Global Artificial Intelligence in Transportation Market Competitive Landscape, Top Market Segments, And Fastest Growing Regions
15 Mar, 2023
The global artificial intelligence in transportation market size grew from $2.6 billion in 2022 to $3.1 billion in 2023 at a compound annual growth rate (CAGR) of 19.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The artificial intelligence in transportation market size is expected to grow to $6.3 billion in 2027 at a CAGR of 19.4%.
Global Artificial Intelligence in Transportation Market Key Driver
Growing demand for autonomous vehicles is expected to propel the growth of artificial intelligence in the transportation market going forward. An autonomous vehicle is a medium of transport that can drive itself in "autopilot" mode from a starting point to a given destination using various in-vehicle technologies and sensors such as adaptive cruise control, active steering, anti-lock braking systems, GPS navigation technology, lasers, and radar. Autonomous vehicles employ artificial intelligence to operate the vehicle and to sense any accidents or obstacles.
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Global Artificial Intelligence in Transportation Market Segments
The global artificial intelligence in transportation market is segmented:
• By Offering: Hardware, Software
• By Machine Learning Technology: Deep Learning, Conputer Vision, Context Awareness, Natural Language Processing
• By Process: Signal Recognition, Object Recognition, Data Mining
• By Application: Semi Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision And Mapping, Autonomous Truck, Other Applications
• By Geography: The regions covered in the artificial intelligence in transportation global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global artificial intelligence in transportation market.
Major Artificial Intelligence in Transportation Industry Players
Volvo Cars, Mercedes-Benz Group AG, Scania AB, Peloton Interactive, Inc., Valeo, Xevo Inc., NVIDIA Corporation, Intel Corporation
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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 2023provides 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.