AI in Transportaion Market Analysis Technological Advancements, Evolving Industry Trends and Insights
Burgeoning adoption of autonomous vehicles is one of the major factors propelling the demand for the incorporation artificial intelligence (AI) in transportation sector. In autonomous vehicles, AI is an important technology for autonomous driving systems, owing to its ability to allow real-time and reliable recognition of objects around the vehicle. In addition to this, the automotive industry is also witnessing soaring investments for the development and optimization of self-driving technology, by major original equipment manufacturers (OEMs). For instance, Tesla Inc. launched a sleek electric semi-truck equipped with semi-autonomous capabilities for the first time in November, 2017. Due to the above-mentioned factor, the global artificial intelligence (AI) in transportation market is expected to increase its revenue from $1.4 billion in 2017 to $3.5 billion by 2023, demonstrating a CAGR of 16.5% during the forecast period (2018–2023). AI brings with it numerous use...