The Global Automotive Artificial Intelligence Market was worth US$ 2.63 billion in 2022 and is anticipated to reach a valuation of US$ 7.74 billion by 2028 and is predicted to register a CAGR of 24.10% during 2023-2028.

Artificial intelligence (AI) frameworks are used to modify, process, and operate data and algorithms in order to emulate the intellectual components of the human mind and improve the capacity for automatic data assimilation and problem-solving. Such frameworks will undoubtedly be added to vehicles with self-driving features to increase their functionality and productivity.

One of the most cutting-edge industries in the world is this one. The development and adoption of autonomous or aided vehicles is now the automobile industry's most significant advancement. Automobiles are now capable of seeing, thinking, learning, and exploring an infinite variety of driving scenarios thanks to artificial intelligence (AI). The automotive sector makes use of the power of AI and deep learning to deliver a ground-breaking end-to-end solution for autonomous driving, from data collection, model training, and testing in simulation, to the design of intelligent, secure, and self-driving cars.

Market Drivers and Restraints:

The worldwide automotive AI market is heavily influenced by the growing interest in autonomous vehicles. Due to multiple features like automatic parking, self-driving, autopilot, and others that reduce the human effort when driving, these cars are becoming more popular on a global scale. Additionally, the most technologically dependable businesses, such as Nvidia, Tesla, and Intel, among others, support such autonomous vehicles. Autonomous vehicles are expected to significantly reduce the need for human intervention and be of utmost importance in sectors that have low labor for transportation needs. Thus, this is what is needed to fuel the growth of the global automotive AI market.

Manufacturers are facing a variety of challenges in relation to security and privacy issues, including the security of personal information, cyberattacks, and driver disruptions. For instance, a technical flaw in the dashboard PCs of 1.4 million Fiat Chryslers was investigated in the US because it allowed hackers to disable the vehicle. In line with this, white hat hackers successfully inserted malware into a Tesla car's operating system. These instances of interfering with customer security are among the major obstacles to market expansion.

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The report is segmented as follows:

The Automotive Artificial Intelligence Market is segmented by Application; the Market is segmented by Component; the Market is segmented by Technology; the Market is segmented by Process:

By Application (Semi-Autonomous and Fully Autonomous)

By Component (Hardware, Software, Service)

By Technology (Machine Learning and Deep Learning, Computer Vision, Natural Language Processing)

By Process (Signal Recognition, Image Recognition, Data Mining)

Regional Segmentation:

The automotive AI market will likely see notable contributions from North America among other regions. Two key factors are anticipated to fuel the development: rapid advancements in autonomous car technology and strict government regulations for street security. In 2017, Europe dominated the global automotive market due to the region's extremely rapid adoption of new features. Due to their high technological capacities, Asian countries including South Korea, Japan, China, and India are receiving investments from major technology pioneers.

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Impact of the COVID-19 pandemic on the market:

The COVID-19 initiative has sped up the adoption of artificial intelligence in key sectors, particularly the car industry. Including post-production, manufacturing, supply chain, design, production, driver assistance, and risk assessment systems, AI is effectively used throughout the automotive value chain. Despite relatively modest sales volume during the first year of the epidemic, the market is progressively gaining traction, according to market participants. Automakers have been forced to re-evaluate their short-term plan for redefining automation in light of the COVID-19 outbreak.

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