-- Automotive AI market is growing rapidly due to the emerging demand for autonomous vehicles. Autonomous vehicle configured with AI provides enhanced user experience and reduces human intervention. The AI in automotive insurance is fueling the growth of automotive artificial intelligence market as AI helps in risk assessment in real-time as well as speeds up the process of filing claims when accidents occur.
Blockchain integration is anticipated to proliferate the growth of automotive artificial intelligence (AI) market as it resists all external & internal cyber-attacks on vehicle systems. The collaboration of entertainment giants such as Netflix and Amazon with manufacturers is expected to drive market growth. This will help OEMs to use a common pool of data shared by all players in the ecosystem to provide user-specific products and services in vehicles.
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Company Profiles:
Alphabet Inc.
Audi AG
BMW AG
Daimler AG
Didi Chuxing
Ford Motor
General Motors
Harman Industrial Industries Inc.
Honda Motor Co. Ltd.
Deep learning technology is expected to be the fastest growing segment in the automotive AI market as it helps in speech recognition, image processing, and data analysis in self-driving vehicles. For instance, Google is investing heavily in autonomous vehicles through the Waymo Project that uses deep learning technology to detect pedestrians in various situations.
The automotive human interface is expected to be growing at a fast pace in the automotive artificial intelligence market due to its implementation in various products such as gesture recognition system and voice recognition system. Human interface is constantly evolving and bringing disruptive changes, which are growingly adopted by the premium segment car manufacturers.
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North America is expected to hold the largest automotive AI market share over the forecast period due to the high level of funding from the government. For instance, in 2016, the U.S. government spent USD 4 billion to accelerate the acceptance of autonomous vehicles on its road. Automakers of this region such as Fiat-Chrysler Automotive, Ford Motor Company, and General Motor Company are upgrading their product portfolios to include advanced features such as auto-pilot, lane assist, self-parking, ADAS, adaptive cruise control, voice recognition system, and gesture recognition system
With fast-growing economies, massive population, and rising living standards in Asia Pacific (APAC), automotive AI market is anticipated to grow at a high CAGR over the forecast period. Strong technical capabilities of countries in this region including Japan and South Korea along with established automakers of this region such as Honda Motor Company (Japan), Hyundai Motor Company (South Korea), and Toyota (Japan) are expected to blend together to build AI-powered autonomous vehicles in the coming years. AI applications are expensive, which may hinder the growth of automotive AI market in China and India as these are cost-driven markets of this region.
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