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June 2, 2017 02:00 pm

Intel Predicts a $7 Trillion Self-Driving Future Where Over a Million Lives Will Be Part of the 'Passenger Economy'

Intel has released a new study that predicts a $7 trillion annual revenue stream from the emerging passenger economy. In the report, Intel says that the companies that don't prepare for self-driving risk failure or extinction. Additionally, the report finds that over a half a million lives could be saved by self-driving cars over just one decade. The Verge reports: The study, prepared by Strategy Analytics, predicts autonomous vehicles will create a massive economic opportunity that will scale from $800 billion in 2035 (the base year of the study) to $7 trillion by 2050. An estimated 585,000 lives could be saved due to autonomous vehicles between 2035 and 2045, the study predicts. This âoepassenger economy,â as Intel is calling it, includes the value of the products and services derived from fully autonomous vehicles as well as indirect savings such as time. Autonomous technology will drive change across a range of industries, the study predicts, the first green shoots of which will appear in the business-to-business sector. These autonomous vehicles will first appear in developed markets and will reinvent the package delivery and long-haul transportation sectors, says Strategy Analytics president Harvey Cohen, who co-authored the study. This will relieve driver shortages, a chronic problem in the industry, and account for two-thirds of initial projected revenues. One of the bolder predictions is that public transportation as we know it today â" trains, subways, light rails, and buses -- will be supplanted, or at least radically changed, by the rise of on-demand autonomous vehicle fleets. The study argues that people will flock to suburbs as population density rises in city centers, pushing commute times higher and âoeoutstripping the ability of public transport infrastructure to fully meet consumer mobility needs.â

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