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Businesses at Risk from Driverless Cars

In the next twenty years, there could be a major change in the world owing to the idea of technological savvy of producing driverless cars. 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. Technological industries and automotive companies will rake in huge revenue, but this will, on the other hand, affect some companies survival. It will be a situation of adaptation or become extinct for so many sectors. However, there are some which will be greatly affected.

This advancement will greatly affect the insurance sector. Implementation of the vehicles without drivers will be determined by their safety. Errors in technology cannot be allowed unlike in cases where human error is allowed since a possible tragedy in a technological hitch can be massive. This means that, as time progresses and the safety of the cars is guaranteed, fewer people will see the need for motor insurance. This will directly affect revenue for motor insurance companies who will record losses as well as lawyers who represent car accident victims.

The realization will also affect people who drive as a profession. The Uber company has made it aware that their drivers will lose jobs to the driverless cars after they are launched. Career drivers will be on a low demand once this is realized and will affect drivers across all fields such as for the trucks, ambulances, taxi and others. With this innovation, companies will have the ability to monitor their fleets and increase efficiency while minimizing the expenses. Humans, however, will operate this technology but will slowly get phased out and retain the minimum number possible.

Another sector that will feel the impact of this advancement is the hotel industry. The innovation will further add to the woes of this industry. Individuals on a driving journey will rest in a motel for a night after getting tired. This has created heaps of profit for the hotel industry sector. However, with driverless cars, people won`t have to stop over just one night or step into a motel when they get tired when driving from place to another. Individuals driving the cars will prefer to spend the night in the cars sleeping. Spending time in the cars without moving to hotels will avoid money and time wastage.

The airline business will also be in line to lose revenue. 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.