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.
10 Important Reasons to Update Your Business Website
Many business owners don’t realize the importance of updating their websites. Take your stale, tired, and clunky website to an...
Three Applications Putting Augmented Reality in the Hands of Real Users
Augmented Reality (AR) is an exciting technology, especially now that we’re reaching an age where viable smartglasses are finally coming...
The State of Social Security: A Breakdown of the 2021 OASDI Trustees Report
The difficulties surrounding Social Security have not changed. It’s simply an equation of inflows and outflows. The glaring reality is that in...
Why the Number of Hedge Funds Active on the Crypto Market is Increasing
According to Francesco Filia, CEO of Fasanara Capital, cryptocurrencies often boost the performance potential of traditional hedge funds due to...
Hamburg-Based Neobank Tomorrow Raises €14 Million
So far, Tomorrow has lagged behind its own goals in some respects. In the past, an interim target of 1...
Business2 weeks ago
Using SEO to Inform Your Website Content Strategy
Business2 weeks ago
Five Things Small Entrepreneurs Need to Know to Develop a Great Shopping App
Cannabis1 week ago
Clever Leaves Exports Cannabis from Colombia
Featured2 weeks ago
How Climate Change is Affecting Stock Markets and the Global Economy