NEW YORK, May 17, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global AI in transportation market is projected to reach $3.5 billion by 2023. The growth of the market is majorly driven by the development of autonomous vehicles and increasing focus towards reducing the operating cost of transportation.
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.
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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 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.
The U.S. truck market is characterised by long haul semi-trailer trucks which cover long distances. The truck drivers of these long-haul trucks often face physical and phycological workload, erratic schedules, and disrupted sleep patterns. AI related features are best suited for long haul trucks (as found in North America), as these features reduce the driver work load, and increase their overall safety. Another factor responsible for a larger share of sales in North America is considerable sales for premium trucks in the region. As AI features are expensive and considerably increase the upfront cost of trucks, these features are more often installed in premium trucks, thus, benefiting the AI in transportation market in the region.
Browse report overview with 149 tables and 59 figures spread through 190 pages and detailed TOC on "Artificial Intelligence (AI) in Transportation Market" at: https://www.psmarketresearch.com/market-analysis/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.
Many start-ups such as TuSimple Inc., nuTonomy Inc., and NAUTO Inc. are also developing autonomous driving systems for passenger cars and commercial vehicles. The multitude of deals represents a growing realization among automakers for autonomy in automobiles. The development of autonomous vehicle integrated with smart features is expected to propel the growth of the AI in transportation market globally, for a long term.
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.
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