11630 SW 97 Street, Miami, Florida 33176, US
Advertising Driven Press Release Distribution
Advertising Driven Press Release Distribution
From USD 1.47 billion in 2020, the global artificial intelligence in transportation market size is anticipated to grow to USD 11.35 billion by 2027. It will witness a 19.5% CAGR during the forecast period.
Factors attributing to the growth of AI in transportation market include increased implementation of ADAS, stringent government regulations towards vehicle safety, and enhanced technological development in vehicles such as autonomous vehicles. Moreover, the mounting transportation concerns, rise in vehicle traffic, and increasing incidences of human errors or accidents will propel the market growth of AI in transportation market.
To Get a Free Sample Copy of this Research Report at https://www.vynzresearch.com/automotive-transportation/artificial-intelligence-in-transportation-market/request-sample
Thus, AI in transportation market offers several advantages that include improved public safety, improved planning and better decision making along with pedestrian safety will accelerate the market development of AI in transportation market.
The COVID-19 pandemic had a massive impact on the worldwide market and AI in transportation market was adversely affected by it as there was an economic downturn that has caused a disturbance in the market operations. The increased raw material prices and considerable time required to deploy AI in transport has affected the market growth of AI in transportation.
Insight by Machine Learning Technology
Deep learning dominates the market and is anticipated to have remarkable growth during the forecast period as it is being adapted in various AI applications to develop self-driving trucks. This will make trucks more intellectual to drive and will hold on to situations like unfavorable climatic conditions, road terrains, etc.
Insight by Process
Signal recognition is estimated to have a significant market share during the forecast period as signals are being adopted for mapping, tracking, text, and gestures in several safety applications like traffic sign detection, ACC, etc.
Insight by Application
Autonomous trucks contribute the largest share of the AI in transportation market owing to increased development in the truck and logistics industry. The adoption of autonomous trucks will also result in decreased maintenance and administration costs. These important aspects will increase demand for artificial intelligence in the transportation industry, resulting in seamless self-driving and passenger safety.
Insight by IoT Communication
The 5G category is expected to grow at a fast rate throughout the projection period as it offers high transmission speed, reduced latency, high bandwidth, better stability and accessibility, and a reliable wireless user experience.
Insight by Offering
Software is estimated to have remarkable growth during the forecast period owing to massive investment to develop new technologies based on AI-based software and solutions. Furthermore, awareness among consumers to adopt developed technologies and increased spending on new and advanced features in the automobile sector, will accelerate the market demand for software segment.
Regional Analysis
North America is anticipated to contribute the largest share in the artificial intelligence in transportation industry as it is one of the major contributors for developed technologies, regulatory development related to compliance, safety, and accountability (CSA), and are spending huge investment on R&D activities will drive the market growth in the region.
Recent Developments
Explore More Related Research Report Published by VynZ Research:
For exclusive content regarding the latest trends in the world of Press Release distribution.
