Get In Touch

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.

The report offers a comprehensive evaluation of the market. It does so via in-depth insights, understanding market evolution by tracking historical developments, and analyzing the present scenario and future projections based on optimistic and likely scenarios. Each research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology developments, types, applications, and the competitive landscape. 

The study is a source of reliable data on:

  • Key market segments and sub-segments
  • Evolving market trends and dynamics
  • Changing supply and demand scenarios
  • Quantifying market opportunities through market sizing and market forecasting
  • Tracking current trends/opportunities/challenges
  • Competitive insights
  • Opportunity mapping in terms of technological breakthroughs

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa) 

TMR estimates the market size of various sectors using a combination of available data on the number and revenue of companies within each sub-sector and tiers of companies. The basic components used to determine market size and forecast for a specific product area are not only limited to supply-side data, but are also related to demand, industry trends, and the economic outlook. All the above data points are utilized to generate a statistical model targeting the sector marketplace. More than 300 TMR analysts across the world integrate these elements into a framework to determine the subsector market size for a base year and then forecast growth within each market. 

TMR regularly interviews technology and business professionals as an ongoing effort to track the latest developments within each sector. These continuous surveys are stratified by company size and industry segment and weighted to reflect the global market place.  All data are collected on an ongoing effort through a structured questionnaire rolled over the web or conducted via telephones. This provides the TMR team opportunities to request for detailed question sets, complex skip patterns, and real-time calculations, which assists respondents in answering questions involving numbers and percentages. Respondents, who are interviewed as experts, are screened and qualified based on certain criteria in addition to their decision-making authority and the scope of activity within their organizations.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.


Driverless Cab Service Market

Pre Book