$7 Trillion Annual Market Projected for Autonomous Autos by 2050

$7 Trillion Annual Market Projected for Autonomous Autos by 2050

PR Newswire

NEW YORK, July 11, 2018

NEW YORK, July 11, 2018 /PRNewswire/ --

NetworkNewsWire Editorial Coverage 

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.

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.

From Silicon Valley to Detroit - Fleet First

Although the rosy predictions that self-driving cars will generate a $7 trillion market need to be tempered with the realities and limitations of current technology, the race is most definitely on. Advanced driver-assistance systems (ADAS) have been around for quite a while, assisting drivers and increasing safety. ADAS systems are already well integrated into cars and the public psyche, and no one disputes the importance or effectiveness of anti-lock brakes. GPS navigation, automatic parking, lane guidance controls, tire pressure monitors and automatic braking are now rather commonplace.

It took years for automotive innovations that were first introduced in the luxury car segment to finally trickle down to most of the cars on the road. Some assume that autonomous driving will follow a similar path, but all indications are that self-driving vehicles will adopt a different dynamic. The first fully autonomous vehicles are most likely to appear within commercial fleets of trucks, taxis, buses and delivery-dependent services where technology costs could be offset by fleet efficiencies. Pizza companies are already testing the use of autonomous vehicles to deliver their products and reduce costs. The impact might be most significant in trucking - nearly every item sold in the United States touches a truck at some point between manufacture and purchase.  The benefits of autonomous fleets become obvious when the costs for a truck driver represent about a one-third of the total transport costs. Fully autonomous fleets could dramatically increase operating margins, providing compelling impetus for rapid adoption. However, reaching that point is dependent on robotic vehicles being able to "see" clearly and accurately detect and avoid obstacles.  

The Vision

A recognized innovator in automotive vision systems and driver assistance technology, Foresight Autonomous Holdings (NASDAQ:FRSX) (TASE:FRSX) has set new standards with its passive sensor system that uses multiple visual light and infrared cameras in stereoscopic technology to interpret surroundings. Mimicking human depth perception, synchronized cameras produce a three-dimensional image that can anticipate possible collisions with other vehicles or objects. Foresight's leading product, QuadSight™, achieves near 100 percent obstacle detection with near zero false alerts.

Based on mature, proprietary stereoscopic image technology, QuadSight doesn't rely on pattern recognition to identify obstacles. Rather, any object can be detected regardless of material, color or shape, providing a competitive advantage to other sensors that must be programmed and trained to identify specific hazards. The breakthrough system includes stereo and quad camera systems as well as the software that interprets the signals from the cameras, thereby delivering vision to vehicles that allows them to "see "and react to situational conditions. With two sets of stereoscopic infra-red and visible-light cameras, QuadSight delivers highly accurate and reliable obstacle detection fusing visible light and infra-red for 24/7 seamless vision.

Bypassing any potential signal interference or hazards, Foresight's QuadSight passive detection system employs non-emitting sensors that use visible light and infrared cameras that deliver optimal results day or night in all weather conditions. The automatically calibrating system utilizes 3-D image analysis with advanced algorithms for accurate depth analysis and obstacle detection contributing to its near perfect "vision" and the ability to "see" farther and clearer than a human driver.

"At Foresight, we believe that a car's vision system should be nothing less than perfect," stated Haim Siboni, CEO of Foresight. "Vision is the foundation of passenger safety, and vision perfection under all weather and lighting conditions is clearly the breakthrough that vehicle makers need to build consumer confidence in order to accelerate autonomous vehicle adoption."

The Eyes

In addition to QuadSight, Foresight has developed two other primary products. The company's Eyes-On™ solution provides an ADAS with unique stereo vision.The system can detect objects about the size of a legal pad from 100 meters away and all other potential obstacles - stationary or in motion, regardless of shape, form or material - with nearly 100 percent accuracy and reliability.

Foresight's Eye-Net is a cellular-based accident prevention solution designed to provide real-time, precollision alerts to both vehicles and pedestrians. Optimized for urban environments and high-speed scenarios, the system provides a complementary layer of protection to advanced driver assistance systems and extends this protection to road users who are not in direct line of sight. Foresight recently completed a successful multi-user trial of its Eye-Net accident prevention solution involving 120 users of Android and iOS cell phones located across Israel.

The Opportunity

The company has garnered a wealth of industry and media attention. Foresight demonstrated its QuadSight forward-facing camera solution at the International Consumer Electronics Show (CES) 2018 to great reviews, and QuadSight was lauded by EE Times for the first-of-its-kind quad camera multispectral vision solution that operated in all weather and lighting conditions. Foresight was also featured in CNBC's article on "What Driving Will Look Like in 2028," while Electronic Design presented an article that went into detail on the Foresight system.

From every angle, each of the articles and accolades highlight Foresight's technology breakthroughs and contributions to the advancement of autonomous transportation. Foresight has distinguished itself from other automotive vision systems with its state-of-the-art technology, accuracy and reliability. Foresight has established a new standard in vehicle vision and initiated the next giant step forward in the adoption of an autonomous future.

Other companies are also seeing the potential for this exciting industry. FLIR Systems, Inc. (NASDAQ:FLIR) designs, develops, manufactures, markets and distributes technologies that enhance perception and awareness. The company specializes in thermal imaging systems, visible-light imaging systems, locator systems, measurement and diagnostic systems, and advanced threat detection systems. Thermal sensors can see up to four times the distance of typical headlights and are well suited for pedestrian and animal detection. As the auto industry's only automotive-qualified passive infrared sensor currently in production, FLIR sensors are offered today on numerous factory vehicles and as an aftermarket system.

Waymo is an autonomous car development company and subsidiary of Google's parent company, Alphabet Inc. (NASDAQ:GOOG). Google began testing self-driving cars in 2009 and announced that it plans to allow everyone in Phoenix to request a driverless ride before the end of year. Since 2009, Waymo's fleet has self-driven more than 7 million miles, mostly on city streets, which builds on 2.7 billion miles driven in simulation in 2017 alone. Parent company Alphabet describes Waymo as "a self-driving tech company with a mission to make it safe and easy for people and things to move around."

One of America's oldest automakers, Ford Motor Company (NYSE:F), is aggressively testing autonomous vehicles and recently launched a pilot program in Miami. The pilot test will separate delivery and self-driving products, and gauge what works for both customers and companies. The iconic automaker plans for a self-driving car network to be running "at scale" by 2021.

Tesla Inc. (NASDAQ:TSLA) says that all vehicles produced in its factory, including Model 3s, have the hardware needed for full self-driving capability at a safety level substantially greater than that of a human driver. Tesla is moving toward autonomy by using customer-owned cars to gather important data. The company collects information about how well its Autopilot feature performs then extrapolates that to autonomous vehicles.

For more information about Foresight Autonomous Holdings, please visit Foresight Autonomous Holdings (NASDAQ:FRSX) (TASE:FRSX).

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