Artificial Intelligence in Automotive Market Opportunities and Revenue Forecast 2026
Global Artificial Intelligence in Automotive market has emerged as one of the most lucrative growth verticals in recent years. The market is predicted to show a remunerative growth trend through 2026. This development can be attributed to the slowly increasing uptake of driver assistance technologies in an effort to provide a better driving comfort as well as ensure a safe driving experience.
Global artificial intelligence in automotive market is estimated to exceed $12 billion through 2026. Along with driving comfort, growing customer interest for AI-powered vehicle driving systems is a key factor augmenting the industry share. Automotive companies are capitalizing on this trend through the introduction of novel features in their vehicles which includes lane assistance, adaptive cruise control, automated parking, and driver behavior monitoring.
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In October 2019, Toyota reportedly announced the unveiling of level-4 driver assistance systems to enable automated valet parking in all its upcoming cars. The new technology build by the company is developed together with Panasonic. This technology is designed using inexpensive sensors, providing affordable parking assistance solutions to the company’s customers.
With reference to the component segment, hardware dominated the market share in 2019 and is projected to show similar growth trends through the forthcoming timeframe. The segment represented more than 60% share of the industry in 2019. This development is attributed to the growing implementation of automotive AI components for the development of AI solutions.
Energy-efficient SOCs (System-on-Chips) and dedicated AI GPUs are helping enterprises to rollout highly sophisticated onboard computers with strong computing power. Citing an instance, in July 2019, Intel unveiled Pohoiki Beach, a new AI-enabled chip. This chip can reach about 10,000 times faster computing speeds in comparison with traditional CPUs. It also features 8 million neutral networks.
Europe artificial intelligence in automotive market dominated the market outlook in 2019 gaining more than 35% share of the overall industry. The region is likely to generate similar profits through 2026 owing to the increasing requirement for autonomous technologies.
UK and Germany are projected to lead the market share in the coming years. Increasingly shifting focus of prominent automotive companies on AI technologies is likely to be a key factor for market growth in these countries.
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Table of Content
Chapter 5. Artificial Intelligence in Automotive Market, By Component
5.1. Key trends, by component
5.2. Hardware
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Software
5.3.1. Market estimates and forecast, 2015 – 2026
5.4. Service
5.4.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Artificial Intelligence in Automotive Market, By Technology
6.1. Key trends, by technology
6.2. Computer Vision
6.2.1. Market estimates and forecast, 2015 – 2026
6.3. Context Awareness
6.3.1. Market estimates and forecast, 2015 – 2026
6.4. Deep Learning
6.4.1. Market estimates and forecast, 2015 – 2026
6.5. Machine Learningf
6.5.1. Market estimates and forecast, 2015 – 2026
6.6. Natural Language Processing (NLP)
6.6.1. artificial intelligence in automotive market estimates and forecast, 2015 – 2026
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