New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AI in Transportation Global Market Report 2023" - https://www.reportlinker.com/p06466697/?utm_source=GNW
, Microsoft, PACCAR Inc., Robert Bosch GmbH, Scania, Xevo, and Zonar Systems.
The global AI in transportation market is expected to grow from $2.72 billion in 2022 to $3.25 billion in 2023 at a compound annual growth rate (CAGR) of 19.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ai in transportation market is expected to reach $6.3 billion in 2027 at a CAGR of 18.2%.
The AI in transportation market consists of revenues earned by entities by providing Intelligent traffic management, safety management, automatic traffic incident detection, advanced driver-assistance systems and route optimization.The market value includes the value of related goods sold by the service provider or included within the service offering.
The AI in transportation market also includes sales of storage devices, network connectors, and storage IOPS.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
AI in transportation refers to the use of artificial intelligence (AI) technologies in various areas of transportation, such as autonomous vehicles, traffic management, and logistics. AI in transportation is used to forecast collisions based on environmental and other parameters to improve passenger safety, decrease accidents and traffic jams, cut carbon emissions, and lower overall costs.
North America was the largest region in the AI in transportation market in 2022. The regions covered in AI in transportation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main AI in transportation components are hardware, and software.Hardware refers to physical infrastructure that provides the foundation for computer systems and other electronic devices to operate.
The various processes are signal recognition, object recognition, and data mining. The various technology types are natural language processing, deep learning, computer vision, and context-awareness that are appplied in semi-autonomous truck, truck platooning, predictive maintenance, precision and mapping, autonomous truck, machine human interface, and others.
The increasing number of road accidents is expected to propel the growth of the AI in transportation market going forward.An accident is defined as a collision involving at least one vehicle on a public road that results in at least one person being hurt or killed.
AI in transportation are used to control traffic congestion, improve traffic flow, and lower the likelihood of accidents. For instance, in September 2022, according to National Highway Traffic Safety Administration, an agency of the U.S. federal government, part of the Department of Transportation, an estimated 20,175 persons lost their lives in on road car accidents in the first half of 2022 in the US, a 0.5% increase from 2021. Further, 42,915 people died on American roadways in 2019, a 10.5% increase from 2020. Therefore, the increasing number of road accidents is driving AI in the transportation market.
Technological advancements are a key trend gaining popularity in the AI in transportation market.Major companies operating in the AI in transportation market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Alibaba Cloud, a Singapore-based provider of cloud computing services, launched EasyDispatch, an AI-driven logistics solution.It is uniquely designed with an Al-powered real-time service dispatch solution that improves supply chain management while reducing logistics costs.
It provides high-accuracy address processing capability and field service dispatch capabilities. The solution provides high performance, stability, and high-speed access from any location.
In October 2022, Velodyne Lidar a US-based lidar technology company acquired AI Software Company Bluecity for an undisclosed amount.This acquisition broadens, diversifies, and enriches Velodyne by adding AI-powered autonomous vision systems, and lidar-based solutions to solve safety, traffic, and infrastructure issues.
Bluecity is a Canada-based artificial intelligence (AI) software company with next-generation lidar-based solutions solve safety, traffic and infrastructure issues AI to detect and identify vehicles, bicycles, and pedestrians.
The countries covered in the AI in transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The AI in transportation market research report is one of a series of new reports that provides AI in transportation market statistics, including AI in transportation industry global market size, regional shares, competitors with a AI in transportation market share, detailed AI in transportation market segments, market trends and opportunities, and any further data you may need to thrive in the AI in transportation industry. This AI in transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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