The #AIEye: BMW Joins Tencent (OTC: $TCEHY) to Launch Computing Centre in China for Self-Driving Cars and VMware (NYSE: $VMW) Acquires Startup Bitfusion
Global Automotive #AI Market to Reach $5.827 Billion by 2024
Point Roberts WA , Vancouver BC – July 19, 2019 – Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today’s edition of The AI Eye- watching stock news, deal tracker and advancements in artificial intelligence.
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Today’s Column- The AI Eye- Watching stock news, deal tracker and advancements in artificial intelligence
Stocks discussed: (OTC:TCEHY) (NYSE:VMW)
BMW (XETRA:BMW.DE) is joining with Tencent Holdings (OTC:TCEHY) to launch a computing centre in China for self-driving cars. The facility will begin operating later this year, with BMW aiming to introduce semi-autonomous cars to China in 2021. The computing centre, which may be built near the city of Tianjin, “will provide cars with data-crunching capabilities to help them drive semi-autonomously and, eventually, autonomously”. Jochen Goller, head of BMW’s China operations, said in a statement that the facility:
“…will support BMW’s autonomous driving development and innovation in China. BMW can, therefore, develop autonomous driving solutions that fit better with the specific driving conditions in China.”
VMware, Inc. (NYSE:VMW) has acquired startup Bitfusion – “a pioneer in virtualization of accelerated compute with a strong focus on GPU technology” – according to a company blog post. Krish Prasad, Senior Vice President and General Manager, Cloud Platform Business Unit, VMware, commented:
Once closed, the acquisition of Bitfusion will bolster VMware’s strategy of supporting AI- and ML-based workloads by virtualizing hardware accelerators. Multi-vendor hardware accelerators and the ecosystem around them are key components for delivering modern applications. These accelerators can be used regardless of location in the environment – on-premises and/or in the cloud.
Global Automotive AI Market to Reach $5.827 Billion by 2024
A report from Big Market Research finds that the global automotive AI market will grow from $445.8 million USD in 2017 to $5.827 billion USD in 2024 with a compound annual growth rate (CAGR) of 43.8 percent in the forecast period 2018-2024, according to coverage from Innovative Reports. Excerpts outlining the market read:
Artificial intelligence has been increasingly adopted by the automotive industry, which is among the major industries using AI to mimic the action of humans. Applications that incorporate AI systems in automotive are semiautonomous and autonomous vehicles. In autonomous vehicles, AI collects, processes, and chooses the specific action based on the information gathered. Semiautonomous and autonomous vehicles use several advanced tools such as long-range radar, LIDAR, cameras, short/medium radar, and ultrasound to gather information and understand the world around them. After collection of data through different tools, AI analyzes the situation through its technologies such as machine & deep learning, natural language processing, and computer vision. Artificial intelligence has several applications for these vehicles such as, incorporates speech recognition for advanced communication with passengers, directs vehicles towards refueling station or recharge station when it is running low on fuel and analyzes less populated and congested roads among others.
The growth of the automotive artificial intelligence market is driven by rise in demand for autonomous vehicles and increase in preference for enhanced user experience & convenience features. However, the threat of hackers and rise in cybercrime are expected to restrain the market growth. On the contrary, rise in demand for the premium vehicle segment is anticipated to provide lucrative growth opportunities for the market.
Sam Mowers, Investorideas.com
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