Press release
Segmentation Analysis, Market Trends, and Competitive Landscape in the Artificial Intelligence in Automotive Market
Artificial Intelligence In Automotive
Steady Rise in the Artificial Intelligence in Automotive Market Size Through 2029
The artificial intelligence in automotive market is projected to experience remarkable expansion over the coming years. By 2029, this market is expected to reach a valuation of $97.69 billion, growing at an impressive compound annual growth rate (CAGR) of 53.7%. This surge is driven by several factors, including advancements in autonomous driving, a growing demand for connected vehicles, increased attention to vehicle safety, desires for personalized in-car experiences, a stronger focus on energy efficiency, and rapid progress in computer vision technologies. Key trends shaping this growth include breakthroughs in autonomous driving capabilities, tailored user experiences, predictive maintenance, improved vehicle connectivity, and the integration of natural language processing (NLP).
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Major Industry Players Leading the Artificial Intelligence in Automotive Market
The competitive landscape of the artificial intelligence in automotive market features several influential corporations. These include Alphabet Inc., Toyota Motor Corporation, Microsoft Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Tencent Holdings Ltd., Tesla Inc., Intel Corporation, IBM, Audi AG, Volvo Cars, AB Volvo, Qualcomm Technologies Inc., The Mercedes-Benz Group AG, Mitsubishi Electric, Uber Technologies Inc., Micron Technology Inc., NVIDIA Corporation, Harman International Industries Inc., Waymo LLC, Xilinx Inc., Argo AI, and Cognata Ltd.
Collaborations Driving AI Innovation in Automotive
In August 2023, Tech Mahindra, a multinational IT services and consulting company based in India, formed a strategic alliance with Anyverse, a Spain-based platform specializing in hyperspectral synthetic data generation. This partnership aims to accelerate AI adoption in the automotive sector by making it easier to use synthetic data for training, testing, and validating AI systems. Anyverse's technology supports the development of computer vision-based solutions essential for autonomous vehicle applications.
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Emerging Trends and Future Directions in Automotive AI
Leading companies within the automotive AI sector are concentrating on the development of sophisticated AI-driven digital products designed to enhance vehicle safety, improve driver experience, and support autonomous driving functionalities. AI-based digital products refer to software solutions that harness artificial intelligence to provide smart features, automation, and personalized experiences on digital platforms or devices. For example, in February 2024, Germany's Volkswagen Group launched an internal AI lab dedicated to creating and nurturing AI-powered digital products. These include advanced vehicle infotainment and navigation applications aimed at elevating Volkswagen's offerings by embedding AI capabilities such as predictive maintenance, voice recognition, and enhanced navigation. The lab also seeks to build a wider digital ecosystem that connects vehicles with external technology platforms.
In-Depth Segmentation of the Artificial Intelligence in Automotive Market
This report breaks down the artificial intelligence in automotive market into several key segments:
1) By Component: Hardware, Software, Services
2) By Process: Data Mining, Image or Signal Recognition
3) By Technology: Computer Vision, Context Awareness, Deep Learning, Machine Learning, Natural Language Processing (NLP)
4) By Application: Semi-Autonomous Vehicles, Fully Autonomous Vehicles
Further subcategories include:
- Hardware: AI Chips and Processors, Sensors (such as Lidar, Radar, Cameras), Embedded Systems
- Software: Advanced Driver-Assistance Systems (ADAS), Autonomous Driving Software, Vehicle-to-Everything (V2X) Communication Software
- Services: Consulting and Integration Services, Maintenance and Support Services, Data Management and Analytics Services
This segmentation highlights the breadth and complexity of AI's role within automotive technology, indicating diverse opportunities and specialized areas for future growth and innovation.
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