AI in Transportation Market Comprehensive Plans, Competitive Landscape and Trends by Forecast 2027 | COVID-19 Effects

The global AI in transportation market is projected to develop at a CAGR of 18.03 % during the conjecture time frame, 2020-2026.

Segmentation:

The global AI in transportation market has been segmented based on offering, machine learning (ML) technology, and application.

Based on offering, the global market has been segmented into hardware and software. The hardware segment is further subdivided into Central Processing Unit (CPU), Graphics Processing Unit (GPU), sensors, and others.

Based on ML technology, the AI in transportation market has been segmented into deep learning, computer vision, NLP, and context awareness.

Based on application, the AI in transportation market has been segmented into autonomous truck, semi-autonomous truck, truck platooning, human-machine interface (HMI), predictive maintenance, precision mapping, and others.

Based on IoT communication, the AI in transportation market has been segmented into LTE, LPWAN, and 5G.

Market Highlights

The significant driving variables of the market are raising the interest for the AI in Transportation Market at the global level. The increased pace of street mishaps in significant districts of the world requests the execution of man-made brainpower. An enormous number of vehicles moving on-street are the main source of the mishap. Accordingly, the increased number of street mishaps and the worry to control the traffic is profoundly demanding for AI innovation in transportation. AI innovation carried out in vehicles will shield the driver from mishaps. Since it is fit for providing speedy updates about streets and significant signs to the drivers, it will caution them on clumsy regions. The wellbeing rule elements of AI transportation are higher contrasted with manual. The ascent in the reception of AI in vehicles will increase street wellbeing and decrease mishaps.

Additionally, the interest for independent vehicles is huge in the market. The present age profoundly lean towards these vehicles because of their accommodation highlight. AI is an inbuilt innovation in independent vehicles; it actually looks at driving to vehicle maintenance; subsequently, this innovation is urgent in independent vehicles. The increase sought after for independent vehicles is a significant driver for the market. Independent vehicles include profound learning innovation with AI and machine learning combined, which assists the vehicles with thinking, drive, and learn through the innovation. The ascent popular for independent trucks is one more driving element for the market; as trucks transport tremendous and weighty burdens, they get more inclined to mishaps. In this manner, AI innovation in the truck will be exceptionally valuable. Every one of these development factors are propelling the development of AI in Transportation Market.

Truck platooning will be an uncommon degree for the market. This section will drive the market at the global level. AI in transportation will think of cutting edge highlights in the upcoming years, attracting new end clients of the market. The integration of highlights in the vehicle like sensors, voice acknowledgment, signal acknowledgment, and combination will give new learning experiences. The AI in Transportation Market will see gigantic development during the gauge time frame. The market is projected to arrive at a CAGR of 18.03 % during the figure time frame.

AI in transportation innovation is viewed as the best arrangement. This innovation additionally gives eco-friendliness and lessens fossil fuel byproducts highlights. This administration’s guideline will be good for the market’s development. Further, the ascent in mindfulness for traffic division will move the market’s interest. The execution of AI in transportation will give proficient courses, leading the driver to courses to travel through less traffic.

The AI in the Transportation Market will thrive with the key market drivers to raise its interest. The ascent in worry about street mishaps increasing step by step is the significant driver for this market. The ascent in the quantity of vehicles moving on-street, which to continue higher in the future years, will prompt the reception of AI in transportation. Be that as it may, the high initial expense and sending cost is hampering the market’s development rate. Be that as it may, the vital participants are checking the restraining elements to conquer them admirably.

The AI in Transportation Market rivalry is rising high because of the involvement of prominent players and the passage of new players. The car producers are launching vehicles with AI innovation to fulfill the public’s need. This multitude of variables will assist the market with progressing quickly with great development esteem.

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Regional Analysis

The geographic analysis of the AI in transportation market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America accounted for the largest contributor to the AI in transportation market. The regional market comprises the US, Canada, and Mexico. According to MRFR analysis, some of the factors responsible for the market’s growth include the rising need for enhanced operational efficiency and increasing adoption to enhance driver and vehicle. Moreover, the presence of established players such as Intel Corporation, Microsoft Corporation, IBM Corporation, and Magna International Inc. is one of the factors driving the growth of the regional market.

Europe is the second-largest contributor to the AI in transportation market. The regional market comprises the EU-27 countries and UK. According to MRFR analysis, the EU-27 countries, together, are expected to account for the highest market share, followed by the UK. The market has been driven by factors such as the government’s proposals to boost public and private investment in AI with a greater focus on its application in transport. The European Union (EU) has taken major steps to adapt to the developments taking the place of AI in the transportation sector. These measures include general strategies on AI and rules that support the innovations of technologies that enable the application of AI in transport while at the same time ensuring respect for its fundamental values and rights. Additionally, the growth in the market has also been due to the EU government providing financial support, particularly for research in the field of AI in transportation. In the shipping industry, the EU has adopted rules to harmonize AI digital reporting for ships to simplify information exchange procedures between the ships and the ports and digitalize cross-border transport operations. The first key step towards introducing AI in rail transport has been deploying the European Rail Traffic Management System (ERTMS), which provides trains with a driver assistance system. In the aviation industry, several research projects have been supported the development of AI and Air Traffic Management (ATM), covering issues such as predictability of traffic at different phases of flight, improvement of passenger flows at airports, and greater automation of the system.

Asia-Pacific has been segmented into China, Japan, India, and the Rest of Asia-Pacific. According to MRFR analysis, the region is expected to be the fastest-growing market for AI in transportation in terms of value. The regional market growth can be attributed to strong economic growth, booming logistics and supply chain sector, the shift of unorganized third-party logistics sectors to organized sectors, and the steadily growing population. The increasing focus on enhancing driver and vehicle safety and achieving enhanced operational efficiency are the main factors boosting the growth of the Asia-Pacific market; the increasing purchasing power of the middle-class population is also anticipated to play a major role in driving the regional market growth. Moreover, the major AI transportation companies based in the US and the UK are expanding their business in Asia-Pacific.

The market for AI in transportation in the Middle East & Africa is expected to witness significant growth. It is estimated to reach USD 1,447.5 million by 2026, registering a compound annual growth rate (CAGR) of 17.8% during the forecast period, 2020-2026. The growth AI transportation market in South America is low as compared to other regions. However, the regional market is expected to show significant growth during the forecast period due to the increasing demand for advanced AI autonomous vehicle solutions and road safety systems.

Competitive Analysis

The key players of the global AI in transportation market include Siemens Mobility Solutions (Germany), Huawei Technologies Co. Ltd (China), Intel Corporation (US), NEC Corporation (Japan), Microsoft Corporation (US), IBM Corporation (US), Robert Bosch GmbH (Germany), Valeo (France), Daimler AG (Germany), Scania AB (Sweden), Continental AG (Germany), Magna International (Canada), Volvo (Sweden), ZF Friedrichshafen AG (Germany), and Nvidia (US).

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AI in Transportation Market Research Report: Information by Offering (Hardware [CPU, GPU, Sensors, and Others], Software [AI Platform and AI Solution]), ML Technology (Deep Learning, Computer Vision, Natural Language Processing (NLP), and Context Awareness), Application (Semi-Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision & Mapping, Autonomous Truck, Human-Machine Interface (HMI), and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast Till 2026

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