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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 notion of developing automated cars is achievable in less time than we thought. If this becomes a reality, it will be one of the highest innovations in the technology world ever seen. Whereas some industries will be hurt by this innovation, the automobile and technological establishments will gain a lot of profits from it. A lot of sectors in the country will be forced to adjust or peter out. There nevertheless will be the ones which will bear the biggest brunt.

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.

Career drivers will bear the effect of the invention. In fact, this has already been announced by the CEO of Uber that, should the technology be available, all the drivers will be replaced with automation. Drivers who work in the taxi industries, drive ambulances, trucks and other vehicles will be impacted as their services will not be required when the technology is realized. 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.

The hotel industry will also be affected by this innovation. This industry has gone through some difficult situations, and this will only make the matters worse. In many cases, when people are driving, and they get tired, they seek a motel or a hotel to relax over the night. This has created a lot of revenue for the hotel industry over the years. 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. Travellers will rather stay in the vehicles throughout the night for the night. Spending time in the cars without moving to hotels will avoid money and time wastage.

Airline businesses are among the enterprises that will have profit losses. This will mostly affect the airlines that specialize in domestic flights. Individuals will go for the domestic planes to avoid wasting time on the road and getting exhausted. Nevertheless, the autonomous car provides a traveler with a peaceful journey where they are less disturbed, and they can have ample time to get ready for their meeting.