[ad_1]
LONDON, Sept. 12, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company, the global artificial intelligence in transportation market is on the cusp of a significant transformation, as it gears up to grow from $2.6 billion in 2022 to $3.1 billion in 2023 at an impressive Compound Annual Growth Rate (CAGR) of 19.4%. Moreover, the future looks even more promising, with the market projected to reach $6.3 billion in 2027 at the same remarkable growth rate.
Autonomous Vehicles Fueling Market Growth
One of the driving forces behind this remarkable expansion is the surging demand for autonomous vehicles. Autonomous vehicles, equipped with cutting-edge in-vehicle technologies and sensors, operate using artificial intelligence to navigate autonomously and respond to potential obstacles. A recent survey conducted by AlixPartners revealed that over 60% of consumers in China, France, Italy, and Germany are already aware of level 2 autonomy. In this level, vehicles assume some driving responsibilities, with the anticipation that drivers will respond to interactions as needed. This increased demand for autonomous vehicles is expected to be a driving force behind the growth of the artificial intelligence in transportation market.
Learn More In-Depth On The Artificial Intelligence In Transportation Market
https://www.thebusinessresearchcompany.com/report/artificial-intelligence-in-transportation-global-market-report
Innovation Takes the Wheel
Innovations in technology have emerged as a prominent trend within the artificial intelligence in transportation market. Leading companies are prioritizing the development of new products to strengthen their market position. For instance, in January 2022, Qualcomm, a US-based semiconductor manufacturing company, introduced Snapdragon Ride. This innovative solution aims to simplify autonomous driving and advanced driver assistance systems by combining high-performance hardware, artificial intelligence technologies, and an autonomous driving stack, delivering a cost-effective, high-energy system. It also provides comprehensive tools for compiling deep neural networks, a critical component of deep learning.
Regional Dynamics
In 2022, North America took the lead as the largest region in the artificial intelligence in transportation market, while the Asia-Pacific region is poised for rapid growth in the forecast period. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Get A Free Sample Of The Global Artificial Intelligence In Transportation Market Report
https://www.thebusinessresearchcompany.com/sample.aspx?id=7835&type=smp
Segmentation of the Global Market
The global artificial intelligence in transportation market is segmented based on several key factors:
- Offering: Divided into Hardware and Software.
- Machine Learning Technology: Categories include Deep Learning, Computer Vision, Context Awareness, and Natural Language Processing.
- Process: Segments encompass Signal Recognition, Object Recognition, and Data Mining.
- Application: Applications span Semi-Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision and Mapping, Autonomous Truck, and Other Applications.
Key Industry Players
Major players in the artificial intelligence in transportation market include Volvo Cars, Mercedes-Benz Group AG, Scania AB, Peloton Interactive, Inc., Valeo, Xevo Inc., NVIDIA Corporation, Intel Corporation, Robert Bosch GmbH, Continental AG, Microsoft Corporation, IBM Corporation, Magna International Inc., and ZF Friedrichshafen AG.
The global artificial intelligence in transportation market is poised for rapid expansion, driven by the growing demand for autonomous vehicles and technological innovations. As the industry charts a course into the future, it is clear that artificial intelligence is playing a pivotal role in shaping the transportation landscape.
Artificial Intelligence In Transportation Global Market Report 2023 by The Business Research Company provides insights on the artificial intelligence in transportation market size, artificial intelligence in transportation market segments, artificial intelligence in transportation market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Artificial Intelligence Services Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/artificial-intelligence-services-global-market-report
Artificial Intelligence Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/artificial-intelligence-global-market-report
Transport Services Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/transport-services-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
[ad_2]
Source link