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Artificial Intelligence (AI) in Transportation Market Size, Industry Development, Growth, and Demand Forecast, 2013–2023

Autonomous Vehicle Advancements Strengthening Artificial Intelligence (AI) in Transportation Market. In 2017, the market valued at $1.4 billion, and it is predicted to generate a revenue of $3.5 billion by 2023, exhibiting a CAGR of 16.5% during the forecast period (2018u20132023). AI in transportation involves the use of computer vision, deep learning, and natural language processing technologies.

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Artificial Intelligence (AI) in Transportation Market Size, Industry Development, Growth, and Demand Forecast, 2013–2023

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  1. Artificial Intelligence in Transportation Market by Offering, Technology, Process, Geography, Growth, and Demand Forecast, 2013–2023

  2. Global AI in transportation market is projected to reach $3.5 billion by 2023. The growth of the market is majorly driven by the development of autonomous vehicles and increasing focus towards reducing the operating cost of transportation. Based on offering, the global AI in transportation market is categorized into hardware and software. Of these, the software category is estimated to account for a larger share in the global market, driven by the increasing use of software as a platform (such as the Microsoft Azure) in HMI applications. It is also expected to be the fastest growing category during the forecast period, with increasing application of software enabled AI features.

  3. Major developments in AI in transportation are related to software. Companies such as IBM and Alphabet Inc. are investing heavily in AI software, which is benefiting the market of the category. Furthermore, the declining prices of hardware will increase the share of the software category in the AI in transportation market by 2023. North America is estimated to account for the largest share in the global AI in transportation market, valued at more than 44.0% in 2017. The region includes developed countries such as the U.S. and Canada, which are prominent markets of AI in transportation. Government support and sales of long-haul and premium trucks are driving the market in the region.

  4. Some of the major players operating in the AI in transportation industry are ZF Friedrichshafen AG, Robert Bosch GmbH, Continental AG, Valeo SA, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Alphabet Inc. Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/ai-in-transportation-market/report-sample

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