One of the important technologies that have emerged over the past few is that of artificial intelligence (AI). The technology is being utilized in various industries for making processes and operations simpler. Just like other industry, AI is also being widely utilized in the automotive industry for making vehicles safer and more secure. The technology is being utilized in infotainment systems that are now serving as personal assistants, aiding the driver by offering efficient navigational support, and responding to voice commands. This increasing utilization of AI is creating wide data storage capacity.
Autonomous and connected cars are generating large amounts of data, since they are extensively making use of electronic functions for providing greater efficiency, greater safety, driver assist capabilities, richer telemetric and entertainment functions, and communication between local networks and vehicles. Owing to these factors, the global memory market for autonomous and connected vehicles generated a revenue of $4,310.8 million in 2019, and is predicted to advance at a 23.9% CAGR during the forecast period (2020–2030), as per a report by P&S Intelligence. The major applications of memory market in the automotive industry are telematics, navigation, and infotainment.
In the past, North America emerged as the largest memory market for autonomous and connected vehicles and the situation is predicted to be the same in the coming years as well. This can be ascribed to the presence of large number of automotive technology companies and increasing sales of connected and autonomous vehicles in the region. Moreover, the disposable income in people in North America is high as well, owing to which, they are able to spend more on luxury vehicles that are equipped with advanced, connectivity, safety, and autonomous features.
Hence, the demand for memory in autonomous and connected vehicles is growing due to the increasing demand for safety features in vehicles.