Global Artificial Intelligence In Transportation Market Size By Offering(Hardware and Software), By Machine Learning Technology(Deep Learning, Computer Vision, Context Awareness), By Geographic Scope And Forecast

Artificial Intelligence in Transportation Market Size And Forecast

Artificial Intelligence in Transportation Market size was valued at USD 2.83 Billion in 2022 and is projected to reach USD 14.93 Billion by 2030, growing at a CAGR of 23.10% from 2023 to 2030.

The increased adoption of road safety measures across different automobiles is the primary cause of the growing need for the application of artificial intelligence technologies in the transportation sector. The Global Artificial Intelligence in Transportation Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Artificial Intelligence in Transportation Market Definition

The technology used in the creation of autonomous vehicles is artificial intelligence. Since artificial intelligence is the only technology that provides real-time and reliable recognition of a variety of elements around the vehicle, the market for AI in transportation will grow during the forecast period. The use of this technology helps these autonomous vehicles be better optimized. Original equipment manufacturers are using this technology to build efficient cars.The current infrastructure is not able to support the deployment of this technology in the transportation sector. Thus, it is difficult to use artificial intelligence for transportation. In many regions of the world, artificial intelligence is not commonly used in transportation vehicles. Although the features made possible by using this technology are wonderful, few cars do. The vast majority of modern cars do not support this technology. Yet, the demand for autonomous vehicles has increased dramatically in developed nations, which will result in a larger usage of this technology to ensure the safety of the driver and passengers.

To incorporate artificial intelligence technology into these conventional automobiles, manufacturers are always doing research and development operations. Due to a significant disruption in its operations and the market slump, this industry experienced numerous difficulties. The demand for cars has significantly decreased. Due to a lack of manpower and raw resources, the manufacturing facilities also stopped operating. Many kinds of vehicles, including trucks, cars, and other vehicles, are manufactured using artificial intelligence. The demand for artificial intelligence in vehicles decreased during the epidemic since its integration is an expensive process. All of these factors had a negative impact on the market’s growth.

Global Artificial Intelligence in Transportation Market Overview

The increased adoption of road safety measures across different automobiles is the primary cause of the growing need for the application of artificial intelligence technologies in the transportation sector. In the upcoming years, the market growth will be driven by government initiatives that have made a few safety measures mandatory for cars. Artificial intelligence is in higher demand since driverless vehicles employ it. The demand for artificial intelligence and transportation is rising in response to the number of traffic accidents and the fatalities they cause. The incorporation of this technology into automobiles aids in lowering human error, which accounts for the majority of traffic accidents. One of the main causes of death worldwide is traffic accidents. To protect the safety of passengers and drivers, governments around the world are implementing this technology and raising awareness about it.

This device increases the effectiveness of the driver by broadcasting warnings on crash-prone locations and by providing updates on significant signs and impending highways. In developed regions, where demand for autonomous vehicles is highest, these vehicles come equipped with artificial intelligence technology. These cars are popular among consumers because they offer more safety. The need for these vehicles is expanding, particularly among the aging population. The use of artificial technology also helps in predictive maintenance which ensures warning before the breakdown of the car.

When various governments create rules and laws connected to the reduction of carbon emissions caused by automobiles, the usage of artificial intelligence and transportation will increase in the upcoming years. Artificial intelligence is used to assist in reducing fuel usage, and as a result, this technology will be crucial in lowering carbon emissions. In the upcoming years, market growth will be fueled by government initiatives that support technology and these advantageous rules. Further elements that may raise demand for this technology in the upcoming years include the additional support provided by its use in terms of showing the highways with less traffic, shorter distance roads, etc.

Global Artificial Intelligence in Transportation MarketSegmentation Analysis

The Global Artificial Intelligence in Transportation Market is segmented based on Offering, Machine Learning Technology, and Geography.

Artificial Intelligence in Transportation Market, By Offering

• Hardware• Software

Based on Offering, the market is bifurcated into Hardware and Software. In 2022, software solutions dominated the market and generated more than 37% of worldwide revenue. This large percentage can be attributed to sensible improvements in data storage capacity, powerful computing, and parallel processing capabilities to provide high-end services. Furthermore, this market sector is well-positioned to take the largest share of the market due to its capacity to extract data, offer real-time insight, and support decision-making.

Artificial Intelligence in Transportation Market by Machine Learning Technology

• Deep Learning• Computer Vision• Context Awareness• Natural Language Processing

Based on Machine Learning Technology, the market is bifurcated into Deep Learning, Computer Vision, Context Awareness, and Natural Language Processing. In 2022, the deep learning market category held the top spot and was responsible for over 36.8% of worldwide revenue. As deep learning aids in overcoming the difficulties associated with large amounts of data, it presents profitable investment prospects.

Artificial Intelligence in Transportation Market by Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of a Geographical Analysis, the Global Artificial Intelligence in Transportation Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In 2022, North America dominated the market and took home more than 37.1% of worldwide revenue. This high adoption rate of artificial intelligence (AI) across numerous industries is a result of successful government initiatives.

Key Developments

• In April 2020Advanced Micro Devices announced a strategic alliance with Oxide Interactive LLC, a video game developer company, to develop graphics technologies for the cloud gaming market space. Both companies have planned to create a set of tools & techniques to address the real-time demands of cloud-based gaming.

Key Players

The “Artificial Intelligence in Transportation Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Continental, Magna, Bosch, Valeo, ZF, Scania, Paccar, Volvo, Daimler, Nvidia, Alphabet, Intel, Microsoft and others are prominent hydro turbine manufacturers operating in the market.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Artificial Intelligence in Transportation Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Artificial Intelligence in Transportation Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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