The global artificial intelligence market for automotive and transportation industry is expected to grow at a CAGR of 13.12% during the forecast period 2019-2029. The growth in the market is attributable to the ongoing demand for innovative and technologically advanced automotive solutions. Moreover, intelligent solutions which reduce the incidences of human mistakes while driving, along with providing additional features for enhancing ease-of-driving, have driven the market.

Read Report Overview: https://bisresearch.com/industry-report/artificial-intelligence-market-automotive-transportation-industry.html

There has been an onset of various driving and safety features in modern vehicles. The demand for advanced driver assistance systems (ADAS) for various applications such as steering, parking, guiding, and driving the vehicle, among others, is expected to increase over the next few years, mainly due to consumer interest and safety regulations by governments. ADAS systems aim toward reducing human errors on the road to decrease the number of accidents. These features also lead to reduced vehicle maintenance and insurance premium costs for vehicle owners. These factors have led toward ADAS becoming a standard feature in many new vehicles.

Artificial intelligence (AI) technology has evolved over the past few years to enable various additional features for the safety of a vehicle. Artificial intelligence is a crucial technology for the development of advanced connected and self-driving vehicles, which has led to the rapid growth of this technology. Many major vehicle manufacturers are developing their own AI-based software along with collaborating with various AI-based technology providers to enhance various features in their vehicles. AI is crucial for developing ADAS features as it enables the vehicle system to drive or function in various patterns based on the environment. AI enables the vehicle system to control vehicle settings and adapt them according to the driver’s preferences. AI also helps in processing vehicle data from various sensors such as camera, radar, LiDAR, and ultrasonic, among others, which leads to the proper functioning of ADAS features.

In order to lead the market as well as engage in the process of market growth, a company needs to bring new products and services to the market, update the existing software and hardware, collaborate with other technology companies and automotive OEMs, and acquire companies to further strengthen its market position. The global artificial intelligence market in the automotive and transportation industry has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. The preferred strategy for the key companies has been partnerships, collaborations, and joint ventures to strengthen their position in the global artificial intelligence market in the automotive and transportation industry.

For Report Sample: https://bisresearch.com/requestsample?id=806&type=download

The major industry leaders in the artificial intelligence market in the automotive and transportation industry are currently opting for this strategy to maintain their market position and can make growing marketplace competition more intense for new entrants. The established companies from different industry verticals attempt to engage in mergers and acquisitions in order to introduce various forms of innovations and new AI-based technologies that may otherwise be non-profitable or result in a slow pattern of growth if worked upon within the company. In October 2017, Argo AI acquired Princeton Lightwave to add quality to its environment, sensing the product’s capabilities in its vehicles.

About BIS Research:

BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.

With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.

Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.

Contact:
Bhavya Banga
Email: [email protected]
BIS Research Inc.
39111 PASEO PADRE PKWY STE 313,
FREMONT CA 94538-1686
Visit our Blog @ https://blog.bisresearch.com/
Connect with us on LinkedIn @ https://www.linkedin.com/company/bis-research
Connect with us on Twitter@ https://twitter.com/BISResearch