Automotive Artificial Intelligence Market

1. Automotive Artificial Intelligence Market Size, Share, Trends and Industry Analysis 2023 - 2027 The global automotive artificial intelligence market size is valued at USD 2.3 Billion in 2022 and is anticipated to be USD 7.0 Billion by 2027; growing at a CAGR of 24.1% from 2022 to 2027. Factors such as rising demand for enhanced user experience and convenience features and the growing adoption of ADAS technology by OEMs are driving the growth of the automotive artificial intelligence industry during the forecast period. Human-machine interface (HMI) application to hold the largest share of the automotive artificial intelligence market In a vehicle, HMI allows the driver and the passenger to interact with the vehicle by seamlessly delivering convenience, information, and entertainment. Major components of HMI include electromechanical devices such as keypads, pointing devices, indicators, and alarms. The infotainment category comprises of features such as speech recognition, eye tracking, monitoring driving, gesture recognition, and a database of natural languages. Advanced HMI solutions are being incorporated by OEMs to deliver a new and unique experience to users and help differentiate their brand image. The intelligent car concept is moving rapidly from the drawing boards to the streets. It will give users effective vehicle controls such as self-braking, advanced cruise control, and self-parking. These developments will create plenty of opportunities for automotive HMI systems. Advanced HMI systems are also in demand in developed countries where people prefer to travel long distances in their own vehicles. Improved infrastructure can also be a prime reason for this growing trend. Machine learning holds the second largest share of the automotive artificial intelligence market Machine learning gives cars the ability to analyze and learn from different driving situations, thus helping to reduce accidents and make cars safer and more efficient. It can create accurate models that can guide future actions and rapidly identify patterns at a scale not previously achievable. Machine learning has various technologies such as supervised learning, unsupervised learning, deep learning, and reinforcement learning. Machine learning methods are particularly applicable when it comes to powering the system with new insights within the auto industry because the data sets are large, diverse, and change quickly. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=248804391 North America is expected to be the major contributor to the automotive AI market During the forecast period, North America held the largest share of the automotive artificial intelligence market in 2027 and is expected to continue its upward growth trend. Automotive artificial intelligence is expected to have moderate growth in this region driven by the rapid development of autonomous vehicle technology, and the strict government regulations related to road safety. The region is home to a large number of leading technological firms, which enables the early introduction and high adoption of technologies such as automotive artificial intelligence.

2. Government incentives and funding play a major role in the development of this technology. The automotive industry in the US is highly advanced, with the ‘Big Three’-Ford Motor Company, General Motors, and Fiat-Chrysler Automotive-continuously upgrading their product portfolios. Vehicles in the US are equipped with advanced features such as adaptive cruise control, lane departure, warning systems, voice recognition system, gesture recognition, and blind spot detection. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI- powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.