The transportation industry is currently going through a major phase of evolution with the introduction of autonomous trucks application. Autonomous trucks are self-driven vehicles that are capable of sensing the environment and navigate to the destination without any human intervention. Also, these vehicles can be operated through voice commands.
The Artificial Intelligence in Transportation Market is projected to grow at a CAGR of 17.87% during the forecast period from 2017 to 2030, and the market size is expected to grow from USD 1.21 billion in 2017 to USD 10.30 billion by 2030. The development of autonomous vehicles and industry-wide standards to implement safety features such as the adaptive cruise control (ACC), collision warning, lane-keep assist, and advanced driver assistance systems (ADAS) would trigger the growth of the artificial intelligence in transportation market.
The artificial intelligence and machine learning technologies such as deep learning, computer vision, context awareness, and natural language processing will be the key growth drivers for the development of autonomous trucks. An autonomous truck may prove to be the next big evolution in transportation. Several major companies such as Volvo, Daimler, Scania, and DAF are developing and testing autonomous trucks. For a truck to be completely autonomous, many systems such as camera, radar sensors, and GPS must collaborate to provide a safe ride. Software companies such as NVIDIA, Intel, and Google are also focusing on the development of software for autonomous trucks. The governments of different countries are also making efforts toward autonomous operations. The NHTSA has mandated the use of rearview cameras in vehicles in the US. On 13th July 2009, the European Parliament made blind spot detection systems mandatory for all trucks to improve vehicle safety.
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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.
Key Players of Artificial Intelligence in Transportation Market:
- Volvo (Sweden)
- Daimler (Germany)
- Scania (Sweden)
- Bosch (Germany)
- Intel (US)
- NVIDIA (US)
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 rate during the forecast period from 2017 to 2030. A huge amount of data, collected from different sensors used in semi-autonomous or autonomous trucks, can be used to train the trucks to detect or recognize images, obstacles, and various scenarios one might encounter behind the wheel. Autonomous trucks have a potential of collecting more data from the outside environment and, hence, data mining will be of great importance in autonomous trucks. The North American region is estimated to have the largest market for data mining as the trucking industry has a huge influence on its economy. Similarly, the growing demand for predictive maintenance in transportation industry would boost the growth of the data mining process in the near future.
Target Audience of Artificial Intelligence in Transportation Market
- Artificial intelligence hardware and software suppliers
- Raw material manufacturers of artificial intelligence system components
- Automotive OEMs
- Artificial intelligence service/solution providers
- Industry associations and connected vehicle systems manufacturers
- Government’s national and regional environmental regulatory agencies or organizations
- The automobile industry and related end-user industries
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 rate during the forecast period from 2017 to 2030. A huge amount of data, collected from different sensors used in semi-autonomous or autonomous trucks, can be used to train the trucks to detect or recognize images, obstacles, and various scenarios one might encounter behind the wheel. Autonomous trucks have a potential of collecting more data from the outside environment and, hence, data mining will be of great importance in autonomous trucks. The North American region is estimated to have the largest market for data mining as the trucking industry has a huge influence on its economy. Similarly, the growing demand for predictive maintenance in transportation industry would boost the growth of the data mining process in the near future.
