Press release
Artificial Intelligence in Transportation Market to Reach USD 10.54 Bn by 2030, Growing at 18.3% CAGR
Artificial Intelligence in Transportation Market
The global Artificial Intelligence (AI) in Transportation market is on a trajectory of substantial expansion, with projections estimating a rise from USD 3.25 billion in 2023 to approximately USD 10.54 billion by 2030. This growth represents a compound annual growth rate (CAGR) of 18.3% during the forecast period.
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► Competitive Landscape and Regional Demand
Key industry players are driving innovation and adoption of AI in transportation. Notable companies include Volvo, Daimler, Scania, Paccar, Peloton, Valeo, Bosch, Intel, NVIDIA, Alphabet, Continental, Magna, Microsoft, Nauto, and IBM Corporation. These organizations are investing heavily in AI technologies to enhance vehicle autonomy, safety, and operational efficiency.
► Regional Insights:
Growth and Opportunities in the United States:
The U.S. stands at the forefront of AI integration in transportation, with a market size projected to escalate from USD 1.26 billion in 2024 to around USD 9.94 billion by 2034, reflecting a CAGR of 22.89%. This growth is propelled by advancements in autonomous vehicle technologies and supportive regulatory frameworks.
Trends and Consolidation in Asia Pacific:
Rapid urbanization and substantial infrastructure investments are accelerating the adoption of AI-powered transportation solutions in Asia Pacific. Countries like China, Japan, and South Korea are leading in deploying AI for autonomous vehicles and smart city projects. Emerging economies in Southeast Asia are also embracing AI to address urban mobility challenges.
Updation in the Middle East and Africa:
The Middle East and Africa are witnessing gradual adoption of AI in transportation, with countries like the UAE and Saudi Arabia investing in smart transportation initiatives. The market in this region is expected to grow steadily, supported by government initiatives aimed at modernizing transportation infrastructure.
European Market Trends:
Europe is experiencing significant advancements in AI-driven transportation, with a focus on enhancing vehicle safety and reducing environmental impact. Companies are investing in AI technologies to develop autonomous vehicles and intelligent transportation systems, aligning with the region's stringent environmental regulations and sustainability goals.
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► key Developments:
Google AI and Waymo: In January 2023, they announced a joint venture to advance the autonomous trucking industry by integrating Waymo's autonomous driving technology with Google AI's machine learning capabilities.
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Amazon Logistics Route Optimizer: Launched in March 2023, this AI-powered tool utilizes real-time weather and traffic data to optimize delivery routes, enhancing logistical efficiency.
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FedEx and IBM Partnership: In May 2023, they introduced AI-driven supply chain management solutions, leveraging IBM's Watson AI platform to analyze data from FedEx's extensive network.
► Market Segmentation: In-Depth Analysis:
by IoT Communications
LTE
LPWAN
5G
by Offering
Hardware
Software
by Machine Learning Technology
Deep Learning
Computer Vision
Context Awareness
Natural Language Processing (NLP)
The market was dominated by the Deep Learning category in 2023, and this trend is anticipated to continue during the forecast period. Seep learning is being utilized to create a variety of AI applications in the transportation industry. The branch of machine learning known as "deep learning" makes use of convolutional and artificial neural networks. Deep learning algorithms can identify complicated patterns in data that are too hard for conventional machine learning algorithms to detect. The demand for machine learning (ML) technology is also rising quickly due to computer vision (CV).
by Process
Signal Recognition
Object Recognition
Data Mining
by Application
Autonomous Trucks
HMI In Trucks
Semi-Autonomous Trucks
Truck Platooning
Precision Mapping
Predictive Maintenance
HMI in the Trucks
Others
With a 26% market share in 2023, Precision Mapping led the industry and is anticipated to continue to do so throughout the forecast period. Artificial intelligence plays a significant role in transportation. Precision lowers costs and increases efficiency, which enhances the whole transportation experience. Roads, highways, and other navigational features can be navigated by autonomous vehicles using very accurate maps produced by artificial intelligence. AI analyzes data, weather patterns, and traffic patterns to produce more precise and correct traffic maps for improved routing and traffic management. Trucks with human-machine interfaces (HMI) enable the driver to communicate with the vehicle's computer systems.
◙ For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-artificial-intelligence-ai-in-transportation-market/24592/
► Learn about the top players driving innovation in the Market :
1. Continental (Hanover, Germany)
2. Volvo
3. ZF
4. Zonar
5. Tier-I Suppliers
6. Daimler (Stuttgart, Germany)
7. Scania
8. Microsoft
9. Paccar
10. Man
11. Bosch
12. NVIDIA
13. Valeo
14. Peloton
15. Xevo
16. Software Suppliers
17. Start-Up's Bosch
18. Intel
19. Alphabet
20. Magna
21. Nauto
22. IBM Corporation
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► About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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