How would growing road safety concerns propel artificial intelligence (AI) in automotive market between 2019-2026?  

Global Artificial Intelligence (AI) in Automotive market has emerged as one of the most lucrative growth verticals in recent years. The market is predicted to show a remunerative growth trend through 2026. This development can be attributed to the slowly increasing uptake of driver assistance technologies in an effort to provide a better driving comfort as well as ensure a safe driving experience.

Along with driving comfort, growing customer interest for AI-powered vehicle driving systems is a key factor augmenting the industry share. Automotive companies are capitalizing on this trend through the introduction of novel features in their vehicles which includes lane assistance, adaptive cruise control, automated parking, and driver behavior monitoring.

Citing an instance, in October 2019, Toyota reportedly announced the unveiling of level-4 driver assistance systems to enable automated valet parking in all its upcoming cars. The new technology build by the company is developed together with Panasonic. This technology is designed using inexpensive sensors, providing affordable parking assistance solutions to the company’s customers.

As per a research report by Global Market Insights, Inc., global artificial intelligence (AI) in automotive market is estimated to exceed $12 billion through 2026.

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Why is the hardware segment witnessing rising demand in artificial intelligence (AI) in automotive market? 

With reference to the component segment, hardware dominated the market share in 2019 and is projected to show similar growth trends through the forthcoming timeframe. The segment represented more than 60% share of the industry in 2019. This development is attributed to the growing implementation of automotive AI components for the development of AI solutions. 

Energy-efficient SOCs (System-on-Chips) and dedicated AI GPUs are helping enterprises to rollout highly sophisticated onboard computers with strong computing power. Citing an instance, in July 2019, Intel unveiled Pohoiki Beach, a new AI-enabled chip. This chip can reach about 10,000 times faster computing speeds in comparison with traditional CPUs. It also features 8 million neutral networks.

In addition, rising uptake of sensors including LiDARs, high-resolution cameras, and ultrasonic sensors for vehicles is fueling the segment growth in the overall market outlook.

How would the image/signal recognition segment grow in artificial intelligence (AI) in automotive market?   

The image/signal recognition segment accounted for more than 65% share in 2019. Rising importance of vehicle speed control to decrease on-road accidents is a major factor augmenting the market size. Image/signal recognition can recognize traffic signs and speed limit indicators. Upon seeing such indicators, it automatically reduces the speed of the vehicle without any human intervention. 

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Along with these benefits, various government initiatives promoting traffic sign recognition to ensure speed limit adherence would possibly outline the segment share.

Citing an instance, in March 2019, the European Commission passed a law stating that all the vehicles produced from 2022 in Europe should compulsorily have built-in image/signal recognition capabilities. This new regulation is predicted to decrease over-speeding, rash driving as well as promote on-road safety.      

Why is artificial intelligence (AI) in automotive market growing in Europe? 

Europe artificial intelligence (AI) in automotive market dominated the market outlook in 2019 gaining more than 35% share of the overall industry. The region is likely to generate similar profits through 2026 owing to the increasing requirement for autonomous technologies.

UK and Germany are projected to lead the market share in the coming years. Increasingly shifting focus  of prominent automotive companies on AI technologies is likely to be a key factor for market growth in these countries.

Apart from this, growing favorable initiatives and norms to implement AI owing to better and smart traffic control in the UK has pushed the market growth in the country. Citing an instance, in 2017, the government of the UK invested over $75 million to develop AI solutions and have enhanced mobility.