Artificial Intelligence in Automotive Market Growth is propelled by Blockchain Integration

Artificial Intelligence Artificial Intelligence in Automotive Market size is predicted to register substantial CAGR from 2019 to 2025 impelled by emergence of self-driving and connected vehicles. Blockchain integration is anticipated to proliferate the growth of artificial intelligence in automotive market as it resists all external & internal cyber-attacks on vehicle systems.The rising adoption of the IoT helps connected vehicles to enhance convenience and safety for passengers by assisting them in navigating, auto-piloting, and self-parking. For instance, the percentage of cars with internet connectivity is anticipated to increase to 75% by 2020 from 13% in 2015. Connected cars are expected to increase from 10% of all vehicles on road in 2015 to 22% by 2020. Cars with self-driving features are expected to be 10 million by 2020.

The collaboration of entertainment giants such as Netflix and Amazon with manufacturers is expected to drive market growth. This will help OEMs to use a common pool of data shared by all players in the ecosystem to provide user-specific products and services in vehicles.

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Artificial Intelligence in Automotive Market is growing rapidly due to the emerging demand for autonomous vehicles. Autonomous vehicle configured with AI provides enhanced user experience and reduces human intervention. The AI in automotive insurance is fueling the growth of Artificial Intelligence in Automotive Market as AI helps in risk assessment in real-time as well as speeds up the process of filing claims when accidents occur.

Deep learning technology is expected to be the fastest growing segment in the Artificial Intelligence in Automotive Market as it helps in speech recognition, image processing, and data analysis in self-driving vehicles. For instance, Google is investing heavily in autonomous vehicles through the Waymo Project that uses deep learning technology to detect pedestrians in various situations.

AI is rapidly adopted in automotive manufacturing as it senses the working of its human counterparts to adjust their motions accordingly to avoid injuries. For instance, in October 2018, Kia Motors in partnership with Hyundai Vest Exoskeleton (H-VEX) started developing wearable industrial robots that will protect workers and provide strength & mobility to perform tenuous jobs. In addition, AI helps in moving materials around automotive plants without human interventions and identifying objects in the path to adjust their route accordingly. The adoption of AI in automotive manufacturing is driving the growth of Artificial Intelligence in Automotive Market over the forecast period.

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With fast-growing economies, massive population, and rising living standards in Asia Pacific (APAC), Artificial Intelligence in Automotive Market is anticipated to grow at a high CAGR over the forecast period. Strong technical capabilities of countries in this region including Japan and South Korea along with established automakers of this region such as Honda Motor Company (Japan), Hyundai Motor Company (South Korea), and Toyota (Japan) are expected to blend together to build AI-powered autonomous vehicles in the coming years. AI applications are expensive, which may hinder the growth of Artificial Intelligence in Automotive Market in China and India as these are cost-driven markets of this region.

Security & privacy concerns such as cyberattacks & safety of personal data are impending the growth of Artificial Intelligence in Automotive Market. For instance, in July 2015, Fiat recalled nearly 1.4 million Chryslers in the U.S. as a technical glitch in their dashboard permitted hackers to disable the vehicle. In September 2016, white hat hackers deployed malware into Tesla cars. AI applications are complex in nature and expensive, which is also hindering the growth of global market during the forecast period.

North America is expected to hold the largest market share in Artificial Intelligence in Automotive Market over the forecast period due to the high level of funding from the government. For instance, in 2016, the U.S. government spent USD 4 billion to accelerate the acceptance of autonomous vehicles on its road. Automakers of this region such as Fiat-Chrysler Automotive, Ford Motor Company, and General Motor Company are upgrading their product portfolios to include advanced features such as auto-pilot, lane assist, self-parking, ADAS, adaptive cruise control, voice recognition system, and gesture recognition system

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The key market players of artificial intelligence (AI) in automotive market are Alphabet, Inc., Audi AG, BMW AG, Daimler AG, Didi Chuxing, Ford Motor Company, General Motors Company, Harman Industrial Industries, Inc., Honda Motor Co., Ltd., Hyundai Motor Corporation, IBM Corporation, Intel Corporation, Microsoft Corporation, Qualcomm, Inc., Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., Volvo Corporation, and Xilinx, Inc. These players are involved in R&D initiatives for expanding their product portfolio and developing innovative applications for safety and convenience of passengers.