AI in Transportation Market Global Analysis with Focus on Development Strategy
Posted by Sakshi Mishra on April 21st, 2021
According to Market Research Future (MRFR)’s recently published report, the global AI in transportation market is expected to expand at 18.03% CAGR during the forecast period 2017 to 2023. It has been estimated that the valuation of the market will grow from USD 1.2 Bn in 2017 to USD 3.07 Bn by the end of 2023. The strong value maintained by the transportation industry has paved the way for the swift adoption of AI. The rising need for vehicle and driver safety due to increasing road accidents have catalyzed the demand for AI in transportation. Additionally, the developed country-level markets have already started the production of autonomous cars, which is projected to have a positive influence on the market growth.
The ongoing industry trend of truck platooning coupled with the growing applications of AI in railway cargo transportation is predicted to accelerate the revenue creation for the market participants over the next couple of years. However, security concerns associated with the handling of transportation data and the lack of supportive infrastructure for AI enabled vehicles remains a challenge to the market proliferation.
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The global market for AI in transportation, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is currently leading the global market and is projected to retain its prominence over the next couple of years. The presence of prominent country-level markets and key players are supposed to have a favorable impact on the growth of the market. Additionally, the region is a pioneer in technological advancements and is well-equipped for the adoption of AI technology in transportation. All these factors are projected to combinedly boost the expansion of the regional market over the assessment period. Meanwhile, the market in Europe exhibits immense potential for growth and development. It is expected to register the highest CAGR during the forecast period. The adoption of autonomous cars, high economic growth rate, thriving automotive sector, etc. are projected to catapult the market on an upward trajectory.
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About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
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