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artificial intelligence in transportation market Demand, Size, Share, Scope & Forecast To 2028

Unknown     05/19/2022 05:03:58    172    Share

The global Artificial Intelligence in Transportation Market size is expected to reach USD 7,065.1 Million in 2028 and register a robust CAGR over the forecast period, according to latest analysis by Emergen Research.

The report is updated with the latest economic scenario and market scope with regard to the ongoing COVID-19 pandemic. The report covers growth prospects as well as current and futuristic revenue estimations in a post COVID scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.

Steady revenue growth of the Artificial Intelligence in Transportation Market can be attributed to rising demand for safety and security in transportation and logistics and increasing deployment of more advanced traffic management solutions. Artificial Intelligence (AI) in transportation is used to gather traffic data to decrease traffic congestion and enhance public transport scheduling. AI helps in streamlining traffic patterns through real-time tracking and intelligent traffic light algorithms, thereby enabling smooth traffic flow, which significantly improves various aspects in transportation. Besides, AI helps in decreasing fuel consumption and exhaust emissions, which would otherwise be higher in a normal setting as a result of numerous vehicles moving slowly during a traffic jam or congestion.

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Some Key Highlights in the Report

  • In October 2020, Daimler Trucks entered into a partnership agreement with Waymo for deployment of autonomous SAE L4 technology. The partnership is intended to combine the automated driver technology of Waymo with a cutting-edge version of Freightliner Cascadia of Daimler for autonomous driving.
  • Signal recognition segment accounted for largest revenue share in 2020. Signal recognition and processing is used in intelligent transportation systems, which comprise technologies deployed in roadways and vehicles for management and enhancement of traffic flow. Signal recognition-based systems are used for detection of vehicles as they approach an intersection, thereby enabling traffic control systems to regulate traffic lights when needed.
  • Computer vision finds widespread use in traffic management systems. It aids in maintaining a steady traffic flow, leading to fewer congestions. Computer vision is also used in smart cities in the functioning of ambient light detectors in streetlights.

Furthermore, the report provides details about the new players entering the market, entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.

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Key Players operating in the Artificial Intelligence in Transportation Market industry are:

Artificial Intelligence in Transportation Market include Daimler AG, Continental AG, Robert Bosch GmbH, VOLVO, PACCAR Inc., Magna International Inc., ZF Friedrichshafen AG, Scania AB, Valeo, and MAN SE.

The Global Artificial Intelligence in Transportation Market is further analyzed across the key geographical locations where the market has expanded to a significant size. The key region analyzed are North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report offers a country-wise analysis to provide a comprehensive analysis of the Artificial Intelligence in Transportation Market in terms of production and consumption patterns, supply and demand ratio, import/export, revenue contribution, trends, and presence of prominent players in each region.

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Emergen Research has segmented the global Artificial Intelligence in Transportation Market in terms of process, learning technology, application, and region: