How AI will play a major role in the auto industry
Artificial intelligence (AI) systems, blending data and advanced algorithms to mimic the cognitive functions of the human mind, have begun to simplify and enhance even the simplest acts of our everyday experiences — and the automotive industry is no exception. A Tractica market intelligence study forecasts that the demand for automotive AI hardware, software, and services will explode from $404 million in 2016 to $14 billion by 2025.
Semi-autonomous and fully autonomous vehicles must heavily rely on AI systems to guide the dependability of their fail-safe navigation to earn the trust of drivers and passengers. Accordingly, we’re seeing significant AI-related investment for self-driving cars from across the design space with players including Tesla, Google, Mercedes-Benz, and others. In February 2017, Ford invested $1 billion — Detroit’s biggest investment yet — in the self-driving car startup Argo AI, which was founded by a partnership between two top engineers from Google and Uber.
Tesla founder Elon Musk speculates that AI will surpass solely human-based efforts by the year 2030. In a Twitter response to a research paper that hypothesizes the human race will be overtaken by AI-equipped robots by 2060, Musk mused, “Probably closer to 2030 to 2040 in my opinion.” Common perceptions cite but critically underestimate the speed at which machine learning helps data sets refine accuracy and displace user-based error to deliver clean and distraction-free processes safely. The speed at which these efficiencies are turning into improvements in our everyday lives is not something we’re having to wait long to experience at all — it’s happening faster than many continue to project.
The technology structure supporting AI development is finally realizing its potential after decades of computer intelligence development. For the first time, we’re approaching the creation of artificial “general” intelligence that allows machines to successfully perform intellectual-level tasks that could previously only be executed by humans. Thanks in large part to modern algorithms implementing multi-layered intelligence, the technology can take action on complex decisions based on advanced-level strategic and tactical considerations.
While self-driving cars and complex decision-making are the prime use cases for modern AI, the auto industry continues to search for new ways to engage customers through existing and new channels. AI provides a completely new set of tools to both better understand customer behavior and deliver an optimally personalized auto purchase and finance experience.
With advanced analytics, companies can understand data to discover insights and generate reliably predictive models for their customers.
Posted on 7wData.be.