Rise in demand for enhanced user experience as well as convenience features and growing demand for autonomous vehicle have fueled the growth of the global automotive AI market
PORTLAND, Oregon, May 20, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automotive Artificial Intelligence Market by Component (Hardware, Software, and Service), Technology (Machine Learning & Deep Learning, Computer Vision, and Natural Language Processing), and Application (Semi-Autonomous and Autonomous): Global Opportunity Analysis and Industry Forecast, 2017 – 2025." The report offers a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, key segments, and changing market trends. According to the report, the automotive AI market was pegged at $445.81 million in 2017 and is anticipated to hit $8.89 billion by 2025, registering a CAGR of 45.0% from 2018 to 2025.
Rise in demand for enhanced user experience as well as convenience features and growing demand for autonomous vehicle have fueled the growth of the global automotive AI market. On the other hand, rise in various security & privacy concerns hamper the growth to certain extent. Nevertheless, increasing demand for premium vehicle segment has paved the way for lucrative opportunities in the future.
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The hardware segment to maintain its top status-
Based on component, the hardware segment accounted for more than two-fifth of the total market in 2017 and is expected to dominate throughout the study period. As one of the most prominent products in the automotive AI market, hardware is the basic requirement to implement AI technology and that's how the segment has come out as the highest revenue generator.
The computer vision segment to rule the roost-
Based on technology, the computer vision segment garnered the lion's share in 2017, accounting for nearly two-fifth of the total share. The widespread use of machine learning and deep learning in the development of autonomous vehicles has spurred the growth. The natural language processing segment, on the other hand, is expected to grow at the fastest CAGR of 47.0% throughout the forecast period. This is attributed to the fact that NLP system manipulates texts and automatically identifies the respective places, voice, speech and tabulate the terms & conditions in a set of human-readable contracts.
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North America to dominate the market during the forecast period-
Based on region, North America contributed to nearly two-fifth of the total market in 2017 and is expected to remain dominant throughout 2018-2025. The key factors that drive the growth of the North America market include surge in demand for AI, increase in the level of automation, availability of high-end infrastructure, and emergence of internet of things (IoT).
Frontrunners in the industry-
The report provides an in-depth analysis of the major automotive AI market players and they include Waymo, Intel Corporation, BMW, Microsoft Corporation, Toyota, IBM Corporation, NVIDIA Corporation, Micron Technology, Otto Motors, and Tesla Inc. These key players are expanding the scope of their business operations by incorporating innovative products in their product portfolios.
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North America holds a significant share in the global artificial intelligence in manufacturing industry, and Asia-Pacific is projected to register the highest CAGR of 57.2%, followed by North America. North America possess high growth potential, due to increase in adoption of industrial robots in the manufacturing sector of the region.
North America is among the biggest markets for cognitive computing owing to the presence of numerous large industries and IT infrastructure, which contribute to the growth of the AIaaS market in this region.
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