Northbrook, IL 60062 -- (SBWIRE) -- 08/24/2022 -- According to MarketsandMarkets, the automotive artificial intelligence market is projected to grow from USD 2.3 billion in 2022 to USD 7.0 billion by 2027, at a CAGR of 24.1 % from 2022 to 2027. Major factors driving the growth of the automotive artificial intelligence market include rising demand for enhanced user experience and convenience features, and the growing adoption of ADAS technology by OEMs are driving the growth of the market during the forecast period.
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Based on the offering automotive artificial intelligence market has been segmented into hardware and software. Software is dominating the automotive artificial intelligence market. It accounts for the largest market share in 2021. The increasing technological advancement in AI software solutions is expected to result in the rapid growth of the automotive artificial intelligence market in the coming years. Rising demand for software, especially in predictive maintenance and quality control applications, and the widening application scope of AI in the automotive sector are the prime factors fueling the growth of the market for AI software platforms.
Based on the technology the automotive artificial intelligence market has been segmented into deep learning, machine learning, computer vision, natural language processing (NLP), and context-aware computing. The deep learning segment is expected to have the largest share of the automotive AI market. Deep learning is the major technology adopted by companies in applications such as Human-machine interface (HMI), semi-autonomous, and autonomous driving.
Based on the process of automotive artificial intelligence market into image recognition, signal recognition, and data mining. Signal recognition is the largest market, by process, in the automotive AI market as it plays an important part in autonomous and semi-autonomous driving applications where it is used for traffic sign detection, driver assistance systems, etc.