AI in Automotive
Artificial intelligence has been gaining traction in the automotive industry in recent years, owing to its application in autonomous driving, connected vehicles, mobility as a service, and smart manufacturing. The Global AI in automotive market was valued at US$ 7,706.7 Mn in 2018 with a CAGR of 23.5% during the forecast period. Major companies operating in the market are focusing on collaboration for strengthening their market presence, which has been driving the growth of the market in recent days. For instance, in Jan 2017, Audi announced its partnership with NVIDIA for introducing computer vision technology on Audi innovations such as Audi virtual cockpit and Audi MMI navigation. This is expected to drive market growth in the coming years.
Google’s Waymo is expected to create disruptions in the autonomous vehicle market in the near future. The AI software embedded in Waymo enables to crunch the data from vehicle’s radar, lidar, GPS, high resolution cameras, and cloud services to produce control signals for operating vehicles. Moreover, predictive maintenance is anticipated to hold a significant share in the AI in automotive market. Companies such as Volkswagen and Microsoft are entering into partnerships for offering Over the Air and predictive maintenance software updates for their vehicles. This is increasing the importance of predictive maintenance in the AI automotive market.
At the same time, AI in automotive insurance is also anticipated to gain traction in the coming years. Companies such as Art Financial are introducing AI-powered applications that enable users to perform damage assessment for their insurance companies.
In 2018, Kia Motors announced its partnership with Hyundai Vest Exoskeleton in order to develop AI-enabled robots for their assembly lines, which is expected to have a positive impact on the industrial automation market soon. This will also drive the overall growth of the AI in automotive market during the forecast period.
Written By :
Komal Phadtare
Designation :
Research Associate