AI in Transportation Market Size to Surpass USD 14.79 Bn by

AI in Transportation Market Size to Surpass USD 14.79 Bn by

Los Angeles, Aug. 24, 2022 (GLOBE NEWSWIRE) — The global AI in transportation market size was accounted at USD 2.3 billion in 2021. One of the major reasons for the growth of this market is the growing deployment of artificial intelligence in transport systems. This technology plays a very important role in the autonomous vehicles. The transportation industry is depending on artificial intelligence for the driving thinking as well as learning. There has been an increased adoption of artificial intelligence in the autonomous trucks across the globe. There are many benefits provided by the drugs that make use of self-driving and due to which the market is expected to grow well.

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Speech recognition and image processing are the features that shall drive the market growth in the coming years. Increased use of sensors will also play an instrumental role for the growth of the market. Artificial intelligence is used in the automobile, cars as well as the trucks.

Why North American region dominated the market?

  • The financial condition of various nations in the North American region shall be an instrumental factor in the growth of the market during the forecast. Increase purchasing power and growing demands for road safety shall drive the market growth in the coming years period increased use of automation in the transportation industry for the supply chain and logistics function will drive the market growth in the coming years period automation in the supply chain and logistics have been helpful in providing better services to the consumers. It has also helped in reducing the cost incurred on these functions.
  • Large number of trucks are having an integrated function of artificial intelligence for providing better safety on the roads. As many road accidents have proved fatal in the past, the government of various nations are adopting regulations and policies that support the growth of artificial intelligence in the automotive sector. There has been an increase in the demand for this technology to be used in the cars.
  • Integration of this technology helps in reducing the human errors that caused road accidents. It also helps in predictive maintenance of the vehicles which shall be another reason for the growth of the market in the coming years as it helps in reducing the cost or the amount spent on repairing of such vehicles.

Why Asia Pacific region is growing faster?

  • Availability of raw material at a lower cost and labor at a lower cost in the Asia Pacific region shall we and instrumental factor for the growth of the Artificial intelligence in the transportation market. Advancements in the technology have provided better features in the transportation industry.

Report Highlights

  • Software segment is expected to have the largest market share do the solutions provided and the platform provided for the users. The integration of these software’s will be helpful in providing updates and warnings which shall ensure safer transport for the passengers and the driver.
  • Artificial intelligence shall be used largely in the manufacturing of autonomous drugs and this application of artificial intelligence shall drive the market growth in the coming years period the growing demand for these trucks in the supply chain and logistics function will drive the market growth period.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 2.83 Billion
Revenue Forecast by 2030 USD 14.79 Billion
CAGR 22.97% from 2022 to 2030
Largest Market North America
Fastest Growing Region Asia Pacific
Base Year 2021
Forecast Year 2022 to 2030
Key Players Volvo, Daimler, Scania, Paccar, Peloton, Valeo, Xevo, ZF, Zonar, Tier-I Suppliers, Software Suppliers, Start-Up’s Bosch, Intel, NVIDIA, Alphabet, Continental, Magna, Man, Microsoft, Nauto, IBM Corporation and Others.

Market Dynamics

Drivers

Artificial intelligence is used in transportation industry and the benefits associated with the use of this technology shall create good demand in the coming years period the increased rate of road accidents shall be one of the reasons that shall drive the market growth in the coming years for various regions across the globe. The number of fatalities caused due to these accidents shall be one more reason for the growth of the market in the coming years.

The use of this technology has been instrumental in protecting the driver from various accidents that are caused due to human error. The use of this technology also reduces the human error to a great extent. This software is used in the vehicles provide updates on the important upcoming signs and specifications about the road traffic or congestion. These warnings also provide information about the areas that are accident prone. Higher safety features are provided by the technology for the transportation segment. Growing demand for autonomous vehicles shall be one more reason for the growth of the market. Deep learning is a combination of machine learning and artificial intelligence and the growing demand for deep learning shall drive the market growth in the coming years period

Restraints

The infrastructure which is present in the market currently does not support the use of artificial intelligence for transportation. And it is becoming extremely difficult to deploy artificial intelligence in this industry. Lack of the favorable infrastructure is a major restraint in the growth of the market. Most of these transports do not support the use of the technology. Manufacturers are constantly focusing on manufacturing vehicles that support the use of artificial intelligence due to which the market will grow well in the coming years but currently the integration of artificial intelligence is difficult in the existing infrastructure.

Opportunities

Exceptional scope will be provided by truck platooning for the transportation market. Truck platooning will be a major driver and provider of opportunities in the coming years. Advanced features provided by the artificial intelligence in the transportation sector will provide better opportunities for growth in the coming years and it will also help in attracting new buyers. Use of voice recognition and signal recognition will provide better opportunities for growth period increased use of sensors will enhance the functionality of this technology. Stringent policies or laws imposed by the government in order to control the carbon emissions shall play an instrumental role in providing better opportunities for the growth of this market.

Challenges

Artificial intelligence is expensive and the features provided by this system like cruise control, collision warning, lane assistance and detection of the blind spot are costly affair. It is extremely difficult for various manufacturers of these vehicles to adopt artificial intelligence. And they expensive nature of this technology shall be challenging for its growth.

Recent Developments

  • Major manufacturers across the globe are focusing on providing better features for the logistics and supply chain operations. The demand for the drugs that make use of artificial intelligence have greater demand in the logistics sector. Partnership among the market players shall also pay an instrumental role in launching more drugs that make use of artificial intelligence.

Market Segmentation

By Offering

By Machine Learning Technology

  • Deep Learning
  • Computer Vision
  • Context Awareness
  • Natural Language Processing

By Process

  • Signal Recognition
  • Object Recognition
  • Data Mining

By Application

  • Semi-Autonomous Truck
  • Truck platooning
  • Predictive maintenance
  • Precision and mapping
  • Autonomous truck
  • Machine human interface
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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