Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "AI in Transportation Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The transportation sector is poised to undergo a significant transformation, driven by advancements in artificial intelligence (AI). This market analysis reveals that the global AI in transportation market, valued at $3.25 billion in 2023, is projected to ascend to $3.86 billion in 2024, surging at a compound annual growth rate (CAGR) of 18.6%. Industry trends highlight the incremental contribution of predictive maintenance, traffic management optimization, and intelligent transport systems in this upward trajectory.
As technology continues to evolve, the market is expected to maintain a steady growth, reaching an estimated $7.62 billion by 2028, with a consistent CAGR of 18.5%. This remarkable expansion is a testament to the industry's adaptation to urban mobility challenges, fuelled by the increased implementation of AI solutions. The integration of AI is not only redefining the functionality of electric and connected vehicles but also playing a pivotal role in the promotion of sustainable and smart urban planning.
Emerging from North America as the leading contributor in AI-related transportation innovations, the industry observes a synergy of safety enhancements and smart infrastructure design. A focus on reducing traffic incidents and elevating efficiency is steering the market growth, evidenced by collaborations among major companies for technological breakthroughs.
Strategic partnerships are laying the groundwork for cutting-edge solutions that advance the safety and efficiency of vehicle fleets. For instance, the recent collaboration between a global e-commerce titan and a vehicle inspection firm to pioneer an AI-based Automated Vehicle Inspection system signifies the market's commitment to innovation.
Further complementing market growth is the notable shift towards AI-powered logistics solutions that promise increased stability, performance, and substantial cost reductions. The adoption of AI in various facets of transportation, including autonomous and semi-autonomous vehicles, precision mapping, and enhanced machine-human interfaces, signals a new era of mobility.
Within the dynamic landscape of AI, the transportation sector has emerged as a crucible for developments that are not only reshaping travel but also catalyzing a broader societal shift towards digital integration. The market analysis delves into the intricate web formed by the hardware and software constituents, exploring applications spanning from intelligent traffic management to predictive vehicle maintenance.
Key takeaways from the AI in Transportation Market Research Report encompass an in-depth evaluation of market dynamics, competitive analysis, regional insights, and technology trends shaping the future. The report pinpoints the significant growth drivers, challenges, and opportunities that stakeholders can leverage for strategic decision-making.
Conclusively, the transportation sector is on the cusp of an AI revolution that promises greater efficiency, safety, and sustainability. The comprehensive insights and forecasts presented in the market analysis are indicative of a progressive future trajectory, reinforcing the industry's potential for continued innovation and expansion in the coming years.
A selection of companies mentioned in this report includes:
- Volvo AB
- Mercedes-Benz Group AG
- Alphabet Inc.
- Intel Corporation
- NVIDIA Corporation
- Valeo SA
- ZF Friedrichshafen AG
- Continental AG
- Magna International Inc.
- Microsoft Corporation
- PACCAR Inc.
- Robert Bosch GmbH
- Scania Group
- Xevo Inc.
- Zonar Systems Inc.
- Daimler AG
- Waymo LLC
- Tesla Inc.
- Uber Technologies Inc.
- Mobileye Global Inc.
- Aptiv plc
- TomTom N.V.
- HERE Technologies
- Siemens AG
- Cisco Systems Inc.
- IBM Corporation
- Cognata Ltd.
- Argo AI
- Aurora Innovation Inc.
- Zoox Inc.
- Embark Technology Inc.
- TuSimple Holdings Inc.
- PlusAI Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4dan46
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