DUBLIN, March 4, 2016 /PRNewswire/ --
The global autonomous car technology market is expected to grow at a CAGR of over 10% through to 2035, according to an industry report available from Research and Markets. The report states that semi-autonomous car technology will see robust growth over the next decade, thanks to declining prices and rising sales. The findings in the report were supported today by news of BMW's plans for the future. The German automotive giant has revealed plans to completely overhaul the company, with 50% of the R&D team to work on autonomous car technology exclusively.
Just 20% of BMW's 30,000 employees are software engineers. The company acknowledges the growing importance of machine learning and artificial intelligence within the automotive industry, and how software is becoming just as important as hardware. BMW recently hired a 200 plus digital innovation team in Chicago, and plan to continue building their in-house expertise over the next five to six years.
Over 40 million cars will have sophisticated autonomy by 2035, as forecast in a technology report. The sheer volume of this market justifies BMW's heavy investment in software developers and autonomous car technology. If BMW wish to remain a global leader in the automotive market then they need to ensure that their technology can compete with that of tech giants like Google and IBM.
The strong growth of the autonomous car market will result in growth in related markets. The global market for enterprise applications of deep learning will be worth USD 10.4 billion by 2024, up from USD 109 million by 2015, as estimated in a recent report. BMW are taking the right steps to keep themselves ahead of the competition and prepare for a future of driverless cars.
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SOURCE Research and Markets