NEW YORK, Jan. 3, 2023 /PRNewswire/ — Major players in the artificial intelligence in transportation market are Volvo Cars, Mercedes-Benz Group AG, Scania AB, Peloton Interactive, Inc., Valeo, Xevo Inc, NVIDIA Corporation, Intel Corporation, Robert Bosch GmbH, Continental AG, Microsoft Corporation, IBM Corporation, Magna International Inc., and ZF Friedrichshafen AG.
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The global artificial intelligence in transportation market is expected to grow from $2.16 billion in 2021 to $2.59 billion in 2022 at a compound annual growth rate (CAGR) of 20%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The artificial intelligence in transportation market is expected to reach $5.16 billion in 2026 at a CAGR of 18.8%.
Artificial Intelligence in transportation market includes revenues earned by entities by road traffic management systems, unmanned aircraft systems, automation of train operation (ATO), automatic identification systems (AIS) for shipping and autonomous navigation.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Artificial intelligence in transportation refers to using artificial intelligence to process and predict data and outcomes for travel and transportation operations.It collects traffic patterns, minimizes road congestion, and enhances public transportation schedules.
This process helps in optimizing logistics and decreases turnaround time.
North America was the largest region in the artificial intelligence in transportation market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the artificial intelligence in transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values — that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of offering in artificial intelligence in transportation are hardware and software.Hardware is the physical part of the computer or its delivery mechanisms for the software’s written instructions to be stored and executed.
The hardware in transportation AI includes neuromorphic and von Neumann hardware.The different technologies include deep learning, computer vision, context awareness, and natural language processing that involve various processes such as signal recognition, object recognition, and data mining.
It is used in semi-autonomous truck, truck platooning, predictive maintenance, precision and mapping, autonomous truck, and other applications.
Growing demand for autonomous vehicles is expected to propel the growth of artificial intelligence in the transportation market going forward.An autonomous vehicle is a medium of transport that can drive itself in “”autopilot”” mode from a starting point to a given destination using various in-vehicle technologies and sensors such as adaptive cruise control, active steering, anti-lock braking systems, GPS navigation technology, lasers, and radar.
Autonomous vehicles employ artificial intelligence to operate the vehicle and to sense any accidents or obstacles.For instance, according to a survey conducted by AlixPartners, a financial advisory and global consulting firm, more than 60% of consumers are aware of level 2 autonomy in China, France, Italy, and Germany.
Level 2 autonomy means some driving responsibilities are carried out by the vehicle, however, it is anticipated that the driver will respond to interactions in a timely manner.Also, more than 50% of the consumers are ready to give up vehicle ownership for robotaxi services.
Therefore, an increase in the growing demand for autonomous vehicles will drive artificial intelligence in the transportation market.
Technological advancements have emerged as a key trend gaining popularity in artificial intelligence in the transportation market.Major companies operating in the market are focusing on innovations of new products to strengthen their market position.
For instance, in January 2022, Qualcomm, a US-based semi-conductor manufacturing company, launched Snapdragon Ride.Snapdragon Ride aims to reduce the complexity of autonomous driving and Advanced driver assistance systems by combining high-performance, power-efficient hardware, artificial intelligence (AI) technologies, and an autonomous driving stack to deliver a low-cost, high-energy system.
It provides comprehensive tools for compiling deep neural networks (deep learning).
In April 2021, Conduent Transportation, a US-based business process services and solutions company, partnered with Hayden AI to provide cities and government organisations in the U.S. and overseas with technologically innovative solutions to improve traffic safety and efficiency. The partnership integrates Conduent’s position as a top global supplier of public transit and mobility solutions, including traffic enforcement and infractions processing, with Hayden AI’s experience in computer vision-based, real-time data collection and urban analytics. Hayden AI is a US-based pioneer in smart traffic enforcement.
The countries covered in the artificial intelligence in transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The artificial intelligence in transportation market research report is one of a series of new reports that provides artificial intelligence in transportation market statistics, including artificial intelligence in transportation industry global market size, regional shares, competitors with a artificial intelligence in transportation market share, detailed artificial intelligence in transportation market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence in transportation industry. This artificial intelligence in transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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