Artificial Intelligence (AI) in Automotive Market by Latest Trend and Future Scope with Top Key Players to 2026

Image/signal recognition segment in artificial intelligence (ai) in automotive market is expected to witness sizable growth over the forthcoming years. In 2019, the segment had garnered over 65% share in AI in automotive market. Surging concerns regarding on-road accidents and over-speeding have infused the need for traffic signs & speed limit indicators. These systems use image/signal recognition technologies to detect traffic signals and minimizes the vehicles’ speed automatically.

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Growing inclination towards semi-autonomous vehicles is anticipated to drive the use of artificial intelligence (AI) in automobiles. The automobile market is seeing a constant rise in demand for AI-powered driving systems. In fact, several car manufacturers are now working on updating their driver assistance technologies to offer customers with more comfortable and safe driving experience.

Semi-autonomous vehicles segment in artificial intelligence (ai) in automotive market is projected to witness remarkable growth, with more than 38% CAGR by the year 2026. Technologies like Advanced Driver Assistance Systems (ADAS) are slated to ensure comfortable driving in heavy traffic conditions. Prominent automobile companies like Audi, Ford, and Chrysler have already begun integrating cruise control technologies and semi-auto pilots in their recent vehicle variants. Growing inclination towards incorporating semi-autonomous vehicles technologies could hugely benefit artificial intelligence (ai) in automotive market growth by 2022.

Favorable federal initiatives to promote traffic sign recognition for speed checks could propel the artificial intelligence (ai) in automotive market demand in the long run. Recently, the European Commission enforced automakers to provide a built-in image/signal recognition feature in their vehicles by 2022. This would help minimize the cases of rash driving and endorse the idea of on-road safety.   

Recently, Intel launched a new AI-enabled chip, Pohoiki Beach, which could rapidly scale up to 10,000 times faster computing speed using 8 million neural networks. With increasing use of sensors like LiDAR and ultrasonic sensors as well as high-resolution cameras for developing next-gen vehicles, the AI hardware industry may strive significant proceeds in the coming years.

Speculating growing demand for advanced automotive systems, artificial intelligence (ai) in automotive market players have started to invest heavily in R&D activities. A few of the prominent players in the AI in automotive industry include Audi AG, Alphabet Inc., Daimler AG, BMW AG, Ford Motor Company, Didi Chuxing, Harman International Industries Inc., General Motors Company, IBM Corporation, Honda Motor Co., Ltd., Microsoft Corporation, Intel Corporation, Qualcomm Inc., NVIDIA Corporation, Toyota Motor Corporation, Tesla, Inc., Volvo Car Corporation, Xilinx Inc. and Uber Technologies.

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Apart from this, rising adoption of advanced automotive AI solutions is anticipated to fuel the growth of AI hardware segment in the coming years. As per reports, the hardware segment had gained over 60% of the market share in 2019. Ongoing advancements in computer processing hardware like dedicated AI GPUs and Energy-efficient System-on-Chips (SoCs) could massively improve the computing power of these automotive technologies.

With the advent of advanced technologies, carmakers like Toyota, Honda and Tesla have started to bring in new vehicles which are integrated with innovative features like lane assistance, automated parking, adaptive cruise control and driver behavior monitoring. As a matter of fact, in October 2019, Toyota launched the level-4 driver assistance systems to enable automated valet parking for its upcoming segments. Apparently, the automaker has partnered with Panasonic to develop this automatic parking system with inexpensive sensor materials.

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