Automotive AI Market to Grow at 29.2% CAGR by 2030
Technological breakthrough in the automobile sector along with the introduction of high end safety and convenience features are key factors driving the growth of Automotive Artificial Intelligence market within the forecast period.
Automotive Artificial Intelligence market is expected to grow at a CAGR of 29.2% from 2022-2030, according to a new research report by Next Move Strategy Consulting.
Artificial intelligence is integrated into automobiles to offer premium, comfortable and safe experience while driving a vehicle. Safety being the major concern, has resulted in the development of various such features that enhance convenience and minimises the risk associated with accidents, for instance, advance driver assistance system (ADAS), automatic cruise control (ACC), electronic braking distribution (EBD) are among the prime examples of such advanced features. The market for automotive artificial intelligence is the largest in the North America region and it is expected to retain the major market share within the forecast period. The Asia Pacific region is also expected to grow rapidly in terms of the market size due to expanding automotive industry in this region.
According to the report, the rise in demand for enhanced consumer experience along with rising disposable income are the major elements that are expected to promote the growth of the automobile Artificial Intelligence market.
Based on technology, the automotive artificial intelligence market share is segmented into machine learning and deep learning, computer vision, and natural language processing.
Based on component, the automotive artificial intelligence market is categorised into hardware, software and service. Hardware is sub segmented into processor, memory and network. Processor is further bifurcated into microprocessor and graphics processing unit.
Based on application, the automotive artificial intelligence market is segmented into semi-autonomous and fully autonomous.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific and Rest of the World.
According to the report, some the key players in the automobile artificial intelligence market are NVIDIA Corporation, IBM Corporation, Micron Technology, Intel Corporation, BMW, Toyota, Waymo, Otto Motors, Tesla Inc., and Microsoft Corporation among others.
Browse key industry insight from the report, 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, 2022 - 2030
Key Insights from the Automotive Artificial Intelligence Market Report:
- Current emerging trends and opportunities are extensively analysed in the Automotive Artificial Intelligence market report.
- The forecast of the Automotive Artificial Intelligence market comes along with additional information associated with opportunities, restrains and key drivers in the market.
- Some of the major players in the market NVIDIA Corporation, IBM Corporation, Micron Technology, Intel Corporation, BMW, Toyota, Waymo, Otto Motors, Tesla Inc., Microsoft corporation.
The report Automotive Artificial Intelligence market – segmented by technology, component, application and geography.
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