Automotive Artificial Intelligence To Reach $7 Billion By 2027
The software segment is expected to account for the bulk of the automotive artificial intelligence market.
Software has a significant share of the overall AI market in the automotive industry due to various AI software development and associated software development kits. AI systems require a variety of software, including machine learning algorithms to realize automotive applications, as well as application program interfaces such as language, voice, vision and sensor data. Software platforms and solutions are expensive due to the limited number of qualified machine learning algorithm developers: which is the main reason for the increasing share of software in the automotive AI market. Alphabet Inc (USA), Microsoft Corporation (USA), IBM Corporation (USA) and Intel Corporation (USA) are leaders in the development of AI software for the automotive industry.
APAC displayed the highest CAGR during the forecast period.
The market in APAC is expected to grow at the highest CAGR from 2022 to 2027. The region is home to established automakers such as Toyota (Japan), Hyundai Motor Company (South Korea) and Honda Motor Company (Japan). The growth of the market is due to rising population, improving lifestyle and growing economies, which has accelerated the pace of demand for passenger cars in Asia Pacific.
|Automotive artificial intelligence to reach $7 billion by 2027 – Porsche|
Deep learning is expected to take the largest share of the automotive AI market by 2022.
Deep learning algorithms help in identifying patterns from unstructured data sets. Currently, deep learning technology is used in speech recognition, fraud detection, voice search, recommendation engines, sentiment analysis, image recognition and motion detection. It is also used in object detection, Advanced Driver Assistance System (ADAS), accident prevention and telematics control of vehicles through voice recognition. The growing application of deep learning algorithms is the main driving force of the automotive AI market.
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The sign recognition segment is expected to account for the largest share of the automotive AI market.
Sign recognition is a method of producing results with the help of speech, visual patterns and sound. Signals generally refer to a voice or sound produced by a machine or a human, which can be detected by natural language processing (NLP) machines to produce a result. Signals are raw data that AI systems must be able to interpret in order to build, understand and make informed decisions. The Automotive AI Market is the largest market by Sign Recognition Process; It plays an important role in autonomous and semi-autonomous driving applications where it is used for traffic sign detection, driver assistance systems, etc.
The major players in this market are NVIDIA Corporation (US), Alphabet Inc. (US), Intel Corporation (US), IBM Corporation (US), Microsoft Corporation (US.), Xilinx Inc. (USA), Qualcomm Inc. (USA), Tesla Inc. (USA), BMW AG (Germany), and Micron Technology (USA). Players in this market have adopted various strategies to expand their global presence and increase their market share.
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- Deep Learning Market by Offering (Hardware, Software, and Services), Application (Image Recognition, Signal Recognition, Data Mining), End User Industry (Security, Marketing, Health Care, Financial Technology, Automotive, Law), and Geography: Global Forecast 2023. for
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Thus, according to a special report by MarketsandMarkets, the automotive artificial intelligence market will reach $7 billion by 2027 at a CAGR of 24.1%.