Companies have been racing to perfect their autonomous driving cars for a while now, but, if the prophecy actually comes true and no one needs to drive anymore?
According to Intel and the analyst firm Strategy Analytics’ report, this turn of events may pave the way to a $7 trillion “passenger market” by 2050.
The expected amount of profit this economy will generate is staggering, as the report states how self-driving vehicles are predicted to banish 250 million hours of commuting time a year, setting up a flourishing $800 billion industry by 2035 when the market will start growing aggressively, plus many happy nervous drivers rejoicing around the world. How’s that for an innovation?
With the advancement of popular car sharing apps, this report comes as an early wake up call for people seeking new opportunities in the fields of mobile data – as cars will soon be the powerful prime mobile data-generating devices on hand, and people stop driving in favor of riding.
It’s all about businesses’ autonomous strategy now.
The “passenger economy” as described before can be split up in its different potential sources of revenue, the first being consumer mobility becoming a thriving service, with companies providing people with ride- and car- sharing opportunity as privately-owned cars become a thing of the past. The second would include business mobility, which would overtake current trucking and freight services. Thirdly, the rest of the economy will be dedicated to the numerous applications and service providers popping up in light of the new self-driving technology available.
Safety will also be a central point in favor of autonomous-driving vehicles – as increased safety standards will save thousands of lives and reduce public safety and health-related costs between 2035 and 2045.
We shouldn’t take this report as filled with certain truths, but interpret it as an early sign that our economy and lifestyle is on the brink of taking a different turn with every technological advancement.