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Safety is a critical component of the reason why many purchase the car that they do. Therefore, it goes without saying that manufacturers are clamoring to make sure their product has the most efficient, smartest and overall quantifiably safest sensing on the market. A prime example of capitalization is Samsung yielding more patents involving LIDAR sensing - it recently partnered with Innoviz, a vehicle perception specialist which has raised $38 million for the project. Volvo has been partnered with Baidu, the leading Chinese internet search company, and aims to release a level 4 (nearly autonomous driving except in off-road or adverse weather conditions). Bosch has made good intent to move in on this field as well, partnering with NIO to improve the reach of remote automobile sensing technology earlier this year. It is clear that this industry is exploding not only domestically, but also abroad. Due to a recent push from the European New Car Assessment Program to reduce the motor accident and fatality rate to zero, manufacturers worldwide are subsequently re-evaluating their safety standards. However, possibly the most marked growth would be attributed to the U.S., namely Tesla’s accelerated mission to create the world’s first genuinely driverless car. Additionally, remote sensing has proven to be valuable in emissions monitoring, popular in response to more stringent guidelines.
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Autonomous cars are equipped with cameras that analyze their surroundings and make sure they don’t bump into other cars, or pedestrians, or curbs, or any of the thousands of other things that can get in their way. The overall image recognition market was already at $15.95 Billion in 2016 and is estimated to grow to USD 38.92 Billion by 2021.