Automotive Artificial Intelligence Market to Surpass 45.0% Compound Annual Growth Rate from 2018 to 2025
Automotive Artificial Intelligence Market by Component, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2017 – 2025
PORTLAND, OR, UNITED STATES, July 4, 2023/EINPresswire.com/ — The global automotive artificial intelligence market size is expected to reach $8.88 billion by 2025, growing at a CAGR of 45.0% from 2018 to 2025. This growth is being driven by the increasing adoption of autonomous vehicles and the growing demand for enhanced user experience and convenience features.
Artificial intelligence (AI) is being used in a variety of automotive applications, including semi-autonomous and autonomous vehicles. In autonomous vehicles, AI collects and processes information from sensors such as radar, lidar, and cameras to make decisions about how to operate the vehicle. AI is also being used in a variety of other automotive applications, such as advanced driver assistance systems (ADAS), infotainment systems, and manufacturing.
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The global automotive AI market is segmented by component (hardware, software, and services), technology (machine learning & deep learning, natural language processing, and computer vision), and application (semi-autonomous, autonomous, and ADAS). The hardware segment is expected to dominate the market in terms of revenue in the forecast period. This is due to the high cost of sensors and other hardware components used in AI-powered automotive applications.
The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This growth is being driven by the increasing demand for premium vehicles and the growing adoption of autonomous vehicles in China and other countries in the region.
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The key players in the global automotive AI market include NVIDIA Corporation, Waymo, Intel Corporation, IBM Corporation, Microsoft Corporation, Micron Technology, Otto Motors, BMW, Tesla Inc., and Toyota. These companies are investing heavily in research and development to develop new AI-powered automotive technologies.
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• The hardware segment is expected to dominate the market in terms of revenue.
• Semi-autonomous dominated the market in 2017.
• Machine learning & deep learning based on the technology segment accounted for the highest revenue.
• North America held the majority of market share in 2017.
• LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
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David Correa
Allied Analytics LLP
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