According to the new market research report, the market for Automotive Artificial Intelligence is anticipated to reach USD 10,573.3 Million by 2025, at a staggering CAGR of 38.46 percent during the forecast period of 2017-2025. In the year 2017, the market was valued at USD 782.9 Million.
So what are the driving factors to accelerate the Automotive Artificial Intelligence market? In the very first, the evolution of the autonomous vehicle and industry-wide standards like the Adaptive Cruise Control (ACC), blind spot alert, and Advanced Driver Assistance Systems (ADAS) would trigger the growth of the automotive AI market. The burgeoning demand for convenience and safety also gives an opportunity for OEMs to develop new and innovative AI systems that would draw customers. In this market, the software segment carries a major share of the overall AI market, due to the multiple AI software development and related development kits. In recent years, several major developments have been made in AI software solutions, platforms, and related software development kits. Further, the report also features among the frontrunners that responsible for the development of AI software includes Alphabet Inc., Microsoft, IBM, and Intel. Even, all these key players are investing profoundly in start-ups or acquiring them, to maintain a strong status in the automotive AI ecosystem.
Next, most of the AI hardware and software include a blend of multiple technologies that are utilized in several applications. In this segment, the Deep Learning technology is supposed to be the largest and the fastest-growing tech in the automotive AI market and is utilized in voice search, voice recognition, sentiment analysis, image recognition, recommendation engines, and motion detection. Deep Learning technology is broadly being practiced in the developments of self-governing cars. Several businesses are spending in the development of autonomous cars in which Deep Learning technology is utilized for image processing, speech recognition, and data analysis. One of the major factors that play a big role in the development of this technology is the presence of incentives and huge funding from governments. In this context, the US government, in the year 2016, has invested USD 4 billion to expedite the adoption of autonomous vehicles on US roads.