The global artificial intelligence in transportation market is expected to witness a CAGR of 19.5% during the forecast period. The world has been impacted by a wave of technological advancements in which artificial intelligence has been at the forefront of the technological revolution. The existence of a powerful global automation industry requires artificial intelligence. Thus, the largest consumer of AI technology is the transportation sector. Factors affecting the demand for AI in the transportation market is the rising advancement in AI technology, the need to regulate and control long-distance freight transport, rapid adoption of learning technologies automation for product innovation, such as autonomous vehicles, smart energy systems, parking, and lane change assistance are driving the development of AI in the transportation market.
The rising need for advanced transportation planning, driver behavior, data management, road-making, etc is also leading to the growth of AI in the transportation market. The inception of industry standards i.e., blind-spot alert, adaptive cruise control (ACC), and advanced driver assistance system (ADAS) will propel the growth of AI in transportation. Nevertheless, the rising demand for AI solutions in railway cargo transportation is creating promising opportunities for AI in the transportation market.
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Due to supply chain disruptions and the temporary shutdown of global manufacturing operations, the COVID19 epidemic has affected many industries around the world. Personnel safety needs to be prioritized, and public transport operators are reorganizing their operating procedures and regaining passenger safety and trust through proper hygiene and social distancing regulations. Artificial intelligence, the Internet of Things, and Intelligent Transportation System (ITS) applications can help solve various transportation problems.
Browse 76 market data Tables and 38 Figures spread through 238 Pages and in-depth TOC on " Artificial Intelligence in Transportation Market by Machine Learning Technology (Computer Vision, Deep Learning, Context Awareness, and Natural Language Processing), by Process (Data Mining, Signal Recognition, and Image Recognition), by Application (Autonomous Trucks, Semi-Autonomous Truck Platooning, Precision Mapping, Predictive Maintenance, HMI in Trucks, and Others), by IoT Communication (LTE, LPWAN, and 5G), and by Offering (Hardware and Software), and Region - Global Forecast to 2027"
Based on application, the AI in the transportation market is categorized into autonomous trucks, semi-autonomous trucks, truck platooning, precision mapping, predictive maintenance, HMI in the trucks, and others. The advancement in autonomous trucks is the primary focus of AI technology in the transportation market as the system performs all driving functions on all road types, with all speed range, and in all environment situations. The rising concern for road accidents due to human error and shortage of truck drivers globally have accelerated the need for autonomous trucks.
Asia Pacific is anticipated to be the fastest-growing region for AI in the transportation market owing to strong economic growth, burgeoning logistics, and supply chain, rising population, rising focus on enhancing driver and vehicle safety, the growing purchasing power of the middle-class population, will facilitate the growth of the region in AI in the transportation market.
Some of the major players in the global artificial intelligence in transportation market include Volvo Group, Scania Group, Man SE, Daimler AG, PACCAR Inc., Magna, Robert Bosch GmbH, Continental AG, Valeo SA, Alphabet Inc, NVIDIA, Microsoft Corporation, ZF Friedrichshafen AG and Intel Corporation.
Source: VynZ Research