Press release
Artificial Intelligence in Transportation Market Size to Reach $9.02 Billion by 2029 | Growth at 20.6% CAGR Forecast
Artificial Intelligence in Transportation Market
What is the Projected Market Size of the Artificial Intelligence in Transportation Industry?
The market size for artificial intelligence in transportation has seen a swift expansion in recent years. Its worth is anticipated to increase from $3.63 billion in 2024 to $4.27 billion in 2025, with a compound annual growth rate (CAGR) of 17.6%. The growth experienced in the previous period can be accredited to the utilisation of cameras and sensors in preventing collisions, real-time analysis of information via AI, the incorporation of high-performance computing and deep learning systems, the heightened availability of big data to train AI models, and an escalating focus on automation to enhance safety and efficiency.
What Will Be the Size of the Artificial Intelligence in Transportation Market by 2029?
The market size of artificial intelligence in transportation is projected to experience substantial growth in the upcoming years, reaching $9.02 billion by 2029 with a CAGR of 20.6%. This growth is primarily due to the increasing implementation of AI in the logistics and supply chain sectors for superior operational effectiveness, the rise in AI utilization for developing autonomous vehicles, AI integration in the planning and coordination of multimodal transportation, and the boosted use of AI for real-time traffic forecasting and routing optimization. Furthermore, the heightened demand for AI-controlled solutions in public transportation systems contributes to this growth. During the forecast period, significant trends include the development of AI-supported mobility-as-a-service (maas) platforms, emphasis on understandable AI for decision-making transparency, application of AI for personalized and adaptive in-car experiences, tailoring of AI solutions to specific transportation types and sectors, and partnerships between AI developers and transportation stakeholders.
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What Are the Key Drivers Accelerating Growth in the Artificial Intelligence in Transportation Market?
The expanding interest in autonomous vehicles is set to accelerate the development of artificial intelligence in the transport sector. 'Autopilot' mode, made possible by various on-board technologies and sensors such as adaptive cruise control, active steering, anti-lock braking systems, GPS navigation technology, lasers, and radar, allows an autonomous vehicle to navigate from one location to another without human intervention. These vehicles use artificial intelligence to manage their operations and identify potential hazards or obstacles. The Victoria Transport Policy Institute, a Canadian research institution, suggested in a report published in December 2023, that by 2045, half of all new vehicles might be autonomous, and by 2060, the same could be true for half of all vehicles on the road. As a result, the anticipated surge in demand for autonomous vehicles is likely to catalyze the adoption of artificial intelligence in the transport industry.
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How Is the Artificial Intelligence in Transportation Market Segmented by Type, Application, and Region?
The artificial intelligence in transportation market covered in this report is segmented -
1) By Offering: Hardware, Software
2) By Machine Learning Technology: Deep Learning, Computer Vision, Context Awareness, Natural Language Processing
3) By Process: Signal Recognition, Object Recognition, Data Mining
4) By Application: Semi Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision And Mapping, Autonomous Truck, Other Applications
Subsegments:
1) By Hardware: Sensors, Edge Computing Devices, Control Units And Processors, Communication Devices
2) By Software: AI Algorithms For Route Optimization, Autonomous Vehicle Software, Fleet Management Software, Predictive Maintenance Solutions, Traffic Management Systems
What Are the Key Trends Driving Growth in the Artificial Intelligence in Transportation Market?
The emergence of technological advances is a predominant trend noticed in the field of artificial intelligence in transport. Top companies active in this market are emphasizing on product innovation to solidify their market stature. For instance, Qualcomm, an American semiconductor production firm, in January 2022, introduced Snapdragon Ride, aimed at simplifying autonomous driving and Advanced Driver Assistance Systems. It achieves this by integrating top-performing, energy-efficient hardware, AI technology, and an autonomous driving stack, resulting in a cost-effective, high-energy system. It gives extensive tools for compiling deep neural networks (deep learning).
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Who Are the Leading Companies Driving Growth in the Artificial Intelligence in Transportation Market?
Major companies operating in the artificial intelligence in transportation market include 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.
Which Is the Leading Region in the Global Artificial Intelligence in Transportation Market?
North America was the largest region in the artificial intelligence in transportation market in 2024.Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the artificial intelligence in transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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