The report "Automotive Artificial Intelligence Market by Offering, Technology (Deep Learning, Machine Learning, Computer Vision, Context-aware Computing and Natural Language Processing), Process, Application, Component and Region - Global Forecast to 2027" The global Automotive Artificial Intelligence market size is projected to grow from USD 2.3 Billion in 2022 to USD 7.0 Billion by 2027; it is expected to grow at a CAGR of 24.1% from 2022 to 2027.The key factors contributing to the growth of the Automotive Artificial Intelligence market include the growing adoption of ADAS technology by OEMs, and the rising demand for enhanced user experience and convenience features are among the factors driving the growth of the Automotive Artificial Intelligence market.
Software segment is expected to hold a larger share
of automotive artificial intelligence market market.
The software holds a major share of the overall AI
market in the automotive industry because of the various developments of AI
software and related software development kits. AI systems require different
types of software including application program interfaces such as language,
speech, vision, and sensor data along with machine learning algorithms to
realize automotive applications. Software platforms and solutions are expensive
because of the limited number of skilled machine learning algorithm
developers: which is the major reason for the larger share of software in
the automotive AI market. Alphabet Inc. (US), Microsoft Corporation (US), IBM
Corporation (US), and Intel Corporation (US) are among the frontrunners in the
development of AI software for the automotive industry.
APAC exhibit the highest CAGR during the forecast
period.
The market in the APAC is expected to grow at the
highest CAGR from 2022 to 2027. This region houses established automakers such
as Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company
(Japan). The growth in the market is due to the increasing population,
improving lifestyles, and growing economies that have accelerated the pace of
passenger car demand in the Asia Pacific.
Deep learning expected to hold largest share of the
automotive artificial intelligence market in 2022.
Deep learning algorithms help in identifying
patterns from the set of unstructured data. Presently, deep learning technology
is used in voice recognition, fraud detection, voice search, recommendation
engines, sentiment analysis, image recognition, and motion detection. It is
also used in object detection, advanced driver assistance systems (ADAS), crash
avoidance, and vehicle telematics control using speech recognition. The growing
application of deep learning algorithms is the major driving force of the
automotive AI market.
Signal recognition segment is expected to hold the
largest share of the automotive artificial intelligence market.
Signal recognition is a method of generating results
with the help of speech, visible patterns, and sound. The signals generally
refer to the voice or the sound produced by a machine or human being, which can
be detected by natural language processing (NLP) machines to generate a result.
Signals are the raw data that AI systems should be able to interpret for
creating, understanding, and making informed decisions. Signal recognition is
the largest market, by process, in the automotive AI market; it plays an important
part in autonomous and semi-autonomous driving applications where it is used
for traffic sign detection, driver assistance systems, etc.
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The key players in this market are NVIDIA
Corporation (US), Alphabet Inc. (US), Intel Corporation (US), IBM Corporation
(US), Microsoft Corporation (US), Xilinx Inc. (US), Qualcomm Inc. (US), Tesla
Inc. (US), BMW AG (Germany), and Micron technology (US). The players in this
market have adopted various strategies to expand their global presence and
increase their market shares.
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