From the early stages of transportation of passengers and objects, i.e. the use of bullock carts, the transportation industry has now reached at a point where the development of self-driving cars has been made possible. This giant leap of course included a number of advancements in the technology of vehicles. Today vehicles are common machines for almost everyone and life without them is to most extent unimaginable. Technology has been majorly responsible for providing mankind with the transportation system as it is known today, and is it safe to say that there no bounds to its applications for the betterment of the systems even at this day.
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According to a P&S Intelligence report, the global AI in transportation market generated a revenue of $1.4 billion in 2017 and is predicted to reach a value of $3.5 billion by 2023, advancing at a 16.5% CAGR during the forecast period (2018–2023). The two major applications of AI in the industry are advance driver assistance system (ADAS) and human machine interface (HMI). In the past, the larger demand for AI was created for the HMI application, which is attributed to the high penetration of this technology in trucks as compared to ADAS. However, it is expected that the integration od ADAS in vehicles will increase considerably in the coming years.
In the years to come, North America is projected to emerge as the largest AI in transportation market, which is ascribed to the rising sales of premium trucks in the region. In addition to this, governments in the region are increasingly encouraging the development of autonomous vehicles by providing funding. Apart from this, the Asia-Pacific region is also projected to register a significant rise in the utilization of AI in the transportation industry in the near future, owing to the growing digitization.
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GLOBAL AI IN TRANSPORTATION MARKET
- By Offering – Software and Hardware
- By Application – Human Machine Interface (HMI) and Advance Driver Assistance System (ADAS)
- By Technology – Deep Learning, Computer Vision, and Natural Language Processing (NLP)
- By Process – Data Mining and Signal Recognition
- By Region – North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)