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Businesses at Risk from Driverless Cars

The big investors in the technology world are focusing their energy on the concept of autonomous vehicles, which could bring a significant shift in the next twenty years. 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. Some of these will be impacted bigger.

This advancement will greatly affect the insurance sector. To implement the autonomous cars, there will have to be certainty that they are flawless. There cannot be a window for error as opposed to the acceptance for human errors as this can cause catastrophic effects. There will not be a need to insure against motor vehicle accidents once the autonomous vehicles pass the safety test in due time. Financial income for motor insurance companies and car accidents lawyers will be lost.

Career drivers will bear the effect of the invention. In fact, this has already been announced by the CEO of Uber that, should the technology be available, all the drivers will be replaced with automation. 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. This is because this type of technology will allow companies to manage their fleets and enhance efficiency with reduced costs. Only a small number of human resource will be required to manage the machines and will eventually be reduced to a small number as much as possible.

The hotel industry will also be affected by this innovation. The innovation will further add to the woes of this industry. In many cases, when people are driving, and they get tired, they seek a motel or a hotel to relax over the night. The hotel sector has benefitted a lot from for many years from this habit of people. Use of hotels for resting overnight will diminish with the launching of the autonomous vehicles. Travellers will rather stay in the vehicles throughout the night for the night. They will spend less time and money in the process which is important.

The airline business will also be among those that loses income. 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.