Artificial Intelligence in Transportation Market to Reach $5.16 Billion by 2026

Strategic Insights -

The artificial intelligence in transportation market is expected to experience significant growth, driven by the increasing demand for autonomous vehicles and the need for efficient and safe transportation systems. The market, which was valued at $2.16 billion in 2021, is projected to reach $5.16 billion by 2026, growing at a compound annual growth rate (CAGR) of 18.8%. Key players in the market include Volvo Cars, Mercedes-Benz Group AG, Scania AB, and NVIDIA Corporation, among others.

Key Takeaways:

  • The artificial intelligence in transportation market includes revenues earned by entities through road traffic management systems, unmanned aircraft systems, automation of train operation (ATO), and automatic identification systems (AIS) for shipping and autonomous navigation.
  • The market is expected to grow at a CAGR of 18.8% from 2021 to 2026, reaching $5.16 billion by 2026.
  • North America was the largest region in the artificial intelligence in transportation market in 2021, while Asia Pacific is expected to be the fastest-growing region in the forecast period.
  • The regions covered in the artificial intelligence in transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
  • The main types of offering in artificial intelligence in transportation are hardware and software, with hardware including neuromorphic and von Neumann hardware.
  • The different technologies include deep learning, computer vision, context awareness, and natural language processing.
  • Artificial intelligence in transportation is used in semi-autonomous truck, truck platooning, predictive maintenance, precision and mapping, autonomous truck, and other applications.
  • Growing demand for autonomous vehicles is expected to propel the growth of artificial intelligence in the transportation market.
  • Major companies operating in the market are focusing on innovations of new products, such as Snapdragon Ride launched by Qualcomm in January 2022.
  • Technological advancements have emerged as a key trend gaining popularity in artificial intelligence in the transportation market.
  • Conduent Transportation partnered with Hayden AI in April 2021 to provide cities and government organisations with technologically innovative solutions to improve traffic safety and efficiency.

Statistics:

  • The global artificial intelligence in transportation market is expected to grow from $2.16 billion in 2021 to $5.16 billion in 2026 at a CAGR of 18.8%.
  • North America was the largest region in the artificial intelligence in transportation market in 2021.
  • Asia Pacific is expected to be the fastest-growing region in the forecast period, accounting for approximately 30% of the market share.
  • The main types of offering in artificial intelligence in transportation are hardware and software, with hardware including neuromorphic and von Neumann hardware.
  • The different technologies include deep learning, computer vision, context awareness, and natural language processing.
  • Artificial intelligence in transportation is used in semi-autonomous truck, truck platooning, predictive maintenance, precision and mapping, autonomous truck, and other applications.

Sources:

  • Reportlinker, "Artificial Intelligence in Transportation Market Report 2022"
  • Qualcomm, "Snapdragon Ride Launched in January 2022"
  • Conduent Transportation, "Partnership with Hayden AI in April 2021"
  • AlixPartners, "Survey on Autonomous Vehicle Adoption"