Press release
Automotive Artificial Intelligence Market Is Expected To Grow At A CAGR Of 10% By 2023
Automotive Artificial Intelligence Market
The booming automotive industry is a constant source of driving demand in the automotive artificial intelligence market. With the emergence of cloud-hosted intelligence, driver assist features and internet of thing the market for automotive artificial intelligence is expected to witness significant growth in the near future. Additionally with major players in the automotive industry heavily investing in development of artificial intelligence for automobiles, the industry wide standard such as the adaptive cruise control, advanced driver assistance systems and blind spot alert would further trigger the growth in the automotive artificial intelligence market.
Key Players:
• Qualcomm Inc. (US),
• Tesla Inc. (US),
• Volvo Car Corporation (Sweden),
• BMW AG (Germany),
• Audi AG (Germany),
• General Motors Company (US),
• Ford Motor Company (US),
• Toyota Motor Corporation (Japan),
• Hyundai Motor Corporation (South Korea),
• Uber Technologies Inc. (US)
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Global Automotive Artificial Intelligence Systems Market:
Changing consumer preference towards convenience and safety provides an opportunity for original equipment manufacturers in the automotive AI market. The global automotive artificial intelligence market is expected to register a healthy growth rate of more than 10%.
High cost and relative lack of awareness among consumers is expected to act as a major restraint in the automotive AI market.
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Market Research Analysis:
By 2023, North America is expected to be the dominant region in the Automotive Artificial Intelligence market primarily due to the presence of major manufacturers in this region. In addition availability of sophisticated technology to develop artificial intelligence programs are much more easily accessible in this region as compared to others. Growing expectance of autonomous vehicles in the U.S. has significantly contributed towards the growth of the automotive artificial intelligence market in this region. Favorable government norms coupled with Ford Motor Company, General Motors, and Fiat-Chrysler Automotive leading the charge in the development of the artificial intelligence in automotive by constantly upgrading their product will have a positive impact on the market.
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