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the global automotive artificial intelligence market was valued at $445.8 million in 2017, and is projected to reach at $5,827.6 million by 2024, growing at a CAGR of 43.8% from 2018 to 2024.
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Automotive Artificial Intelligence Market Global Opportunity Analysis and Industry Forecast, 2017-2024 Pages : 292 Publish Date: May 2018
Automotive Artificial Intelligence Market Artificial intelligence (AI) is one of the most progressive technologies in computer science. It is associated with human intelligence through similar characteristics such as language understanding, reasoning, learning, problem solving, and others. Manufacturers in the market witness enormous underlying intellectual challenges in the development and revision of the technology. In addition, the growth in automotive industry is expected to drive the automotive artificial intelligence market. Automotive industry has experienced the promise of artificial intelligence and is among the major industries using AI to augment and mimic the action of humans. Furthermore, emergence of standards such as advanced driver assistance system (ADAS), adaptive cruise control (ACC), blind spot alert, and growth in demand for convenience features attract automotive vendors towards AI.
Automotive Artificial Intelligence Market Automotive Artificial Intelligence Market Overview • According to a recent report published by Allied Market Research, titled, Automotive Artificial Intelligence Market by Component, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global automotive artificial intelligence market was valued at $445.8 million in 2017, and is projected to reach at $5,827.6 million by 2024, growing at a CAGR of 43.8% from 2018 to 2024. • Artificial intelligence has been increasingly adopted by the automotive industry, which is among the major industries using AI to mimic the action of humans. Applications that incorporate AI systems in automotive are semiautonomous and autonomous vehicles. In autonomous vehicles, AI collects, processes, and chooses the specific action based on the information gathered. • The growth of the automotive artificial intelligence market is driven by rise in demand for autonomous vehicles and increase in preference for enhanced user experience & convenience features. However, the threat of hackers and rise in cybercrime are expected to restrain the market growth. On the contrary, rise in demand for the premium vehicle segment is anticipated to provide lucrative growth opportunities for the market.
Automotive Artificial Intelligence Market Key Benefits • This report studies the global automotive artificial intelligence market with current trends and future estimations to portray the imminent investment pockets. • The overall market potential is determined to understand the profitable trends to gain a strong foothold. • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis. • The current market is quantitatively analyzed from 2017 to 2024 to highlight the financial competency of the market. • Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Automotive Artificial Intelligence Market Key Findings • Based on component, the hardware segment is anticipated to dominate the global automotive artificial intelligence market in terms of revenue. However, based on application, semiautonomous dominated the market in 2017. • In 2017, the machine learning & deep learning based on the technology segment accounted for the highest revenue. • North America held the majority of market share in 2017. • LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
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