AI in Transportation Market Size, Share, Growth and Forecast to 2023
Posted by Komal Boudhh on December 11th, 2020
The global AI in transportation market is predicted to touch USD 1.2 billion at an 18.03% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. AI has turned into a highly sought-after technology in the transportation industry. Today’s vehicles have AI-based driver assist features such as advanced cruise controls and self-parking. AI in transportation is predicted to offer reliable, efficient, and safe transportation while reducing the impact on communities and the environment.
Various factors are driving the growth of the AI in transportation market. These factors, in accordance with the Market Research Future (MRFR) report, include growing concern for vehicle and driver safety, increasing focus to develop autonomous cars and reduce transportation costs, technological advancements, stringent regulations laid down by the government for vehicle safety, and growing demand for safety. Additional factors driving the market growth include the development of industry-wide standards for implementing safety features such as advanced driver assistance systems (ADAS), lane-keep assist, collision warning, and adaptive cruise control (ACC), growing applications of artificial intelligence in railway cargo, and the ongoing trend of truck platooning.
On the contrary, lack of infrastructure development, high cost of AI systems, and security concerns related to handling transportation data are factors that may deter the AI in transportation market growth over the forecast period.
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The Market Research Future report offers a wide segmental analysis of the AI in transportation market based on applications, machine learning technology, IoT communication technology, and offerings.
Based on offerings, the AI in transportation market is segmented into software and hardware. The hardware segment is again segmented into GPUs, CPUs, sensors, and others. The software segment is again segmented into AI solutions and AI platforms. The AI solutions are further sub-segmented into intelligent repair solutions and autonomous driving solutions.
Based on IoT communication technology, the AI in transportation market is segmented into LPWAN, 5G, and LTE. Of these, the LTE segment will have the largest share in the market over the forecast period while the LPWAN segment will grow at a higher CAGR.
Based on machine learning technology, the AI in transportation market is segmented into context awareness, natural language processing, computer vision, and deep learning. Of these, the deep learning segment will dominate the market over the forecast period. It is predicted to grow at the highest CAGR due to the extensive use of artificial intelligence in the production of autonomous vehicles.
Based on applications, the AI in transportation market is segmented into precision and mapping, predictive maintenance, human-machine interface, truck platooning, semi-autonomous trucks, autonomous trucks, and others (smart traffic management, driverless buses). Of these, the human machine interface segment will lead the market over the forecast period, while the semi-autonomous truck segment will grow at a higher CAGR.
Based on the region, the AI in transportation market report covers growth opportunities and the latest trends across Europe, North America, Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. The presence of key players and leading country-level markets have a favorable impact on market growth. Moreover, North America is a pioneer in technological advancements as well as well-equipped for the adoption of artificial intelligence technology in transportation.
The AI in transportation market in Europe will have a favorable growth in the market over the forecast period. It is predicted to grow at the highest CAGR. The thriving automotive sector, high economic growth rate, and adoption of autonomous cars are predicted to boost the market growth of this region.
The AI in transportation market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to a steadily growing population, robust economic growth, growing supply chain, and logistics sector.
Leading players profiled in the AI in transportation market report include IBM Corporation, Magna International Inc, Alphabet Inc., Intel Corporation, Valeo SA, ZF Friedrichshafen AG, MAN SEPACCAR Inc., Scania Group, Daimler AG, Volvo Group, Microsoft Corporation, NVIDIA Corporation, Robert Bosch GmbH, Continental AG, among others.
June 2019: Advantech has joined hands with Nvidia on Industrial AI (artificial intelligence). This partnership will take a huge step forward to make artificial intelligence a reality for transportation, smart city applications, and manufacturing.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global AI In Transportation Market
5 Industry Overview Of Global AI In Transportation Market
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
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About the AuthorKomal Boudhh
Joined: July 17th, 2020
Articles Posted: 121
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