In an unprecedented transformation of global industry, autonomous vehicles are about to displace drivers and generate $7 trillion per year by 2050 according to a study commissioned by Intel.
- Fleets (trucks, buses, taxis, deliveries) likely first movers in autonomy uptake.
- Advanced vehicle vision and detection systems essential for industry advancement.
- Multiple system tests already under way in cityscapes across the world.
The study predicts autonomous vehicles will create a massive economic opportunity that will scale from $800 billion in 2035 to $7 trillion by 2050, taking into consideration the value of all products and services derived from fully autonomous vehicles, including tangential savings such as time. The study also postulates that because of greatly enhanced safety, autonomous vehicles will save more than 580,000 lives between 2035 and 2045. The future increasingly looks like it will be chauffeured by intelligent, pilotless vehicles. Companies that don’t engage now and prepare for autonomous transportation risk failure or possibly even extinction. However, though the potential and opportunity are exciting for this burgeoning industry, technological hurdles must still be overcome. If history is any indicator, the complexities of autonomous transportation will be solved like all other technical challenges in emerging industries that have come before, and outsized rewards will be delivered to those who provide solutions. At the vanguard of innovative autonomous transportation technologies, Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) (FRSX Profile) uses proprietary and field-proven stereoscopic technology to create advanced detection solutions that mimic human depth perception — one of the robotic “senses” necessary to move autonomous vehicles into the mainstream. FLIR Systems, Inc. (NASDAQ: FLIR) designs and delivers technologies to enhance perception and awareness, producing an automotive-qualified passive infrared sensor currently offered on several vehicles. Waymo, a subsidiary of Google’s parent company, Alphabet Inc. (NASDAQ: GOOG), started testing self-driving cars in 2009 and is recognized as a leader in the field. Ford Motor Company (NYSE: F) is aggressively testing autonomous vehicles to identify then target the most lucrative business model, while Tesla Inc. (NASDAQ: TSLA) is leveraging its current semi-autonomous system, Autopilot, to collect real-world data about how those vehicles might perform fully autonomously.
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Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development and commercialization of stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry. Foresight’s vision systems are based on 3D video analysis, advanced algorithms for image processing and sensor fusion. The company, through its wholly owned subsidiary Foresight Automotive Ltd., develops advanced systems for accident prevention which are designed to provide real-time information about the vehicle’s surroundings while in motion. The systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company’s systems are targeting the Advanced Driver Assistance Systems (ADAS), semi-autonomous and autonomous vehicle markets. The company estimates that its systems will revolutionize automotive safety by providing an automotive-grade, cost-effective platform and advanced technology. For more information, visit the company’s website at www.ForesightAuto.com.
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