PUNE, India, November 15, 2017 /PRNewswire/ —
The report “Artificial Intelligence in Transportation Market by Machine Learning (Deep Learning, Computer Vision, Context Awareness, NLP), Application (Semi & Full-Autonomous, HMI, Platooning), Offering (Hardware, Software), Process, and Region – Global Forecast to 2030“, published by MarketsandMarkets™, the market is projected to grow at a CAGR of 17.87% during the forecast period, and the market size is expected to grow from USD 1.21 Billion in 2017 to USD 10.30 Billion by 2030.
Browse 76 Market Data Tables and 53 Figures spread through 187 Pages and in-depth TOC on “Artificial Intelligence in Transportation Market – Global Forecast to 2030”
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The emergence of autonomous trucks and industry-wide standards such as adaptive cruise control (ACC), blind spot alert, and advanced driver assistance systems (ADAS) would trigger the growth of the Artificial Intelligence in Transportation Market. The growing demand for safety and security has created an opportunity for OEMs to develop new and innovative artificial intelligence systems that would attract customers.
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Software segment is estimated to hold the largest share of the Artificial Intelligence in Transportation Market.
The software segment is estimated to hold the largest market share of the Artificial Intelligence in Transportation Market in 2017. In recent years, major developments have occurred in AI software solutions, platforms, and related software development kits. These developments have taken place due to the need for advancement in the areas of object perception, machine translation, and object recognition. Companies such as Alphabet (US), Microsoft (US), IBM (US), and Intel (US) are among the frontrunners in the development of AI software. All these companies are acquiring or investing heavily in start-ups to maintain a strong position in the Artificial Intelligence in Transportation Market. In March 2017, Intel (US) acquired Mobileye (Israel) for approximately USD 15 billion. Software for deep learning technology has a major share in the AI in transportation market. Therefore, the need for advancement in autonomous trucks has led to a large amount of funding for various start-ups in the North American region.
Data mining process is estimated to be the fastest growing segment of the Artificial Intelligence in Transportation Market.
The data mining segment is projected to grow at the highest