According to the research report titled ‘Artificial Intelligence (AI) in Automotive Market Size, By Component (Software, Hardware, Service), By Technology (Computer Vision, Context Awareness, Deep Learning, Machine Learning, Natural language Processing (NLP)), By Process (Data Mining, Image/Signal Recognition), By Application (Semi-Autonomous Vehicles, Fully Autonomous Vehicles) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report, global artificial intelligence (AI) in automotive market is anticipated to exceed a valuation of USD 12 billion by the end of the forecast period 2020-2026.
 

Rising penetration of AI-powered vehicle driving systems, growing requirement for autonomous vehicles to improve traffic management, and rising adoption of IoT in vehicles are catalyzing the growth of global artificial intelligence in automotive market. Further, soaring adoption of machine learning solutions is also adding to the industry remuneration.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2419659/
 

However, issues related to accidents of driverless cars, high cost of AI-powered vehicles, and cyber security threats are likely to hamper the industry growth over the analysis timeframe.
 

Based on component, the hardware segment held over 60% share in 2019 and is anticipated to continue the exhibiting a strong growth trend over 2020-2026. This can be ascribed to rising adoption of automotive AI components for implementation of AI solutions, and incorporation of sensors such as ultrasonic sensors, high-resolution cameras and LiDARs for vehicle situational awareness.
 

With respect to technology, global artificial intelligence in automotive industry from context awareness segment is poised to grow with 35% CAGR through 2026, largely attributable to swift adoption of driver assistance solutions as well as semi-automated cruise control.
 

In terms of process, the image/signal recognition segment held above 65% share in 2019, accreditable to growing importance of vehicle speed control for reducing on-road accidents. This segment is poised to grow momentously as various governmental initiatives are promoting traffic sign recognition for complying with speed limits.
 

Based on the application scope, the semi-autonomous vehicles segment is slated to register above 38% CAGR through 2026. Growing necessity of solutions that facilitate driving during heavy traffic scenarios and huge demand for ADAS (Advanced Driver Assistance Systems) are favoring the segmental expansion.
 

As per experts, Europe market held more than 35% of the overall share in 2019 and is slated to grow significantly owing to rising demand for autonomous technologies, presence of various industry competitors, and rising focus of automotive manufacturers on AI technologies in the UK and Germany.
 

Leading companies in global artificial intelligence in automotive market sphere are Audi AG, Daimler AG, Ford Motor Company, Harman International Industries Inc., Microsoft Corp., Intel Corp., Alphabet Inc., Bayerische Motoren Werke AG, Toyota Motor Corp., The Honda Motor Company, Ltd., and Tesla Inc. among many others.