With the evolution of smart technology, the automotive industry has witnessed considerable technological changes, globally. These advanced technologies have been integrated among themselves, enabling increased safety and convenience as well as ensuring cost-effectiveness.

Chatbots are artificial intelligence software that can have conversations with users based on the principle of natural language processing (NLP). The chatbot processes the input provided by the user, focuses on the semantics, searches for the terms in the knowledge database, and provides the suitable answer as per its knowledge set.

Internet of Things (IoT) is a mega trend that is driving digitization across multiple industries, both at enterprise and consumer levels. While IoT devices may appear as a simple idea, actual implementation is complex as they require high-performance hardware platforms equipped with an integrated architecture of components for computing, sensing, and wireless communication.

Note: The following is an excerpt from the white paper "The Emerging Autonomous Vehicle Ecosystem: Who Will Be the Stakeholders, and How Can They Win?" by BIS Research, a global market intelligence, research, and advisory company that focuses on emerging technology trends that are likely to disrupt the market.

Augmented reality overlays digital information in an augmented form in the physical world. It enables the gathering of data and presents the data in 3D condition. Virtual reality (VR), on the other hand, is where computer-assisted technology is used to construct a simulated environment virtually. At present, the global virtual reality and augmented reality market across different end-user industries was valued at $12.15 billion in 2018 and is projected to reach $78.45 billion by 2025.

Lack of visibility and transparency are considered some of the biggest challenges in the supply chain industry, at times causing disruptions and inventory imbalance.  These issues largely stem from an inability to store and make sense of the overwhelming amount of data scattered across different processes, sources, and systems.

Once the domain of science fiction novels, robots are poised to transform a broad range of different industry categories in the coming years. Here are just a few key examples — covering the uses of robots today and in the future — based on reports by several market research firms.

Artificial Intelligence (AI) is becoming a critical part of modern warfare. Compared with conventional systems, military systems equipped with AI are capable of handling larger volumes of data more efficiently. Additionally, AI improves self-control, self-regulation, and self-actuation of combat systems due to its inherent computing and decision-making capabilities.

Smart manufacturing is a powerful disruptive force with the potential to restructure the current competitive landscape and produce a new set of market leaders. Companies that are slow to adopt new technologies and processes could be left behind.

According to a market research report by BIS Research, the Simultaneous Localization and Mapping (SLAM) technology market was estimated at $50 million in 2017 and is estimated to reach $8.23 billion by 2027.