London, April 07, 2020 (GLOBE NEWSWIRE) -- According to a new market research report “Automotive Artificial Intelligence (AI) Market by Component (Hardware, Software), Technology (Machine Learning, Computer Vision), Process (Signal Recognition, Image Recognition) and Application (Semi-Autonomous Driving) - Global Forecast to 2027”, published by Meticulous Research®, the automotive artificial intelligence market is expected to grow at a CAGR of 39.8% from 2019 to 2027 to reach $15.9 billion by 2027.
Various well-established automotive organizations across the globe are increasingly struggling with rising cost of operations, dissatisfied customers, declining sales, and unidentified competition. Therefore, the adoption of artificial intelligence technologies in the automotive sector is on the rise in order to create new opportunities and enhance operational capabilities by leveraging new possibilities, speeding up processes, and making organizations flexible to changes in the future.
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Realizing the fact, various organizations are investing heavily in order to reap profits in highly dynamic and competitive market environment. The organizations are aggressively adopting AI-based solutions and services to reshape their business processes and increase profitability. The rapid adoption of advanced automotive solutions, increasing demand for autonomous vehicles, and widening implementation of computer vision technologies across vehicles are the key factors driving steady growth in the global automotive artificial intelligence market.
Impact of COVID-19 on Global AI in Automotive Market
The global spread of COVID-19 has resulted in stalled automotive production across Europe and America. The scenario in Asia appears to be improving but the production capacities of leading automobile manufacturers have taken a hit due to lower demand and reduced consumer spending. With the current situation expected to persist until the global numbers recede, the global automobile industry may be looking at a recovery period of at least 3-6 months due to disrupted supply chain, economic loss, and reduced consumer confidence in the market.
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However, if the reports by health experts are to be believed and the epidemic can be controlled by June 2020, the automotive industry can bounce back in terms of revenue growth during the latter half of 2020. This would enable AI technology suppliers to capitalize on market consolidation during Q2, 2020. It is also predicted that with better control of the COVID-19 situation and normalcy established, the global automakers could witness an upsurge in demand for advanced technology enabled vehicles and thereby drive the automotive AI market revenue 2021 onwards.
In recent years, the funding for development and implementation of artificial intelligence solutions for autonomous vehicles has increased significantly. For instance, in 2019, the U.K., government and industry launched an AI Sector Deal to boost technology potential, with £250 million ($324.1 million) budget for the development of connected and autonomous vehicles. By the end of 2020, the South Korean government has planned to expand the country’s production of automation systems and industrial robotics with investments worth $6.1 billion. In addition, the government of Korea will launch an “Intelligent Robot Industry Development Strategy” led by the Ministry of Trade, Industry, and Energy. Such initiatives are enabling the automotive sector, to develop intelligent solutions for autonomous vehicles through the incorporation of robotics and artificial intelligence technologies.
The automotive artificial intelligence market study presents historical market data in terms of value (2017 and 2018), current data (2019), and forecasts for 2027– by component, technology, process, applications, and geography.
Based on component, the software segment is estimated to account for the largest share of the overall automotive artificial intelligence market in 2019. The large share of this segment is attributed to the decrease in the cost of cloud-enabling technology deployment, growing usage of learning analytics and awareness towards cloud computing, and increasing demand for automated solutions to meet changing business needs in the automotive sector. On the other hand, the services segment is slated to grow at the fastest CAGR during the forecast period, due to the demand for AI-capable services in autonomous vehicles and a rise in the adoption of cloud-based solutions.
Based on technology, the machine learning segment is estimated to account for the largest share of the overall automotive artificial intelligence market, in 2019. This is primarily due to the growing demand for AI-based intelligent solutions, increasing government initiatives, and the ability of AI solutions to efficiently handle and analyze big data and quickly scan, analyze, and react to anomalies. On the other hand, computer vision technology is slated to grow at the fastest CAGR during the forecast period, due to a widespread implementation of computer vision in autonomous vehicles for signal recognition, image recognition, driver monitoring, spotting suspicious objects, and avoid vehicle collision.
Based on the process, signal recognition is estimated to hold the largest share of the overall automotive artificial intelligence market, in 2019. This is driven by the growing demand for autonomous vehicles, and safety controls implemented to enable driver assistance systems in the automotive sector. On the other hand, the demand for AI solutions and services for the image recognition process is slated to grow at the fastest CAGR during the forecast period, owing to its ability to enhance and automate operations, enrich user experience, and growing need for security solutions.
Based on the application, the human-machine interface is estimated to hold the largest share of the overall automotive artificial intelligence market, in 2019. Increasing demand for enhancing the in-car user experience, growth in terms of smart IoT devices, and proliferation of internet infrastructure, are some key factors contributing to growth of human-machine interface segment. On the other hand, semi-autonomous driving application is slated to grow at the fastest CAGR during the forecast period, mainly due to rising preference of consumers to adopt semi-autonomous mode of driving.
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Geographically, North America commanded the largest share of the the global automotive AI market in 2019. The large share of this region is mainly attributed to factors such as presence of several developed economies, such as the United States and Canada; the presence of leading automotive players; demand for enhanced user experience; growing adoption of autonomous vehicles; and availability of high-end infrastructure. However, Asia Pacific region is predicted to challenge the dominance of North America in the overall automotive artificial intelligence market in the near future.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2019). The automotive artificial intelligence market has witnessed a number of partnerships & agreements in recent years. For instance, in 2019, Intel Corporation collaborated with Mobileye and Great Wall Motors to explore the development of highly autonomous systems. This collaboration will further push computing, safety and mapping to develop future L2+ semi-autonomous capabilities. Also, in 2018, Microsoft Corporation partnered with Volkswagen to create a new automotive cloud. This will enable Volkswagen to deliver new Azure-based connected vehicle services.
The global automotive artificial intelligence market is highly fragmented with the presence of key players, such as Google LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Tesla, Inc. (U.S.), Xilinx, Inc. (U.S.), Micron Technology, Inc. (U.S.), Uber Technologies, Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Harman International Industries Inc. (South Korea), Honda Motor Co., Ltd. (Japan), Audi AG (Germany), and Qualcomm Technologies, Inc. (U.S.) along with several local and regional players.
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Scope of the Report:
Automotive AI Market, by Component
Automotive AI Market, by Technology
Natural Language Processing
Automotive AI Market, by Process
Automotive AI Market, by Application
Human Machine Interface
Automotive AI Market, by Geography
Rest of Europe (RoE)
Australia & New Zealand
Rest of APAC (RoAPAC)
Middle East & Africa
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