Unfortunately, our dreams from childhood didn’t come true even after the digital revolution and the changes that it brought to the world. There are no flying cars or skateboards in our reality.
But the truth is, the world we’re living in is not so boring after all. Technological progress has made a lot of changes in the automotive industry despite the fact that flying proved to be not the best solution.
For example, driverless vehicles are not a surprise for anyone these days, and this is not the last innovation we have in the automotive industry today. Everything connected to this industry has had a great opportunity for growth when artificial intelligence entered the wide market. So let’s figure out the changes it has made and how it can be used in the automotive industry.
What is artificial intelligence and how can it be used in the automotive industry?
Artificial intelligence is a technology that can learn by itself, without human interference, by analyzing algorithms for studying data and making its own conclusions based on this analysis.
Thanks to these learning algorithms artificial intelligence can remember, analyze, recognize the data, and see the connections between its pieces.
For example, AI that has a conversation with you via messenger in, say, Twitter can analyze how and what you like to discuss. So, AI understands what texts you write most of the time, what mistakes you make, and how you communicate with people. And the result of this data analysis will be the ability of this particular artificial intelligence to imitate your style and behavior in social networks. And it won’t stop learning after that. AI will be perfecting its skills, getting better and better while simply having more texts from you.
Sounds a bit scary, right? But in real life, there’s nothing scary about it.
The conclusions AI makes aren’t always what we expected it to be. Some driverless vehicles can do controversial things from a moral point of view to save the driver; chatbots can unintentionally insult users. Nonetheless, AI never stops to deliver fantastical changes in every industry it touches. For example, artificial intelligence in the automotive industry makes a breakthrough thanks to the ability to reduce the time of producing and supplying car parts. And there is even more to it. AI can improve data handling in car sales and insurance, perfect the driving itself, improve scheduled maintenance, and all this is just the tip of the iceberg.
To understand how great is an impact artificial intelligence has on this industry, just take a look at the numbers!
Deloitte predicts the growth of the Automotive AI market value to 27 billion in 2025. This is an exceptionally profitable field for starting your own business and for investments as this is where the stable continuous growth is predicted for more years to come.
But how can you use the AI and its benefits for business in the automotive industry? Stay tuned because we’ll talk about it in a sec.
Using Artificial Intelligence for Car Maintenance
In October 2018, the automotive market suddenly appeared as something that made the lives of millions of car owners simpler. Volkswagen and Microsoft have announced a partnership to create the possibility of updating the software of their electric car over-the-air. This update also included self-parking technology, personal voice assistant, data storage, data analysis, and driver identification.
Artificial intelligence can store data gathered by the embedded auto software on the cloud, and predict the needs to contact the service center for maintenance. AI technology can detect malfunctions or interferences in the vehicle’s hardware, analyze system failure scenarios, and suggest preventive measures or prevent them by themselves. This technology will require constant contact with the cloud and updates.
All these processes can go on autonomously without human interference, and the driver won’t have to worry about anything. Well, maybe about the busy schedule and how to fit in an appointment with a car service, in case it’s needed. But that’d be all, and it seems like this is the least of all worries drivers have.
By the way, here’s a nice startup idea. AI that allows you to evaluate the need for planned maintenance of the inner vehicle’s hardware. The software assesses the quality or deterioration of the hardware and provides users with an approximate value of the repairment if it’s needed.
This solution with artificial intelligence onboard can drastically simplify the planned maintenance and this means you’ll reach “the perfect score” of the needs of drivers, mechanics, and everyone connected to the automotive industry.
Using Artificial Intelligence for Manufacturing
The software for automotive manufacturing can be of great help for speeding up and improving the quality of creating vehicles. We’re talking about applications for manufacturing management that can track time spent on each process, and, thanks to the AI onboard, also check the quality of all works done. Software like this is something like ERP software but in the automotive industry. Thanks to the IT-solution like this it is now possible to speed up and improve the work processes through the better work with data that AI is capable of.
So, this software with implemented AI can reduce car crashes and necessary services for the car at the production stage. For example, if at this stage you’d prevent the malfunctions in the hardware, the vehicle will be able to work longer and safer. This becomes possible with AI implemented in software for manufacturing.
As one of the great examples, we can look up to the Raven.ai. This is manufacturing software that allows to store all the data needed in one source, analyze it, and prevent mistakes on the production stage.
Using Artificial Intelligence for Insurance
The first thing almost any driver would do after buying a car is to have it under insurance. Insurance itself is an independent industry but it can be seen in the context of the automotive industry as well.
Artificial intelligence here can change a lot thanks to its ability to assess the risks of every potential client. Insurance agents are people like you and me, and their ming and attention can slip away some of the important details. And even they would agree that the full history of the one particular driver, their health, and other indicators aren’t everything you need to know to assess the risks fully.
In the driver’s personal file may be listed that the driver never has been into an accident, but no one would let you know how many times this driver has miraculously avoided the accident.
Artificial intelligence can analyze the driver’s data and behavior to give more accurate forecasts. The insurance based on such a forecast will be better and more qualitative since it will be covering more accurate possibilities of events.
One of the most successful examples of such a solution is London based startup Tractable. They’ve created the technology with an AI on board that is able to assess the damage caused to cars. All it takes is just a photo of damaged cars and Tractable will provide a user with an approximate estimate of the repair works. Their technology learns on real data and can do everything a human brain can:
- analyze the damage based on photographs
- estimate the value of the damage
- help perform the repair works quicker and in more quality thanks to a clear understanding of what should be done.
The startup is able to assess 90% of damage value in 3 minutes, and LKQ, Tokio Marine Nichido, Warta are among their clients.
Using Artificial Intelligence for Driver Assistants
There are no people in the world who have never heard of the applications that help drivers on the road. This has become an everyday thing for us all when Uber replaced the word “taxi”, and GoogleMaps became equal to the GPS. But how much cooler these apps would’ve been if they would be upgraded by artificial intelligence?
Imagine this: your map warns you about traffic in real-time, checks if your favorite shops are open, orders and pays for your coffee while you’re on your way to the office. Fortunately, artificial intelligence software still isn’t advanced enough to drink up your coffee for you!
But still, driver assistance apps with AI onboard still can help you with these routine tasks. They can even predict the possibility of accidents based on your unique driver behavior and your actions on the road. This is when artificial intelligence becomes extremely useful.
Take a look at Currux Vision, for example, one of those AI driver assistants. This app uses artificial intelligence that predicts the possibility of accidents with 98% accuracy, assesses the safety of the route for you, and tracks the events you might want to visit in real-time.
Using Artificial Intelligence for Sales
Buying or selling a car is almost as serious for most of us as buying or selling in the real estate market. Optimizing this process with the help of artificial intelligence may not only simplify and make this process more comfortable but also has a great possibility of making it much safer.
So, the adoption of AI in the custom software for automotive industry sales can help you with:
- image recognition;
- vehicle purchase recommendations;
Thanks to this solution you’ll be able to get the software with some unique features. For example, a service for selling used cars which recognizes all information about the vehicle and the driver through the license plate. Or software for selling and instantly insuring new cars which use artificial intelligence to pull up all the information about the user through the number of their ID.
The automotive industry has made great progress and still has enough room for change. All that you need for success is something innovative and breakthrough; able to change not only the industry itself but also the user’s attitude towards it.
In today’s world, a unique idea can be enough. And a reliable technology partner can help you with all that is left. And maybe one day you’ll be one of those who disrupted an industry with a great, revolutionary idea!