Global Automotive Artificial Intelligence Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
17 Mar, 2023
The global automotive artificial intelligence market size grew from $1.98 billion in 2022 to $2.79 billion in 2023 at a compound annual growth rate (CAGR) of 40.7%. 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 automotive artificial intelligence market size is expected to grow to $10.51 billion in 2027 at a CAGR of 39.3%.
Global Automotive Artificial Intelligence Market Key Driver
The growing demand for autonomous vehicles is expected to propel the growth of the automotive artificial intelligence market. Artificial intelligence has a wide range of applications in the automotive industry. As technology evolves, the automobile industry has taken advantage of discoveries to provide new ways to make driving more autonomous. Using artificial intelligence to develop self-driving automobiles is one of them. A self-driving car (also known as an autonomous car or driverless car) is a vehicle that travels to locations without the need for a human driver by utilizing a variety of sensors, radars, cameras, and artificial intelligence.
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Global Automotive Artificial Intelligence Market Segments
The global automotive artificial intelligence market is segmented:
• By Component: Hardware, Software, Service
• By Type: Automatic Drive, ADAS
• By Process: Signal Recognition, Image Recognition, Data Mining
• By Technology: Deep Learning, Machine Learning, Context Awareness, Computer Vision, Natural Language Processing
• By Application: Semi-Automatic, Human Machine Interface, Autonomous Driving
• By Geography: The regions covered in the automotive artificial intelligence 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 automotive artificial intelligence market.
Major Automotive Artificial Intelligence Industry Players
Otto Motors, Waymo LLC, Microsoft Corporation, Intel Corporation, NVIDIA Corporation, BMW
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Automotive Artificial Intelligence Market Overview
Artificial intelligence (AI) is a simulation of the human intelligence in machines that are programmed to think and behave like humans. AI helps to complete the job quickly and with relatively few errors.
Automotive Artificial Intelligence Global Market Report 2023 provides data on the global automotive artificial intelligence market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive artificial intelligence market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.