Artificial Intelligence
Automotive Artificial Intelligence Global Market Report 2022
New York, March 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Artificial Intelligence Global Market Report 2022” – https://www.reportlinker.com/p06248255/?utm_source=GNW
, Xilinx Inc., Qualcomm Inc., Tesla Inc., Volvo Car Corporation, Micron Technology, Inc, Toyota, and Uber Technologies.
The global automotive artificial intelligence market is expected to grow from $1.42 billion in 2021 to $1.98 billion in 2022 at a compound annual growth rate (CAGR) of 39.62%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7.78 billion in 2026 at a CAGR of 40.79%.
The automotive artificial intelligence market consists of sales of automotive artificial intelligence by entities (organizations, sole traders, and partnerships).It refers to solutions that can collect and process massive volumes of vehicle data, deliver actionable insights, and improve privacy and data security.
Automotive artificial intelligence is at the heart of autonomous driving, allowing for real-time recognition of items in the vehicle’s environment, as well as improved maintenance and fleet management that are used in the production of self-driving automobiles. AI automotive solutions improve navigation systems, improve voice command understanding, and streamline regular activities, all of which lead to improved business processes and have the potential to improve user experience, accelerate innovation cycles, and optimise the overall manufacturing and maintenance workflow.
The main components of automotive artificial intelligence are hardware, software and services.The hardware market consists of sales of hardware by entities (organizations, sole traders, and partnerships), that are integrated into the automotive artificial intelligence field.
AI hardware orchestrates and coordinates computations among accelerators, serving as a differentiator in AI.AI hardware primarily consists of CPU (Central Processing Units), GPU (Graphics Processing Units), FPGA (Field Programmable Gate Arrays), an ASIC (Application Specific Integrated Circuits).
The main types of automotive artificial intelligence include automotive drive and ADAS.The different process of automotive artificial intelligence includes signal recognition, image recognition, and data mining.
The different technologies used in automotive artificial intelligence include deep learning, machine learning, context awareness, computer vision, and natural language processing. The automotive artificial intelligence are used in semi-autonomous driving, autonomous driving and human machine interface.
North America was the largest region in the automotive artificial intelligence market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing demand for autonomous vehicles is expected to propel the growth of the automotive artificial intelligence market.Artificial intelligence has a wide range of applications in the automotive industry.
As technology evolves, the automobile industry has taken advantage of new discoveries to provide new ways to make driving more autonomous.Using artificial intelligence to develop self-driving automobiles is one of them.
A self-driving car (also known as an autonomous car or driverless car) is a vehicle that travels to locations without the need for a human driver by utilising a variety of sensors, radars, cameras, and artificial intelligence.For instance, according to Deloitte, the global automotive AI market will culminate in a total volume of around $27 billion in 2025.
Therefore, a rise in demand for automotive cars drives the growth of automotive artificial intelligence.
Strategic collaborations between companies are a key trend gaining popularity in the automotive artificial intelligence market.Companies providing artificial automotive intelligence are undergoing partnerships and collaboration to develop new technologies and products.
For instance, in May 2021, a mobile transportation company based in China and Volvo, an automobile manufacturing company based in Sweden, are involved in a partnership with automatic driving vehicles.Through this partnership, Volvo will provide Didi with XC90 SUVs fitted with steering and brake backup systems.
The vehicles will be the first to use Didi Gemini, the ride-hailing company’s new self-driving hardware platform, and will be tested with human safety drivers.In the other partnership, in February 2021, Volkswagen, a German-based automobile manufacturer, and Microsoft, an American multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services, partnered to develop self-driving car software.
With this partnership, Volkswagen and Microsoft will together develop the “Volkswagen Automotive Cloud”. The service will support all of the German automaker’s digital and mobility products, including car-sharing and other shared mobility services. By 2020, Volkswagen hopes to have more than 5 million linked vehicles in the cloud, thanks to the Internet of Things. As part of the agreement, the businesses will open a new automotive cloud development centre near Microsoft’s headquarters in Redmond, Washington.
In June 2020, Mercedes-Benz A German-based luxury automobile manufacturing company and Nvidia, an American-based multinational technology company that designs graphics processing units as well as systems-on-chip units for the mobile computing and automotive market, entered into a partnership to build the world’s most advanced, software-defined vehicles.The partnership enables Mercedes-Benz to launch software-defined, intelligent vehicles using end-to-end NVIDIA technology.
Beginning in 2024, every next-generation Mercedes-Benz vehicle will include Nvidia’s first-of-its-kind software-defined computing architecture, which includes the most powerful computers, system software, and applications for consumers, signalling the shift from traditional vehicles to high-performance, updateable computing devices.
The countries covered in the automotive artificial intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06248255/?utm_source=GNW
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