Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global Automotive Artificial Intelligence Market size is expected to reach $7.5 billion by 2028, rising at a market growth of 21.5% CAGR during the forecast period.
The Human–Machine Interface market is leading the Global Automotive Artificial Intelligence Market by Application in 2021; thereby, achieving a market value of $2.6 billion by 2028. HMI lets the driver and passenger to engage with the car by offering continuously delivered convenience, data, and entertainment. Electromechanical devices like keypads, indicators, pointing devices, and alarms are important HMI components. The infotainment area includes speech recognition, gesture recognition, monitoring driving, eye tracking, and a natural language database.
The Image Recognition market is anticipated to witness highest CAGR of 21.7% during (2022 - 2028). Image recognition would improve the safety, efficiency, and dependability of the vehicles. The concept of a self-driving automobile has been common in science fiction films for decades, but the technology is just beginning to catch up. Google, Ford, General Motors, Tesla, and Apple have already developed prototypes.
The Deep Learning market segment shows high market share in the Global Automotive Artificial Intelligence Market by Technology in 2021; thereby, achieving a market value of $2.8 billion by 2028. Unstructured data can be analyzed with the use of algorithms for deep learning. Current applications of deep learning include speech recognition, voice search, recommendation engines, fraud detection, sentiment analysis, picture identification, and motion detection. It is also utilized for object identification, advanced driving assistance systems (ADAS), collision avoidance, and car telematics control with voice recognition.
The Hardware market would showcase highest CAGR of 22.8% during (2022 - 2028). As a result of the development of high-performance computer hardware, advanced algorithms, and data-powered sensors, companies may incorporate AI in the automobile sector, overcome business challenges, and implement digital transformation.
The Field Programmable Gate Array (FPGA) market is exhibiting a CAGR of 22% during (2022 - 2028). Field Programmable Gate Arrays (FPGAs) comprise semiconductor devices consisting of a matrix of customizable logic blocks (CLBs) linked by programmable interconnects. After fabrication, FPGAs could be reprogrammed to meet applications or functionality specifications. This separates Application Particular Integrated Circuits (ASICs) from Field Programmable Gate Arrays (FPGAs), which are mass-produced for specific design needs.
The North America market dominated the Global Automotive Artificial Intelligence Market by Region in 2021; thereby, achieving a market value of $2.5 billion by 2028. The Europe market would exhibit a CAGR of 20.8% during (2022 - 2028). Additionally, The Asia Pacific market is experiencing a CAGR of 22.5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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