Business Insider Intelligence discusses the forces driving transportation firms to AI, the market value of its technologies, and barriers to adoption.
New technology is disrupting legacy automakers' business models and dampening consumer demand for purchasing vehicles. Tech-mediated models of transportation — like ride-hailing, for instance — are presenting would-be car owners with alternatives to purchasing vehicles.In fact, a study by ride-hailing giant Lyft found that in 2017, almost 250,000 of its passengers sold their own vehicle or abandoned the idea of replacing their current car due to the availability of ride-hailing services.
This will enable automakers to take advantage of what will amount to billions of dollars in added value. For example, self-driving technology will present a $556 billion market by 2026, growing at a 39% CAGR from $54 billion in 2019, per Allied Market Research. Major auto companies are already adopting the technology in order to capitalize on the benefits it is expected to provide — Toyota launched a venture capital subsidiary in 2017, and Volkswagen has well over 100 AI applications running in trial projects across its 120 plants.
Self-driving technology will be the biggest opportunity AI creates in the transportation space: It will present a $556 billion opportunity by 2026, growing at a 39% CAGR from $54 billion in 2019, per Allied Market Research.
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