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The Global Automotive Artificial Intelligence Market is expected to be worth $7.5 billion.
Reportlinker.com announces the publication of the report "Global Automotive Artificial Intelligence Market Size, Share, and Industry Trends Analysis Report By Application, Process, Technology, Offering, Component, Regional Outlook and Forecast, 2022 - 2028". The market's manufacturers face significant intellectual challenges in the development and modification of technology. Furthermore, the expansion of the automotive industry is expected to expand the market for automotive artificial intelligence. The automotive industry has reaped the benefits of artificial intelligence and is one of the first industries to use AI to augment and mimic human actions. Furthermore, the introduction of standards such as adaptive cruise control (ACC), advanced driver assistance system (ADAS), and blind spot alert, and an increase in demand for comfort features entice automotive providers to use AI. The degree of autonomy of autonomous vehicles is what distinguishes them. Level 5 vehicles are completely autonomous, requiring no human intervention to operate safely. The majority of autonomous vehicles on the road today, such as the Cadillac CT6 and Audi A8, belong to levels 2 and 3, are capable of performing at least two tasks concurrently, and require a human driver to operate safely.
To combat the COVID-19 pandemic, governments around the world were forced to implement strict lockdowns and demand social isolation. As a result, demand for new automobiles has significantly decreased. Furthermore, raw material availability decreased, production slowed, and disrupted global supply networks. The losses in the automobile industry have hampered the implementation of cutting-edge cybersecurity technologies. However, due to the growing demand for connected vehicles and the ongoing global vaccination campaign, it is expected that the use of automotive artificial intelligence will grow over time. Automobile efficiency and customer experience are becoming increasingly important. Human-machine interface (HMI) solutions for the automotive industry are now easier to use and manage, improving user experience. With such technologies, a user can control applications such as music systems, car lighting, and infotainment systems. The percentage of a vehicle's cost devoted to its electronics system has risen from 1-2% to 8-12% due to rising demand for better customer experience and additional features.
In-car payments are one of the most recent innovations, and they are intended to change the way consumers pay for parking or tolls, refuel, and possibly even go grocery shopping. Open Banking, which allows customers to pay directly from their bank while eliminating friction and security concerns associated with the payment journey, could be used to develop in-car wallets and payment systems. Third-party payment networks may be eliminated by simplifying transaction fees and improving the overall user experience. The commercialization of new technology systems is expected to drive up the cost of autonomous vehicles. The majority of cutting-edge technology is found in luxury and premium automobiles, which have a limited clientele due to their high price. As a result, a high car price is likely to stifle market growth. Compared to semi-autonomous vehicles, demand for expensive autonomous vehicles is expected to moderate.
The automotive artificial intelligence market is segmented by application into Human-Machine Interface, Autonomous & Semi-autonomous Driving, Identity Authentication, Driver Monitoring, and Autonomous Driving Processor Chips. In 2021, the Identity Authentication segment had a significant revenue share in the automotive artificial intelligence market. Authentication is the process of confirming a known user's identity to grant access to an account, location, or device. Furthermore, authentication of identity is used when a person's authenticity must be proven. In this case, previously provided personal information is compared. The automotive artificial intelligence market is divided into three segments based on the process: signal recognition, image recognition, and data mining. In the automotive artificial intelligence market in 2021, the Signal Recognition segment had the highest revenue share. Signal recognition is a technique for producing outcomes based on spoken, visual, and auditory cues. The signals frequently refer to speech or sound produced by a machine or a person, which can be recognized by natural language processing (NLP) devices and used to generate a result. Signals are raw data that AI systems must be able to process to generate, comprehend, and make intelligent decisions.
Deep Learning, Machine Learning & Computer Vision, Context-aware Computing, and Natural Language Processing are the technology segments of the automotive artificial intelligence market. In 2021, the Machine Learning & Computer Vision segment accounted for a sizable revenue share of the automotive artificial intelligence market. Machine learning allows cars to assess and learn from different driving scenarios, reducing accidents and making them safer and more fuel-efficient. It can generate precise models that can direct future activities and instantly uncover trends on a previously unimaginable scale.