$7 Trillion Annual Market Projected for Autonomous Autos by 2050

USA - English

• USA - English

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.

• 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.

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).

About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge. For more information, please visit https://www.NetworkNewsWire.com.

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by NNW are solely those of NNW. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW for any investment decisions by their readers or subscribers. NNW is a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.

NNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.  The forward-looking statements in this release are made as of the date hereof and NNW undertakes no obligation to update such statements.

NetworkNewsWire (NNW) is affiliated with the Investor Brand Network (IBN).

About IBN
Over the past 10+ years we have consistently introduced new network brands, each specifically designed to fulfil the unique needs of our growing client base and services. Today, we continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

Please feel free to visit the Investor Brand Network (IBN) www.InvestorBrandNetwork.com

Corporate Communications Contact:
NetworkNewsWire (NNW)
New York, New York
+1-212-418-1217 Office
[email protected]
   
Media Contact:
FN Media Group, LLC
[email protected]  
+1(954)345-0611

www.NetworkNewsWire.com  

SOURCE NetworkNewsWire