How Autonomous Vehicles are Likely to Affect Business and Society in General

How Autonomous Vehicles are Likely to Affect Business and Society in General
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Executive summary
Autonomous vehicles are increasingly becoming viable and will soon dominate the automobile industry. This essay analyzes the possible effects of autonomous vehicles on both business and society and the potential challenges and repercussions across the globe associated with them. Heavy commercial vehicle owners may be the first to implement the technology due to its efficiency in cargo transportation. It facilitates more extended periods of traveling to meet the growing demand (Clements et al., 2017, pg 1). Personal transportation is also likely to shift to the latest technology and might threaten the business of group travels and taxis. Suppose autonomous vehicle technology captures wider markets across the globe. It will have more significant economic and societal impacts, but the challenges may also arise that have to be dealt with properly because it is still uncertain. 
Introduction 
An autonomous vehicle is a car that can sense the environment around and operates without being controlled by a human. This type of car can do everything an experienced driver can do while driving. It can also go anywhere a traditional vehicle goes without the presence of a human passenger. A fully autonomous vehicle is self-aware and can make its own choices. For instance, you can instruct an autonomous car to "drive me to work," but it can decide to take you to a different location instead. Still, a fully automated vehicle follows instructions and drives itself. Autonomous cars are currently undergoing testing in several countries and are not available to the general public. Its challenges range from legislative to technological to philosophical and environmental. 
Effects of autonomous vehicles on business
Trucking and Freight Business.
Freight and trucking are likely to experience a significant boost from autonomous vehicles. It will reduce truck and commercial vehicle collisions because they contain cruise control and lane-centering features. The automated trucks facilitate convoying whereby the lead truck driver controls multiple trucks following which are connected wirelessly; hence one driver can control several trucks at a particular route (Kumar, 2020). This will facilitate long travel distances with large quantities of goods, reduce delivery time, and increase freight companies' revenue. The truck and freight industry will also save on the cost of wages paid to truck drivers, increasing profitability. This technology will also increase monitoring costs because the freight companies will have to install monitoring systems to ensure that they are running well.
Data-driven value chain.
Autonomous cars will consume and generate information at different unprecedented levels. The data to be used by the vehicles will be generated from different components and sources which include radars, cameras, GPS, sensors, lidars, and maps. All these components must be integrated in real-time to enable the AVs to avoid obstacles, creates experiences, comply with traffic rules, promote safety on roads, and navigate roads (Kumar, 2020). The intake of those data, vel...