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Businesses at Risk from Driverless Cars

Major stakeholders in the world of technology are putting their energies on the idea of having cars which are automated, and this could be a changer twenty years to come. The concept of autonomous vehicles could be materialized sooner than we thought. If this becomes a reality, it will be one of the highest innovations in the technology world ever seen. Whereas some industries will be hurt by this innovation, the automobile and technological establishments will gain a lot of profits from it. It will be a situation of adaptation or become extinct for so many sectors. However, there are some which will be greatly affected.

This advancement will greatly affect the insurance sector. Driverless cars will become a reality to the consumers once it has been established that they are perfect regarding safety. There cannot be a window for error as opposed to the acceptance for human errors as this can cause catastrophic effects. This means that, as time progresses and the safety of the cars is guaranteed, fewer people will see the need for motor insurance. This will directly affect revenue for motor insurance companies who will record losses as well as lawyers who represent car accident victims.

The professional driver will most likely be affected by the innovation. The announcement has been done by Uber Chief Executive Officer about their plans to phase drivers for the automated cars, after its launching. With this becoming a reality, the demand for professional drivers will go down which will affect all types of drivers from, truckers to taxi drivers, ambulance drivers and anyone else who does it for a living. This is because this type of technology will allow companies to manage their fleets and enhance efficiency with reduced costs. The technology will require some human assistance to operate but will in due time be reduced to a minimal number.

The hotel industry will also be affected by this innovation. Over the past few years, this industry has been affected, and this doesn’t look any better. In many cases, when people are driving, and they get tired, they seek a motel or a hotel to relax over the night. This has created heaps of profit for the hotel industry sector. Use of hotels for resting overnight will diminish with the launching of the autonomous vehicles. Owners of the cars will opt to sleep in their vehicles instead. They will spend less time and money in the process which is important.

Airline businesses are among the enterprises that will have profit losses. This is mainly for the airlines that have particularized with domestic flights. Individuals will go for the domestic planes to avoid wasting time on the road and getting exhausted. Nevertheless, the autonomous car provides a traveler with a peaceful journey where they are less disturbed, and they can have ample time to get ready for their meeting.