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Artificial intelligence (AI) is considered to be one of the most advanced technologies in computer science. It is related to human intelligence through similar characteristics such as understanding, learning, problem-solving, reasoning, language and others. Several OEMs in the market experience huge fundamental challenges in the R&D of the technology. The rapid growth of the automotive industry is anticipated to drive the automotive AI market. With the rapid demand of standards such as ADAS and ACC in the semi-autonomous vehicles for increased safety and comfort, the market is expected to grow significantly over the forecast period.
The increased adoption of self-driving vehicles, severe rules and regulations for safe driving and large investments made by major OEMs are expected to drive the market growth. Also, with the increase in purchasing power of the consumer and increased adoption of electric vehicles, the market is expected to boost over the forecast period. However, the expensive price, chances of the system being hacked and chances of failure in the functioning of sensors are some of the major factors restraining the growth of the market.
Key Market Driver -
The increased adoption of self-driving vehicles, severe rules and regulations for safe driving and large investments made by major OEMs are expected to drive the market growth.
Key Market Restraint -
the expensive price, chances of the system to be hacked and chances of failure in functioning of sensors are some of the major factors restraining the growth of the market.
The global automotive artificial intelligence market is segmented by technology, by process, by application and by geography. Based on technology the market is further sub-segmented computer vision, context awareness, deep learning, machine learning and natural language processing. Among these deep learning, the segment is expected to account for the largest market share in the year 2020 and it is expected to continue its dominance over the forecast period. Factors such as major investments made by several OEMs in the R&D of self-driving cars which uses deep learning for image processing, data analysis and sound recognition are expected to drive the market growth.
Based on process the market is segmented into data mining, image recognition and signal recognition. The data mining segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. Several sensors installed in the vehicles are used to collect information which is further used to train the vehicles to detect and recognize obstacles and several barriers. With the large amount of data generated in the vehicle, data mining is needed which is expected to drive the growth of the market.
Based on application the market is segmented into semi-autonomous driving, human-machine interface and autonomous driving. The semi-autonomous segment accounted for the largest market share in the year 2020 and it is expected to dominate the market during the forecast period with a rapid CAGR. Factors such as the increased implementation of voice recognition systems and gesture recognition systems in semi-autonomous luxury vehicles are expected to drive the growth of the market.
Major players operating in the global automotive artificial intelligence market include Microsoft Corporation, IBM Corporation, Tesla Inc., Alphabet Inc., NVIDIA Corporation, Intel Corporation, Xilinx Inc., Harman International Industries Inc., Qualcomm Inc., and Volvo Car Corporation among others.
Geographically, the global automotive artificial intelligence market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. Factors such as increased adoption of electric and self-driving cars increased implementation of driver-assist technologies such as voice command and ADAS systems and increased per capita income of the consumers are expected to drive the growth of the market.
The Asia Pacific is expected to be the second-largest region for the market and it is expected to grow steadily over the forecast period. The increased sales of luxury passenger vehicles in the region, increase in positive perception of AI among consumers, and increased disposable income of the consumer is expected to boost the market growth.
Europe is expected to account for a considerable share in the market and it is expected to grow rapidly over the forecast period the factors such as growth in demand of convenience features such as advanced driver assistance systems (ADAS) and adaptive cruise control (ACC) in the semi-autonomous vehicles, increased adoption of electric vehicles and presence of major market players in the region are expected to drive the growth of the market.
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