Today, Intel Corporation revealed the findings from a new study that explores the yet-to-be-realized economic potential when today’s drivers become idle passengers. Coined the “Passenger Economy” by Intel and prepared by analyst firm Strategy Analytics, the study predicts an explosive economic trajectory growing from $800 billion in 2035 to $7 trillion by 2050.
History has proven that technology is the catalyst for massive societal transformation and that businesses need to adapt or risk failure, or worse, extinction. New digital business models ushered in by personal computing, the internet, ubiquitous connectivity and smartphones gave birth to whole new economies. Autonomous driving will do the same.
“Companies should start thinking about their autonomous strategy now,” said Intel CEO Brian Krzanich. “Less than a decade ago, no one was talking about the potential of a soon-to-emerge app or sharing economy because no one saw it coming. This is why we started the conversation around the Passenger Economy early, to wake people up to the opportunity streams that will emerge when cars become the most powerful mobile data generating devices we use and people swap driving for riding.”
Autonomous driving and smart city technologies will enable the new Passenger Economy, gradually reconfiguring entire industries and inventing new ones thanks to the time and cognitive surplus it will unlock.
