Driverless Cab Service Market: Snapshot
As learned from its name, driverless cab service refers to cab service that do not involve human drivers. A marvel of technology, driverless cab service ply as human-driven cab on all or limited routes for ferrying passengers.
Apparently, driverless cab service is to mode of transport how autonomous vehicles is to private cars. Underpinned by solid technology of AI and machine learning, autonomous vehicles have now become a reality.
Autonomous vehicles based on AI obtain intelligence from the technology for vehicle operations. In this model, autonomous vehicles use advanced algorithms and essential data to navigate to their destination. However, AI model needs to be tested properly before it can be implemented for real commercial use.
While, machine learning – for autonomous vehicles – is algorithm based technology. The technology employs data packets to absorb new things. For example, for driverless cab, algorithms of machine learning allow the vehicle to understand the difference between several objects that can be a block on the road. Powered with the combined algorithms of machine learning, autonomous vehicles drive autonomously to reach their destination safely.
Besides this, driverless cabs are equipped with GPS, sensors, and monitoring system to comprehend dynamic conditions on the road. Reduced number of vehicles, reduced traffic congestion, and increased road safety are some tangible advantages of autonomous vehicle technology, which point bright prospect for the technology to be used for cab service.
Global Driverless Cab Service Market: Overview
Cab services are one of the most lucrative businesses today. These services reduces the amount of vehicles on the road as majority of the people shall use the cabs. However, with the advancements in technology, the cab services are enroute of becoming driverless cab services. With the implementation of technologies like IoT and Machine Learning, the developers are developing smart cars that can navigate using intelligence derived through data and various peripheral devices. This as a result shall pave the road for the growth of global driverless cab service market in coming years.
Which Technologies Propel the Growth of Global Driverless Cab Service Market?
- Artificial Intelligence: AI or artificial intelligence is the new hot cake in the technology sector. The technology provides intelligence to the vehicles and allow them to drive autonomously. This technology uses advanced algorithms and essential data that helps the driverless cabs to navigate their way to the destination. However, before deploying the AI model, it needs to be trained properly. Once the model is trained it can assess data on by its own and can deliver the desired result. These benefits are prime reasons that are boosting the growth of global driverless cab service market in coming years.
- Machine Learning: Machine learning is an algorithm based technology that uses data packets to learn new things. When it comes to driverless cab service market, the technology has crucial role. It allows the vehicles to understand the difference between several objects that can be obstacle on the road. Moreover, this technology teacher the vehicle to drive autonomously and reach to the destination safely. As a result of the development and implementation of machine learning in vehicles, the global driverless cab service market is projected to witness a substantial growth in coming years.
Driverless vehicle also known as autonomous cars has now become a reality. The technology of driverless car is presently being tested on roads by technology corporations in order to have a first mover advantage. Most of the autonomous vehicle present in the market are considered partially or highly automated that may require some form of human intervention. An autonomous vehicle is embedded with an advance computational system, Global Positioning System (GPS), sensors and monitoring system to recognize any dynamic conditions on the road. The GPS embedded in the cars uses array of technology including cameras and radars to detect the variables that surround the vehicle. The radar provides a clear picture of the area up to a limited distance during harsh climatic condition such as rain, snow or during any other vision impairing situations. Moreover, the laser system continuously scan the surrounding and provide the monitoring system with a three-dimensional, omni-directional view of the road ahead. Advance sensors are also the integral part of this system. These sensors provide raw information about the nearby surrounding, precisely the information may be about the position of other vehicles such as their navigation course, speed, distance which help in smooth navigation of the vehicle. The monitoring equipment and advance computational system are also equipped with technology in order to process the input from GPS and other sensors and utilize it for taking corrective actions such as accelerating, steering or applying breaks wherever necessary.
Automated vehicle technology is expected to get largely implemented in cab service market in coming years. The driverless/automated cab service is expected to drastically reduce the number of accidents per year and would eventually lead to cost savings in terms of healthcare spending. The technology is expected to further improve the prevailing traffic condition and congestions in the cities. Advance GPS system used in the automated technology will help passenger to follow short route to reach their destination henceforth reducing the journey time. Car theft is another major issue that could be limited by the driverless technology, since these cars would be self-aware about the prevailing situation. The driverless cab service fare charges would be less as compared to current cab services since the labor cost can be eliminated which would eventually decrease the burden on end-users. The automated technology is also expected to get implemented in public transportation including buses.
The driverless cab service market is driven by technological revolution, growing need to solve various problems related to traffic, parking space and demand for a hassle free and easy commutation. However resistance from certain section of society including cab drivers whose source of income is driving may display restrains that might hinder the market growth. Acceptance of new technology by developing countries may be doubtful that can also lead to possible hindrance in the growth of the market. Regardless of these restraints the driverless cab service market portrays immense opportunities that may range from embedding autonomous advance features in the car to manufacturing electric driverless cab service for the customers.
Key players in the market are nuTonomy Asia, Uber Technologies Inc., Google Inc. QNX Software Systems Ltd, Mercedes-Benz, BMW Automobiles and Tesla Motors.
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