The Global Automotive Artificial Intelligence Market was valued at USD 2.49 billion in 2019 and is predicted to reach USD 74.50 billion by 2030 with a CAGR of 36.2% during the forecast period.
Artificial Intelligence is one of the most advanced technologies that is associated with human intelligence through numerous similar characteristics. At present, vehicle manufacturers around the world are trying to integrate AI into automobiles to deliver premium, convenient and safe experience during driving. The introduction of artificial intelligence into automobiles has led to enhancement of features like Advance Driver Assistance System (ADAS), Automatic Cruise Control (ACC) and Electronic Braking Distribution (EBD), which have made driving effortless and safer. The increasing demand for sophisticated vehicles in addition to the shift of the automotive industry towards electricity as an alternate fuel are key factors fostering the growth of the automotive artificial intelligence market.
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Top Companies: NVIDIA Corporation, IBM Corporation, Intel Corporation, BMW, Toyota, Waymo, Otto Motors, Tesla Inc., Micron Technology and others.
The Automotive Artificial Intelligence market is segmented on the basis of technology, component, application and geography. Based on technology, the market has been segmented into machine learning and deep learning, computer vision, and natural language processing. Based on components, the market is segmented into hardware, software and service. Hardware is sub segmented into processor, memory and network. Processor is further bifurcated into microprocessor and graphics processing unit. Based on application, the market is segmented into semi-autonomous and fully autonomous. In terms of geographical analysis, the market is categorized into North America, Europe, Asia Pacific and RoW.
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North America is the leading region in the global automotive Artificial Intelligence market in terms of market share. However, Asia Pacific region is expected to grow rapidly in terms of market size during the forecast period. The competitive nature of the global automotive artificial intelligence market allows big players such as NVIDIA Corporation, IBM Corporation, Micron Technology, Intel Corporation, Microsoft Corporation and others to make strategic investments and extract maximum growth. Strategic collaborations between big markets players is a commonly adopted strategy used to maintain market dominance. Honda collaborating with general motors tech startup division to develop autonomous vehicles is one such example. Also, Michigan based automobile manufacturer, Ford declaring its intentions on developing a facility/command center in Miami dedicated towards testing autonomous vehicles is another instance of market players investing in huge projects to meet the growing demand.
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