PUNE, India, August 29, 2017 /PRNewswire/ --
According to the new market research report "Automotive Artificial Intelligence Market by Offering (Hardware, Software), Technology (Deep Learning, Machine Learning, Computer Vision, Context Awareness and Natural Language Processing), Process, Application and Region - Global Forecast to 2025", published by MarketsandMarkets™ , the automotive artificial intelligence (AI) market report, the market is expected to be valued at USD 782.9 Million in 2017 and is expected to reach USD 10,573.3 Million by 2025, at a CAGR of 38.46% between 2017 and 2025.
Browse 66 Market Data Tables and 66 Figures spread through 203 Pages and in-depth TOC on "Automotive Artificial Intelligence Market - Global Forecast to 2025"
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The emergence of autonomous vehicle and industry-wide standards such as the adaptive cruise control (ACC), blind spot alert, and advanced driver assistance systems (ADAS) would trigger the growth of the automotive AI market. The growing demand for convenience and safety also presents an opportunity for OEMs to develop new and innovative artificial intelligence systems that would attract customers.
Software to hold the largest automotive AI market by 2025
Software holds a major share of the overall AI market in the automotive industry because of the various developments of AI software and related development kits. In the recent years, major developments have occurred in AI software solutions, platforms, and related software development kits. Companies such as Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), and Intel Corporation (US) are among the frontrunners in the development of AI software. All these major companies are investing heavily in start-ups or acquiring them, to maintain a strong position in the automotive AI ecosystem. For instance, in March 2017, Intel Corporation (US) acquired Mobileye (Israel) for approximately USD 15 billion.
Market for deep learning technology expected to grow at the highest rate between 2017 and 2025
Most of the AI hardware and software include a mixture of various technologies, which are used in various applications. The deep learning technology is expected to be the largest and the fastest-growing technology in the automotive AI market and is used in voice recognition, voice search, recommendation engines, sentiment analysis, image recognition, and motion detection. The deep learning technology is widely being used in the developments of autonomous cars. Many companies are investing in the development of self-driving cars in which the deep learning technology is used for image processing, speech recognition, and data analysis. For instance, Google is heavily investing in autonomous vehicles through its spin-off Waymo and has an active system integrated into its self-driving vehicle with the deep learning technology to detect pedestrians in different situations.
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North America expected to hold a major share of the automotive AI market in 2017
The presence of incentives and high level of funding from governments plays a major role in the development of this technology. For instance, in 2016, the US government has spent USD 4.00 billion to accelerate the acceptance of autonomous vehicles on US roads. The automotive industry in the US is a highly advanced industry, with the "big three"-Ford Motor Company, General Motors, and Fiat-Chrysler Automotive continuously upgrading their product portfolios. Vehicles in the US are equipped with advanced features such as adaptive cruise control, lane departure, warning systems, voice recognition system, gesture recognition, and blind spot detection.
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The companies covered in the automotive AI market are NVIDIA Corporation (US), Alphabet Inc. (US), Intel Corporation (US), IBM Corporation (US), Microsoft Corporation (US), Harman International Industries Inc. (US), Xilinx Inc. (US), Qualcomm Inc. (US), Tesla Inc. (US), Volvo Car Corporation (Sweden), BMW AG (Germany), Audi AG (Germany), General Motors Company (US), Ford Motor Company (US), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (US), Honda Motor Co. Ltd. (Japan), Daimler AG (Germany), and Didi Chuxing (China). Some important start-ups from the automotive AI market have also been included: AImotive (Hungary), Nauto Inc. (US), nuTonomy (US), Argo AI (US), and drive.ai (US).
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