Artificial Intelligence in Transportation Market Comprehensive Research Study
by Rahul Gautam ManagerGlobal AI in
transportation market is projected to reach $3.5 billion by 2023, according to
P&S Intelligence.
The growth of the
market is majorly driven by the development of autonomous vehicles and
increasing focus towards reducing the operating cost of transportation.
Insights into market
segments
Based on offering, the
global AI in transportation market is categorized into
hardware and software. Of these, the software category is estimated to account
for a larger share in the global market, driven by the increasing use of
software as a platform (such as the Microsoft Azure) in HMI applications. It is
also expected to be the fastest growing category during the forecast period,
with increasing application of software enabled AI features.
Major developments in
AI in transportation are related to software. Companies such as IBM and
Alphabet Inc. are investing heavily in AI software, which is benefiting the
market of the category. Furthermore, the declining prices of hardware will
increase the share of the software category in the AI in transportation market
by 2023.
North America seals
the leading position in the AI in Transportation market
North America is
estimated to account for the largest share in the global AI in transportation
market, valued at more than 44.0% in 2017. The region includes developed countries
such as the U.S. and Canada, which are prominent markets of AI in
transportation. Government support and sales of long-haul and premium trucks
are driving the market in the region.
The U.S. has accounted
for a major portion of AI in transportation market revenues in the region till
now, due to considerable government and private sector investment, coupled with
a favourable policy framework. A well-developed trucking industry with an
estimated 15 million registered trucks in the country, ensures considerable
long-term opportunity for AI in transportation.
Research Relevant
Queries@ https://www.psmarketresearch.com/market-analysis/ai-in-transportation-market/report-sample
Development of
Autonomous Vehicles expected to drive the AI in Transportation market
The growth and
development of autonomous vehicles is expected to drive the AI in
transportation market. AI is a key technology for autonomous driving system, as
it is the only technology that enables reliable and real-time recognition of
objects around the vehicle. The artificial intelligence powered system will be
able to monitor, coordinate, and optimize the utilization of the fleet, offering
lower operational costs and increased level of services.
AI in Transportation
Market Competitive Landscape
Some of the major players operating in the AI in transportation industry are ZF Friedrichshafen AG, Robert Bosch GmbH, Continental AG, Valeo SA, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Alphabet Inc.
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Created on Jul 2nd 2019 03:05. Viewed 355 times.