How is the Artificial Intelligence in Transportation Market Poised for Growth: Trends and Opportunities Through 2034
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What key factors are powering the surge in the artificial intelligence in transportation market right now?
The market size of artificial intelligence in transportation has witnessed remarkable growth in recent years. It is projected to increase from $3.63 billion in 2024 to $4.29 billion in 2025, representing a compound annual growth rate (CAGR) of 18.2%. Factors contributing to this growth during the historic period include the adoption of cameras and sensors to prevent collisions, real-time information analysis through AI, the use of high-end computing and deep learning systems, increased availability of big data to train AI models, and a heightened focus on automation for enhanced safety and efficiency.
How fast Is the artificial intelligence in transportation market expected to grow, and what’s its future value?
Predictions point towards a substantial expansion of the artificial intelligence in transportation market in the coming years, where the size of the market should inflate to $9.17 billion by 2029, growing at a compound annual rate (CAGR) of 20.9%. This advancement will be due to certain factors such as the extension of AI applications within supply chain and logistics to streamline operations, the amplified use of AI in the creation of autonomous vehicles, assimilation of AI in multimodal transport planning and coordination, the rise in the employment of AI for real-time traffic prognosis and route optimization, and the augmented demand for AI-driven public transport system solutions. The forecast period is expected to see significant trends such as development of AI-fuelled Mobility-as-a-Service (MaaS) platforms, focus on explainable AI for more transparent decision-making, implementation of AI for customization and adaptation within in-vehicle experiences, personalization of AI services for specific transport modes and sectors and collaborations among AI creators and transportation stakeholders.
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What are the leading drivers of growth in the artificial intelligence in transportation market?
The increase in the need for self-driving cars is predicted to stimulate the expansion of artificial intelligence in the transportation sector. A self-driving vehicle is a form of transport capable of independently navigating from one location to another using a variety of on-board technologies and sensors, including adaptive cruise control, active steering, anti-lock braking systems, GPS navigation technology, lasers, and radar. These autonomous vehicles use artificial intelligence to control the vehicle and detect potential accidents or obstacles. For example, a report released by the Victoria Transport Policy Institute, a Canadian research organization, in December 2023, suggested that by 2045 half of all new vehicles might be autonomous and by 2060 half of all vehicles could be self-driving. Consequently, rising demand for self-driving cars will invigorate the role of artificial intelligence in transportation.
What are the key segments defining the artificial intelligence in transportation market?
The artificial intelligence in transportation market covered in this report is segmented – _x000D_
_x000D_
1) By Offering: Hardware, Software_x000D_
2) By Machine Learning Technology: Deep Learning, Computer Vision, Context Awareness, Natural Language Processing_x000D_
3) By Process: Signal Recognition, Object Recognition, Data Mining_x000D_
4) By Application: Semi Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision And Mapping, Autonomous Truck, Other Applications_x000D_
_x000D_
Subsegments:_x000D_
1) By Hardware: Sensors, Edge Computing Devices, Control Units And Processors, Communication Devices_x000D_
2) By Software: AI Algorithms For Route Optimization, Autonomous Vehicle Software, Fleet Management Software, Predictive Maintenance Solutions, Traffic Management Systems
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Who are the key players steering the development of the artificial intelligence in transportation market?
Major companies operating in the artificial intelligence in transportation market include The Volvo Group, Mercedes-Benz Group AG, Scania AB, Peloton Interactive Inc., Valeo SA, Xevo Inc., Nvidia Corporation, Intel Corporation, Robert Bosch GmbH, Continental AG, Microsoft Corporation, International Business Machines Corp, Magna International Inc., ZF Friedrichshafen AG, Alphabet Inc., Daimler AG, General Motors Company, Aptiv plc, Denso Corporation, Xilinx Inc., TomTom NV, Harman International Industries Inc., Nauto Inc., FiveAI Inc., Waymo LLC, Uber Technologies Inc., Tesla Inc., Mobileye NV, Baidu Inc., AutoX Inc., Ponyai Inc., TuSimple Inc., Aurora Innovation Inc., Embark Trucks Inc., Plusai Inc.
What emerging trends are influencing the growth of the artificial intelligence in transportation market?
The rise of technological innovations has become a primary trend increasingly observed in the artificial intelligence within the transportation market. The main businesses in the market invest heavily in new product innovation to consolidate their market hold. As an example, in January 2022, Qualcomm, an American semi-conductor manufacturing firm, introduced Snapdragon Ride. This initiative is geared towards minimizing the intricacy of autonomous driving and Advanced Driver Assistance Systems by marrying potent, energy-efficient hardware, AI technologies, and a self-driving stack, creating a cost-effective, high-energy system. It offers a comprehensive toolkit for developing deep learning neural networks.
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Which regions are most influential in expanding the artificial intelligence in transportation market?
North America was the largest region in the artificial intelligence in transportation market in 2024.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, Africa
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