Press release
AI in Transportation Global Market Report 2024 - By Trends, Size, Share, Demand, Forecast To 2033
AI in Transportation Market
The ai in transportation market size is expected to see rapid growth in the next few years. It will grow to $7.62 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to expansion of electric and connected vehicles, integration of ai in urban mobility, focus on sustainable and smart cities, enhanced safety features, remote operations and monitoring. Major trends in the forecast period include advancements in ai algorithms and machine learning, government initiatives and regulations, autonomous vehicles advancements, predictive maintenance with ai, multimodal integration.
Market Overview -
AI in transportation refers to the use of artificial intelligence (AI) technologies in various areas of transportation, such as autonomous vehicles, traffic management, and logistics. AI in transportation is used to forecast collisions based on environmental and other parameters to improve passenger safety, decrease accidents and traffic jams, cut carbon emissions, and lower overall costs.
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Vehicles On The Rise Catalyzing AI Growth In The Transportation Sector
The growing number of vehicles is expected to propel the growth of the AI in transportation market going forward. The increase in the number of vehicles on the road can be attributed to several factors, including population growth, economic development, and the inadequacy of public transportation infrastructure. AI can be used to optimize traffic flow, reduce congestion, and minimize travel times by analyzing real-time traffic data and adjusting signal timings and lane configurations accordingly. For instance, in March 2023, according to an article published by Hedges & Company, a US-based automotive digital marketing company, the registered cars in the US increased by 0.9% from 286.9 million cars in 2020 to 289.5 million cars in 2021. Therefore, the growing number of vehicles is driving the growth of the AI in transportation market.
Competitive Landscape -
Major companies operating in the ai in transportation market report are Volvo AB, Mercedes-Benz Group AG, Alphabet Inc., Intel Corporation, NVIDIA Corporation, Valeo SA, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Microsoft Corporation, PACCAR Inc., Robert Bosch GmbH, Scania Group, Xevo Inc., Zonar Systems Inc., Daimler AG, Waymo LLC, Tesla Inc., Uber Technologies Inc. , Mobileye Global Inc., Aptiv plc, TomTom N.V., HERE Technologies, Siemens AG, Cisco Systems Inc., IBM Corporation, Cognata Ltd., Argo AI, Aurora Innovation Inc., Zoox Inc., Embark Technology Inc., TuSimple Holdings Inc., PlusAI Inc.
Strategic Partnerships For Ai-Based Automated Vehicle Inspection
Major companies operating in the AI in transportation market are developing strategic partnerships to access valuable information and resources from other members, fostering innovation and the development of new technologies. Partnerships enable companies to pool their resources and expertise to develop innovative AI-driven transportation solutions. For instance, in October 2023, Amazon, a US-based E-commerce company, partnered with UVeye, a US-based automatic vehicle inspection provider to develop an AI-based technology called Automated Vehicle Inspection (AVI). This technology is designed to inspect delivery vans for anomalies such as tire deformities, undercarriage wear, and bent or warped body pieces. The AVI system performs a full-vehicle scan in a few seconds while the vehicle is rolling at 5 mph, identifies problems, classifies them based on severity, and immediately sends the results to a computer. The technology aims to improve the safety of Amazon's delivery fleet and reduce the reliance on manual inspections.
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Key Segments -
The ai in transportation market covered in this report is segmented -
1) By Components: Hardware, Software
2) By Process: Signal Recognition, Object Recognition, Data Mining
3) By Technology Type: Natural Language Processing, Deep Learning, Computer Vision, Context-Awareness
4) By Application: Semi-Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision And Mapping, Autonomous Truck, Machine Human Interface, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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