(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 12, 2021, 04:27 /Comserve / -- According to the MarkNtel Advisors' research report,“Global Artificial Intelligence (AI) in Automotive and Transportation Market Analysis, 2021," the market is likely to grow at a CAGR of around 20% during 2021-26.
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
Artificial intelligence is a technology that helps in imitating human decisions or their thinking ability with the help of data and algorithms. Artificial intelligence has extensive application in the automotive and transportation industry across the value chain, including production, supply chain, and post-production activities.
According to the MarkNtel Advisors' research report,“Global Artificial Intelligence (AI) in Automotive and Transportation Market Analysis, 2021 ," the market is likely to grow at a CAGR of around 20% during 2021-26. The market growth attributes to the snowballing popularity of autonomous vehicles with the high level of driver comfort and reducing chances of accidents. The rising demand for technologically advanced automotive solutions and the urge to own premium segment vehicles is accelerating the market growth.
Further, the growing need for a technologically advanced solution that could help in reducing the incidences of human error while driving and the surging truck platooning that requires rich connectivity technology & automated driving support is propelling the market growth.
Fill This Form and get the Sample Copy of This Report:
The Final Report will cover the impact analysis of COVID-19 on this industry: Global Artificial Intelligence (AI) in Automotive and Transportation Market Research Report: Forecast Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast (2021-2026)
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has adversely affected the overall automotive & transportation industry due to lockdown and travel restrictions by the government. The spread of the pandemic has altered the way people used to travel in public transport due to the rising safety concerns and the need to maintain social distancing. However, integrating AI in the transportation sector is a solution to the problem cited above. It will help reduce person-to-person transmission by ensuring the compliance of specific COVID-19 guidelines, thereby increasing efficiency.
Deep Learning Accounted for the Largest Market Share
Based on technology, the market bifurcates into Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, and Deep Learning. Among these, deep learning technology acquired the largest share in the Artificial Intelligence Market for the Automotive and Transportation Market owing to its wide range of applications in the transportation management sector.
Further, deep learning is used for training networks to imitate human-like driving behavior. Additionally, with a deep learning mechanism, the safety of the vehicle increases. Thus, this segment contributes to the overall growth of the market, says MarkNtel Advisors in their research report,“Global Artificial Intelligence (AI) in Automotive and Transportation Market Analysis, 2021."
Fill This Form and get the Sample Copy of This Report:
The Final Report will cover the impact analysis of COVID-19 on this industry: Global Artificial Intelligence (AI) in Automotive and Transportation Market Research Report: Forecast Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast (2021-2026)
Autonomous Driving Processing Chips Attained the Highest Market Share
Based on the Application, the market segments into Human-Machine Interface, Driver Monitoring, Driver/ Identity Authentication, Autonomous Driving Processing Chips, and Intelligent Traffic Management System. Out of these, the Autonomous Driving Processing Chips dominated the“Global Artificial Intelligence (AI) in Automotive and Transportation Market” in 2019.
Every AI-based vehicle requires certain in-built technologies, sensors, and chips to perform its primary functions meant to be carried out by the driver. Therefore, the demand for Autonomous Driving Processing Chips is soaring in the market. However, the implementation cost of these technologies is considerably high as AI-based vehicle requires high-end technological features for its performance, thereby hampering the market growth.
North America Dominated the Market
Geographically, North America held the largest share in the“Global Artificial Intelligence (AI) in Automotive and Transportation Market” in 2019 due to the mounting integration of self-driving vehicles and the surging automated cars in the US. The availability of advanced technology to integrate artificial intelligence programs into the logistics industry in this region is higher than in others. Additionally, the rise in usage of AI-based trucks by the US transportation and logistics industry to reduce operational costs is accelerating the market growth in this region.
Burgeoning Demand for Autonomous Vehicle
Due to the rising preference of consumers to own a premium car and the increasing purchasing power of the consumer, the demand for autonomous vehicles has spurred immensely. Additionally, autonomous vehicles have gained popularity owing to their features including self-driving, and automatic parking. The autonomous vehicle also reduces the chances of accidents and human error. Thus, the growing demand for autonomous vehicles will fuel the market growth in the forecast timeline.
Competitive Landscape
According to MarkNtel Advisors, the key industry leaders in the“Global Artificial Intelligence (AI) in Automotive and Transportation Market” are Continental AG, Denso Corporation, Nvidia Corporation, Intel Corporation, Harman International, AI Motive, Argo AI, Siemens, Thales Group, CarVi, Valeo, Optalert, Orbcomm Inc., and Visteon Corporation.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of“Global Artificial Intelligence (AI) in Automotive and Transportation Market?”
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the“Global Artificial Intelligence (AI) in Automotive and Transportation Market?”
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the“Global Artificial Intelligence (AI) in Automotive and Transportation Market” based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the“Global Artificial Intelligence (AI) in Automotive and Transportation Market” study?
TABLE OF CONTENT
1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Assumptions
1.4. Market Segmentation
2. Preface
3. Executive Summary
4. Impact of COVID-19 on Global Artificial Intelligence (AI) Market for Automotive and Transportation Market
5. Global Artificial Intelligence (AI) Market for Automotive and Transportation Market Trends & Insights
6. Global Artificial Intelligence (AI) Market for Automotive and Transportation Market Dynamics
6.1. Drivers
6.2. Challenges
6.3. Impact Analysis
7. Global Artificial Intelligence (AI) Market for Automotive and Transportation Market Hotspots & Opportunities
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
MENAFN12102021004694010674ID1102960594
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.