The Latin America, Middle East and Africa Automotive Artificial Intelligence Market would witness market growth of 28.9% CAGR during the forecast period (2022-2028).
With the deployment of AI technology, self-driving cars are being developed at a quicker rate. It is one of AI's greatest benefits for the automobile sector. In addition to gathering data from image recognition systems, self-driving cars may operate independently through the use of neural networks and machine learning. Consequently, the contribution of artificial intelligence to the development of driverless cars is astounding.
AI for the automotive business is not restricted to autonomous car production and other driver assistance functions; rather, the application of AI in the automotive industry for obtaining the data of connected vehicles is on the rise in most markets. Connected or autonomous vehicles require an increasing amount of data to perform their jobs autonomously. The utilization of AI cloud services is beneficial here. It provides the accessibility of data for self-driving vehicles.
AI Cloud is an ideal platform for implementing and executing AI technologies in the automobile sector. In addition, the combination of AI with IoT sensors and the cloud provides outstanding benefits. In the automobile business, AI systems analyze hundreds of sensor data and identify operational difficulties. In automotive production, artificial intelligence warns the driver of component failure and makes travel safer and more convenient. Therefore, artificial intelligence in automobiles facilitates the prediction of component failure prior to its occurrence.
With big infrastructure and housing developments planned, this industry would continue to expand. While sales of light commercial vehicles should remain on the rise because of more business and investments resulting from greater migration from neighbouring countries, sales of heavy commercial vehicles would then continue to be bolstered by substantial infrastructure as well as other construction projects. In addition to increased tourist and hospitality activities in the UAE and rising demand from construction workers, the need for bus and minibus would continue to climb.
The Brazil market dominated the LAMEA Automotive Artificial Intelligence Market by Country in 2021; thereby, achieving a market value of $157.8 million by 2028. The Argentina market would exhibit a CAGR of 29.6% during (2022 - 2028). Additionally, The UAE market is experiencing a CAGR of 28.6% during (2022 - 2028).
Based on Application, the market is segmented into Human–Machine Interface, Driver Monitoring, Autonomous & Semi-autonomous Driving, Identity Authentication, and Autonomous Driving Processor Chips. Based on Process, the market is segmented into Signal Recognition, Image Recognition, and Data Mining. Based on Technology, the market is segmented into Deep Learning, Machine Learning & Computer Vision, Natural Language Processing, and Context- aware Computing. Based on Offering, the market is segmented into Software and Hardware. Based on Component, the market is segmented into Graphics Processing Unit (GPU), Microprocessors (Including ASIC), Field Programmable Gate Array (FPGA), Memory & Storage Systems, Image Sensors, Biometric Scanners, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Automotive Artificial Intelligence Market is Predict to reach $7.5 Billion by 2028, at a CAGR of 21.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Google LLC (Alphabet, Inc.), Intel Corporation, Qualcomm Inc., Nvidia Corporation, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Hyundai Motor Company, Mitsubishi Electric Corporation and Tesla, Inc.
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