According to the report published on Global Market Insights, “AI in Automotive Market size exceeded USD 1 billion in 2019 and is estimated to grow at over 35% CAGR between 2020 and 2026.”
Automotive artificial intelligence is a science fiction fantasy come true for the delight of the car owners. If 5 years back, one could have only fantasized about the idea of owning a self-driving car or a car which he/she could have communicated with to play their favorite songs. Today, with the advent of technology, the automotive industry is bringing alive all the dreams and fantasies of autophiles.
The role of AI in automotive industry percolates to every car attribute such as safety, infotainment, and the overall drive experience. For the manufacturers, artificial intelligence is playing a significant role in not only improving their supply chain but totally revamping the R&D modules and engineering systems.
AI has fueled efficiency with concrete results and is only going to be much more advanced and fruitful in the future.
How exactly is artificial intelligence in automobile industry helping one and all?
Here is your answer:
Functional areas of AI integration
We are in a smart age wherein the focus is on efficient systems. For car manufacturers, automotive artificial intelligence helps to have systems wherein they can understand the requirements of their respective consumers with precise data points and introduce solutions at par expectations of the market audience.
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R&D and Engineering
Data accumulation and its subsequent integration for efficient systems is the best part of artificial intelligence in the automobile industry. Manufacturers can incorporate better ergonomic designs to improve speed and overall car experience by running simulation tests faster than ever before.
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Supply Chain
Industrial robots are a perfect example of how technology is redefining the functioning of the automobile industry. All the pain points and human error are being slowly weeded out with tech integration. Kia, for one, adopted Hyundai Vest Exoskeleton (H-VEX) for their production lines to identify any potential injury hazard with the wearable robots for assembly lines.
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Marketing/Sales
AI is virtually putting the automobile audience in direct contact with the OEMs. This paves way for better one on one communication between OEMs and buyers to understand the requirements with better clarity and pitch for services or features to improve engagement and integration. So, the next time when an OEM plans to launch a vehicle, they can directly send the information to their respective audience for an improved rate of conversion.
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Driving experience
With smart connectivity options, you can connect your phone to the vehicle and set the journey route beforehand. Want to play your favorite music? Just say it and your car will have it playing on the speakers. When a car owner is expecting smart features, AI provides all the access to OEMs to include some of the state-of-the-art car features to improve the overall driving experience.
Innovation is the way ahead
The use of AI in automotive industry is filled with countless possibilities for efficiency. With a single data point on drive experience, for example, manufacturers can turn their unique ideas into the selling highlight for their product. When it comes to the advantage and disadvantages of use of ai in automobile industry, there appear to be more advantages than disadvantages one can think of. AI is leading the transformation of the automotive sector.
On one side, manufacturers, with subsequent rise of AI in the cars, will have to focus on cybersecurity while on the other hand, buyers will probably have to shell out extra money to enjoy new AI features integrated into their favorite cars.
The used car market is also one of the prime examples of how technology can help to get rid of pain points and hassles of traditional methods. When earlier, used car marker was marred with biased information and unnecessary pricing negotiations, today, potential car buyers can go online to access unbiased systems for used car pricing estimates within seconds! The 21st century AI machine learning systems have brought much-needed transparency into the overall buying journey. Buyers are able to trust the car they are buying without wasting time or second-guessing their choice. Thus, bringing huge buyer attention and fueling sales of the pre-owned vehicles.
AI in the automotive industry is leading transformation by paving way for new and exciting systems and services. As we progress ahead with tech innovation, the focus is going to be on delivering precise and customized solutions by understating buyer requirements for delivering swift solutions.