The global automotive
artificial intelligence market size is valued at USD 2.3 Billion in 2022
and is anticipated to be USD 7.0 Billion by 2027; growing at a CAGR of 24.1% from
2022 to 2027.
Factors such as rising
demand for enhanced user experience and convenience features and the growing
adoption of ADAS technology by OEMs are driving the growth of the automotive
artificial intelligence industry during the forecast period.
Human-machine interface
(HMI) application to hold the largest share of the automotive artificial
intelligence market
In a vehicle, HMI allows
the driver and the passenger to interact with the vehicle by seamlessly
delivering convenience, information, and entertainment. Major components of HMI
include electromechanical devices such as keypads, pointing devices,
indicators, and alarms.
The infotainment
category comprises of features such as speech recognition, eye tracking,
monitoring driving, gesture recognition, and a database of natural languages.
Advanced HMI solutions are being incorporated by OEMs to deliver a new and
unique experience to users and help differentiate their brand image. The
intelligent car concept is moving rapidly from the drawing boards to the
streets.
It will give users
effective vehicle controls such as self-braking, advanced cruise control, and
self-parking. These developments will create plenty of opportunities for
automotive HMI systems. Advanced HMI systems are also in demand in developed
countries where people prefer to travel long distances in their own vehicles.
Improved infrastructure can also be a prime reason for this growing trend.
Machine learning holds
the second largest share of the automotive artificial intelligence market
Machine learning gives
cars the ability to analyze and learn from different driving situations, thus
helping to reduce accidents and make cars safer and more efficient. It can
create accurate models that can guide future actions and rapidly identify
patterns at a scale not previously achievable.
Machine learning has
various technologies such as supervised learning, unsupervised learning, deep
learning, and reinforcement learning. Machine learning methods are particularly
applicable when it comes to powering the system with new insights within the
auto industry because the data sets are large, diverse, and change quickly.
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North America is
expected to be the major contributor to the automotive AI market
During the forecast
period, North America held the largest share of the automotive artificial
intelligence market in 2027 and is
expected to continue its upward growth trend.
Automotive artificial
intelligence is expected to have moderate growth in this region driven by the
rapid development of autonomous vehicle technology, and the strict government
regulations related to road safety. The region is home to a large number of
leading technological firms, which enables the early introduction and high
adoption of technologies such as automotive artificial intelligence.
Government incentives
and funding play a major role in the development of this technology. The
automotive industry in the US is highly advanced, with the ‘Big Three’-Ford
Motor Company, General Motors, and Fiat-Chrysler Automotive-continuously
upgrading their product portfolios. Vehicles in the US are equipped with
advanced features such as adaptive cruise control, lane departure, warning
systems, voice recognition system, gesture recognition, and blind spot
detection.
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