The software segment is expected to account for the bulk of the automotive artificial intelligence market.
Software has a significant share of the overall AI market in the automotive industry due to various AI software developments and related software development kits. AI systems require a variety of software, including machine learning algorithms to realize automotive applications, as well as application program interfaces such as speech, voice, vision, and sensor data. Software platforms and solutions are expensive due to the limited number of skilled developers of machine learning algorithms: this is the main reason behind the rising share of software in the automotive AI market. Alphabet Inc (USA), Microsoft Corporation (USA), IBM Corporation (USA) and Intel Corporation (USA) are leaders in the development of AI software for the automotive industry.
APAC showed the highest CAGR during the forecast period.
The market in APAC is projected to grow at the highest CAGR from 2022 to 2027. The region is home to well-established car manufacturers such as Toyota (Japan), Hyundai Motor Company (South Korea) and Honda Motor Company (Japan). The growth of the market has been attributed to rising population, improved lifestyles and growing economies, which have accelerated the demand for passenger cars in Asia-Pacific.
|Artificial intelligence in automobiles to reach $7 billion by 2027 – Porsche|
Deep learning is projected to take the largest share of the automotive AI market by 2022.
Deep learning algorithms help to recognize patterns from unstructured data sets. Currently, deep learning technology is used in speech recognition, fraud detection, voice search, recommendation engines, sentiment analysis, image recognition, and motion detection. It is also used in object recognition, driver assistance system (ADAS), accident prevention and telematics control of vehicles through voice recognition. The growing application of deep learning algorithms is the main driving force of the automotive AI market.
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The character recognition segment is expected to take the largest share of the automotive AI market.
Character recognition is a method of obtaining results using speech, visual patterns, and sounds. Signals generally refer to a voice or sound produced by a machine or human that can be recognized by natural language processing (NLP) machines to produce a result. Signals are raw data that AI systems need to be able to interpret in order to make, understand and make informed decisions. The automotive AI market is the largest market by character recognition process; It plays an important role in autonomous and semi-autonomous driving applications, where it is used for traffic sign recognition, driver assistance systems, etc.
The major players in this market are NVIDIA Corporation (US), Alphabet Inc. (US), Intel Corporation (US), IBM Corporation (US), Microsoft Corporation (US), Xilinx Inc. (US), Qualcomm Inc. (US) , Tesla Inc. (USA), BMW AG (Germany) and Micron Technology (USA). The players in this market have developed various strategies to expand their global presence and increase their market share.
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For example, according to a special report by MarketsandMarkets, the automotive artificial intelligence market will reach $7 billion by 2027, at a CAGR of 24.1%.