The thought of having driverless cars came up in the 1970s so the idea isn’t as new as it might seem to be. Over the years, AI-powered cars have been depicted in the movies and have been a strong part of our imaginations.
While the idea has been quite exciting, the work done on this matter wasn’t substantial until now. This is because driving a car doesn’t involve following a set of rules or algorithm; rather it requires learning.
Even in 2018, the automotive companies employing AI only grew marginally by three percent. However, it has been predicted that by 2024, the value of AI in the automotive industry and cloud services will rise beyond $10.73 billion. An IHS report reveals that the install rate of AI systems in vehicles was eight percent in 2015 but it is expected to grow to 109 percent by 2025.
AI taking the driving seat
Before the automotive industry allows AI to take the wheel, they want to put it first in the co-pilot’s seat. It is a perfect choice to power the vehicles with advanced safety features and letting the manufacturers, customers, and regulators be comfortable with the idea of AI getting the license to drive.
Waymo and Tesla are way ahead in developing a prototype and have even gone through basic testing. The only thing stopping them currently are the regulations. Tesla’s Autopilot software can even check your calendar and take you to the destination without you telling it.
Detecting and avoiding equipment failure
AI will help the automobile companies in manufacturing of the vehicles and management of the inventory. The quality control will also improve saving millions of dollars and preventing the companies from going bankrupt.
The costs can be unaffordable if a machine fails unexpectedly during the assembly line. AI-based algorithms have the ability to digest masses of data, detect anomalies, diagnose a problem, and predict if a breakdown is imminent.
The potential impact of integrating AI in manufacturing would be 20 percent more availability of the equipment, a 10 percent decline in annual maintenance costs, and 25 percent lower costs spent on inspection of the machinery.
Intelligent insurance risk assessment
Insurance companies are already looking for ways which will help in detecting or even reducing the risk involved in driving. AI has good news for the insurance customers too as it speeds up the process of filling a claim when an incident occurs.
AI can dig deep into the driver’s profile than just its driving history to evaluate the risk involved in his driving. From detailed medical assessment to a close eye on personal life, AI can find anything which can affect the driving ability of an individual.
The bottom line
The future is very promising for AI in the automotive industry. AI will help the companies in building better quality products and detecting the defects 90 percent better than human evaluation. The day isn’t far away when you’ll be looking for an autonomous driving car and making the purchase of a vehicle equipped with IoT.
(Featured image by DepositPhotos)
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
MDI’s second round of equity crowdfunding flies by funding goal
The new online bank has collected over $886,000 (€756,000) on the Opstart portal, exceeding the minimum target by 202%, but...
The coronavirus resurgence keeps demand on the futures market at low levels
Coffee futures were higher and were led higher by New York as it caught up to the recent strength in...
The Government of Catalonia awards Roche a €9.2 million contract for analysis services
The Swiss pharmaceutical company Roche will supply reagents and consumables and will provide the necessary equipment to carry out analytical...
PR Tech: How investments in the media market changed?
The pandemic has affected all sectors of the economy, including the advertising market. According to Business Insider, despite the hit...
The crypto market is on the rise, while the U.S. GDP suffers the biggest slump in its history
The economic turmoil caused by the coronavirus pandemic has thrown the U.S. GDP in the second quarter of the year...
Cannabis7 days ago
A French company will produce fuels from hemp
Crypto6 days ago
Ethereum course increases by 36% and DeFi breaks the $4 billion mark
Featured4 days ago
Supply@Me Capital ready to close the first securitization of the overall €970 million program
Africa3 days ago
Rwanda will build a nuclear research center