Driverless Cab Service Market Opportunities By 2024

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.

Obtain Report Details:
http://www.transparencymarketresearch.com/driverless-cab-service-market.html

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.

Get accurate market forecast and analysis on the Driverless Cab Service Market. Request a sample to stay abreast on the key trends impacting this market:
http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=14561

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.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact TMR

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email:sales@transparencymarketresearch.com
Website:http://www.transparencymarketresearch.com

This release was published on openPR.