Tue, 28 Jun 2022

Artificial-Intelligence-In-Transportation-Market

From USD 1.47 billion in 2020, the global artificial intelligence in transportation market size is anticipated to grow to USD 11.35 billion by 2027. It will witness a 19.5% CAGR during the forecast period.

Factors attributing to the growth of AI in transportation market include increased implementation of ADAS, stringent government regulations towards vehicle safety, and enhanced technological development in vehicles such as autonomous vehicles. Moreover, the mounting transportation concerns, rise in vehicle traffic, and increasing incidences of human errors or accidents will propel the market growth of AI in transportation market.

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Thus, AI in transportation market offers several advantages that include improved public safety, improved planning and better decision making along with pedestrian safety will accelerate the market development of AI in transportation market.

The COVID-19 pandemic had a massive impact on the worldwide market and AI in transportation market was adversely affected by it as there was an economic downturn that has caused a disturbance in the market operations. The increased raw material prices and considerable time required to deploy AI in transport has affected the market growth of AI in transportation.

Insight by Machine Learning Technology

  • Computer Vision
  • Deep Learning
  • Context Awareness
  • Natural Language Processing

Deep learning dominates the market and is anticipated to have remarkable growth during the forecast period as it is being adapted in various AI applications to develop self-driving trucks. This will make trucks more intellectual to drive and will hold on to situations like unfavorable climatic conditions, road terrains, etc.

Insight by Process

  • Data Mining
  • Signal Recognition
  • Image Recognition

Signal recognition is estimated to have a significant market share during the forecast period as signals are being adopted for mapping, tracking, text, and gestures in several safety applications like traffic sign detection, ACC, etc.

Insight by Application

  • Autonomous Trucks
  • Semi-Autonomous Trucks
  • Truck Platooning
  • Precision mapping
  • Predictive Maintenance
  • HMI in Truck

Autonomous trucks contribute the largest share of the AI in transportation market owing to increased development in the truck and logistics industry. The adoption of autonomous trucks will also result in decreased maintenance and administration costs. These important aspects will increase demand for artificial intelligence in the transportation industry, resulting in seamless self-driving and passenger safety.

Insight by IoT Communication

  • LTE
  • LPWAN
  • 5G

The 5G category is expected to grow at a fast rate throughout the projection period as it offers high transmission speed, reduced latency, high bandwidth, better stability and accessibility, and a reliable wireless user experience.

Insight by Offering

  • Hardware

    • Central Processing unit (CPU)
    • Graphics User Interface 9GPU)
    • Sensors
    • Others

  • Software

    • Platforms
    • Solutions

Software is estimated to have remarkable growth during the forecast period owing to massive investment to develop new technologies based on AI-based software and solutions. Furthermore, awareness among consumers to adopt developed technologies and increased spending on new and advanced features in the automobile sector, will accelerate the market demand for software segment.

Regional Analysis

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

North America is anticipated to contribute the largest share in the artificial intelligence in transportation industry as it is one of the major contributors for developed technologies, regulatory development related to compliance, safety, and accountability (CSA), and are spending huge investment on R&D activities will drive the market growth in the region.

Recent Developments

  • In May 2022, Scania forms a partnership with AI Sweden's Artificial Intelligence Center. Artificial intelligence is significant and valuable to Scania in a variety of ways. For instance, in the development of autonomous vehicles and data-driven maintenance planning for both customers and production environments.
  • In May 2022, Daimler Truck AG has made a strategic investment in Apex.AI Inc. for ApexOS Autonomy Technology.

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