefore, an increase in the growing demand for autonomous vehicles will drive artificial intelligence in the transportation market.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

The Volvo Group, Mercedes-Benz Group AG, Scania AB, Peloton Interactive Inc., Valeo SA, Xevo Inc., Nvidia Corporation, Intel Corporation, Robert Bosch GmbH, Continental AG, Microsoft Corporation, International Business Machines Corp, Magna International Inc., ZF Friedrichshafen AG, Alphabet Inc., Daimler AG, General Motors Company, Aptiv plc, Denso Corporation, Xilinx Inc., TomTom NV, Harman International Industries Inc., Nauto Inc., FiveAI Inc., Waymo LLC, Uber Technologies Inc., Tesla Inc., Mobileye NV, Baidu Inc., AutoX Inc., Ponyai Inc., TuSimple Inc., Aurora Innovation Inc., Embark Trucks Inc., Plusai Inc.

Artificial Intelligence in Transportation Market 2024 Key Insights:

• The artificial intelligence in transportation market size is expected to see rapid growth in the next few years. It will grow to $7.54 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%.
• Surging Demand For Autonomous Vehicles Fueling Growth In The Artificial Intelligence Transportation Market
• Adas Advancements Reshaping The Transportation Market
• North America was the largest region in the artificial intelligence in transportation market in 2023

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