Global Artificial Intelligence in Transportation Market Growth 2024, Forecast To 2033
14 Feb, 2024
The artificial intelligence (AI) market in transportation has experienced rapid expansion, escalating from $3.11 billion in 2023 to $3.71 billion in 2024, showcasing a notable 19.4% Compound Annual Growth Rate (CAGR). This growth stems from the deployment of cameras and sensors for collision prevention, real-time information analysis through AI, utilization of high-performance computing and deep learning systems, increased access to big data for AI model training, and a growing focus on automation for enhanced safety and efficiency. Anticipated in the coming years is a substantial surge in the AI in transportation market, reaching $7.54 billion by 2028 with a consistent 19.4% CAGR. This expansion is attributed to the broadening scope of AI applications in supply chain and logistics, the rising adoption of AI in autonomous vehicle development, integration of AI in multimodal transportation planning, and increased utilization for real-time route optimization and traffic prediction. Notable trends include the development of AI-powered Mobility-as-a-Service (MaaS) platforms, an emphasis on explainable AI for transparent decision-making, AI's role in personalized in-vehicle experiences, tailored AI solutions for specific transportation modes and industries, and collaborative efforts between AI developers and transportation stakeholders.
Global Artificial Intelligence in Transportation Market Key Driver
The artificial intelligence in the transportation market is propelled by the growing demand for autonomous vehicles. Autonomous vehicles utilize AI for self-driving capabilities, with consumer willingness to embrace Level 2 autonomy and a preference for robotaxi services. The survey by AlixPartners reflects over 60% awareness of Level 2 autonomy, driving AI adoption in transportation.
Get A Free Sample Of The Global Artificial Intelligence in Transportation Market ReportGlobal Artificial Intelligence in Transportation Market Segments
The artificial intelligence in transportation market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Machine Learning Technology: Deep Learning, Conputer 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
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North Americawas the largest region in the artificial intelligence in transportation market in 2023. 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
Major Artificial Intelligence in Transportation Industry Players
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.
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Artificial Intelligence in Transportation Market Overview
Artificial intelligence in transportation refers to using artificial intelligence to process and predict data and outcomes for travel and transportation operations. It collects traffic patterns, minimizes road congestion, and enhances public transportation schedules. This process helps in optimizing logistics and decreases turnaround time.
Artificial Intelligence in Transportation Global Market Report 2023 provides data on the global artificial intelligence in transportation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artificial intelligence in transportation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.