The rising adoption of advanced driver assistance systems (ADAS) and the development of autonomous vehicles are likely to boost artificial intelligence in transportation market growth. Autonomous cars leverage this technology for better optimization. Artificial intelligence enables the reliable recognition of any object around vehicles in real time. Considering the positive outcomes and numerous possibilities this domain, prominent vehicle original equipment manufacturers (OEMs) are heavily investing in the technology. That said, AI software is gaining prominence in the human-machine interface applications of vehicles. This software provides predictive intelligence to supply chains and is also applicable in waterway shipping, railway transport, and air transportation. Digital and satellite maps embedded in these systems offer information about the roads and traffic. Against this backdrop, artificial intelligence in transportation market is set to gain significant growth in the upcoming years.
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Increased Rate of Road Accidents to Aid Artificial Intelligence in Transportation Market Growth
The increased rate of road accidents has led to a growing concern on the safety features in automobiles, hence, promoting the adoption of artificial intelligence. The integration of the technology keeps vehicles updated about traffic and congestion-related signs and specifications. It also provides information about accident-prone areas. This will drastically reduce the probability of human error in road accidents. Furthermore, government authorities around the world are pushing the adoption of artificial intelligence in vehicles and spreading awareness about the benefits associated with it. Such a scenario is poised to create ample growth opportunities in the global artificial intelligence in transportation market over the forecast period.
Truck Platooning to Unlock Substantial Business Opportunities for Artificial Intelligence in Transportation Market
Truck platooning is prominent across various economies for supply chain and logistics purposes. Over the recent years, automation has been introduced across these vehicles. The cost of maintenance and that associated with drugs is projected to drastically reduce with the use of autonomous trucks. As a result of this, consumers have been able to receive better services. The increased use of sensors will improve the functionality of this technology as voice recognition and signal recognition will further offer better growth opportunities. Therefore, the rise in truck platooning owing to increased demand to export goods is providing impetus to artificial intelligence in transportation market.
North America to Forge itself as Key Region Owing to Strong Economic Conditions of States
North America is expected to remain the vanguard of global artificial intelligence in transportation market due to the increased emphasis on road safety and purchasing power. Furthermore, the sound economic conditions of several countries in North America play a prominent role in the market expansion. This makes the region more prone to invest in cutting-edge technologies such as artificial intelligence. Additionally, constant research and development activities contribute to the development of new features. The cumulative force of these factors is nurturing strong grounds for the holistic growth of the regional market.
Prominent Market Players
Some of the major players in artificial intelligence in transportation market include Continental (Germany), Bosch (Germany), NVIDIA (US), and Microsoft (US).
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