The global artificial intelligence (AI) in transportation market is projected to reach $3.5 billion by 2023. Due to the rising concerns for vehicle and driver safety, increasing focus on lowering the transportation costs, and advancements in autonomous vehicles, the artificial intelligence (AI) in transportation market is witnessing significant growth. In 2017, the market valued at $1.4 billion, and it is predicted to generate a revenue of $3.5 billion by 2023, exhibiting a CAGR of 16.5% during the forecast period (2018–2023). AI in transportation involves the use of computer vision, deep learning, and natural language processing technologies. Video camera, radio detection and ranging (RADAR) sensors, and light detection and ranging (LiDAR) equipment are some of the AI-based hardware installed in fully autonomous vehicles which are under trial.
The global internet of things (IoT) in manufacturing market size was USD 27.76 Billion in 2018 and is projected to reach USD 136.83 billion by 2026, exhibiting a CAGR of 22.1% during the forecast period. The internet of things (IoT) in manufacturing comprises mechanical and electrical parts, advanced sensors, network connectivity architecture, controls, software applications, and smart devices that work together to collect and share real-time information between machines and humans. The internet of things (IoT) in manufacturing industry is gaining robust growth due to the rising adoption of AI (Artificial Intelligence) and other connected devices based on machine learning (M2M, M2P). Implementation of IoT technology in manufacturing industry is providing several organizations with new opportunities including digital transformations techniques and is enabling them to upgrade the current running operations by creating and tracking new business models. Furthermore, IoT solutions help in providing manufacturers a comprehensive vision to monitor complexities keep on arising at every intermediate point in the manufacturing process and assist in developing real-time adjustments.
GNW • Which global factors are expected to impact the artificial intelligence market for automotive and transportation industry in the future? What are the key market strategies being adopted by them? Global Artificial Intelligence Market for Automotive and Transportation Industry Forecast, 2019-2029 In terms of value, the global artificial intelligence market for automotive and transportation industry is expected to grow at a CAGR of 13.12% during the forecast period 2019-2029. The growth in the market is attributable to the ongoing demand for innovative and technologically advanced automotive solutions. Moreover, intelligent solutions which reduce the incidences of human mistakes while driving, along with providing additional features for enhancing ease-of-driving, have driven the market.
Video-analytics technology is transforming the Internet of Things and creating new opportunities. Are companies prepared to capture growth? Some of the most innovative Internet of Things (IoT) applications involve video analytics--a technology that applies machine-learning algorithms to video feeds, allowing cameras to recognize people, objects, and situations automatically. These applications are relatively new, but several factors are encouraging their growth, including the increased sophistication of analytical algorithms and lower costs for hardware, software, and storage. With video analytics becoming more important to IoT applications, we decided to examine this technology more closely.
Increased Integration of Different Solutions to Provide Improved Performance 22.214.171.124 Rapid Industrial Growth in Emerging Economies 5.2.4 Challenges 126.96.36.199 Threats Related to Cybersecurity 188.8.131.52 Complexity in Implementation of Smart Manufacturing Technology Systems 184.108.40.206 Lack of Awareness About Benefits of Adopting Information and Enabling Technologies 220.127.116.11 Lack of Skilled Workforce 5.3 Industrial Wearable Devices Trends in Smart Manufacturing 5.3.1 By Device 18.104.22.168