AI in Transportation Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast

AI in Transportation Market AI in Transportation Market

Global AI in transportation market is projected to reach $3.5 billion by 2023, according to P&S Intelligence.

The growth of the market is majorly driven by the development of autonomous vehicles and increasing focus towards reducing the operating cost of transportation.

Insights into market segments

Based on offering, the global AI in transportation market is categorized into hardware and software. Of these, the software category is estimated to account for a larger share in the global market, driven by the increasing use of software as a platform (such as the Microsoft Azure) in HMI applications. It is also expected to be the fastest growing category during the forecast period, with increasing application of software enabled AI features.

Major developments in AI in transportation are related to software. Companies such as IBM and Alphabet Inc. are investing heavily in AI software, which is benefiting the market of the category. Furthermore, the declining prices of hardware will increase the share of the software category in the AI in transportation market by 2023.

North America seals the leading position in the AI in Transportation market

North America is estimated to account for the largest share in the global AI in transportation market, valued at more than 44.0% in 2017. The region includes developed countries such as the U.S. and Canada, which are prominent markets of AI in transportation. Government support and sales of long-haul and premium trucks are driving the market in the region.

The U.S. has accounted for a major portion of AI in transportation market revenues in the region till now, due to considerable government and private sector investment, coupled with a favourable policy framework. A well-developed trucking industry with an estimated 15 million registered trucks in the country, ensures considerable long-term opportunity for AI in transportation.

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Development of Autonomous Vehicles expected to drive the AI in Transportation market

The growth and development of autonomous vehicles is expected to drive the AI in transportation market. AI is a key technology for autonomous driving system, as it is the only technology that enables reliable and real-time recognition of objects around the vehicle. The artificial intelligence powered system will be able to monitor, coordinate, and optimize the utilization of the fleet, offering lower operational costs and increased level of services.

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AI in Transportation Market Competitive Landscape

Some of the major players operating in the AI in transportation industry are ZF Friedrichshafen AG, Robert Bosch GmbH, Continental AG, Valeo SA, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Alphabet Inc.

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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