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Businesses at Risk from Driverless Cars

In the next twenty years, there could be a major change in the world owing to the idea of technological savvy of producing driverless cars. The idea of driverless cars could become a reality faster than we imagined. The realization of this will be a major progression in technological expansion ever known to man. While technology and automotive companies stand to reap huge profit from the advancement; there are a number of industries whose survival will be under threat of collapse. A lot of sectors in the country will be forced to adjust or peter out. However, there are some which will be greatly affected.

One of the industries to be affected by this will be the insurance industry. Driverless cars will become a reality to the consumers once it has been established that they are perfect regarding safety. Technological hitches cannot be tolerated unlike in human scenario since an accident from a technological system can be disastrous. It is therefore after determining the safety of the vehicles with time that people will not have to use motor insurance. Financial income for motor insurance companies and car accidents lawyers will be lost.

The realization will also affect people who drive as a profession. The announcement has been done by Uber Chief Executive Officer about their plans to phase drivers for the automated cars, after its launching. Drivers who work in the taxi industries, drive ambulances, trucks and other vehicles will be impacted as their services will not be required when the technology is realized. With this innovation, companies will have the ability to monitor their fleets and increase efficiency while minimizing the expenses. Humans, however, will operate this technology but will slowly get phased out and retain the minimum number possible.

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 a lot of revenue for the hotel industry over the years. Use of hotels for resting overnight will diminish with the launching of the autonomous vehicles. Individuals driving the cars will prefer to spend the night in the cars sleeping. They will spend less time and money in the process which is important.

The airline business will also be in line to lose revenue. This will mostly affect the airlines that specialize in domestic flights. People prefer domestic planes to cars because in a car you easily get tired when you are traveling. However, the autonomous cars will guarantee a user a peaceful less-disturbed journey and allow them to have enough time to prepare for their appointment.

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