What are the key trends that are driving the development of the vehicle safety market? This is a question we’ve thought a lot about over the past few months as we’ve finalized our plans and roadmaps for 2020 and beyond.
Technology is by far the most important one. Thanks to the massive proliferation of camera sensors in vehicles, we are seeing millions upon millions of new eyes appear on the road that are making it possible to capture ever greater volumes of video data about general road and weather conditions and specific events such as collisions and congestion. Just as significantly, rapid advances in AI are starting to make it possible to sift through the mountains of data collected by these cameras to both prevent possible collisions from happening by issuing alerts to drivers and to find evidence of the causes of accidents that have occurred.
As a result of these technology advances, the focus of vehicle safety is switching from protection to prevention. More and more governments throughout the world are issuing legislation to mandate the integration of intelligent driver assistance technologies into (mainly) new vehicles in order to reduce fatalities and injuries caused by accidents. At the same time, more and companies are making significant investments in these technologies not just to comply with new legislation but also to improve safety for staff and reduce accident-related costs and insurance liabilities.
The emergence of new business models for on-demand passenger transportation and goods deliveries is another key factor in accelerating growth as companies look to AI automation to boost the efficiency and security of their services in a brutally competitive business environment.
From our perspective, we believe that there are two main segments in the vehicle safety market: new-build vehicles and on-the-road vehicles. While the new-build segment gets the lion’s share of analyst and media attention, we are particularly excited by the opportunities that are appearing in the on-the-road sector and are focusing our energies on it with our VIA Mobile360 family.
I’ll explain more about the particular opportunities we see in the vehicle safety market my next entry on this subject.