Self-driving cars could soon be on the horizon. There are many pilot programs on the roads and while the industry is still facing technical and regulatory hurdles, progress is happening quickly. As businesses adapt to this new reality, they may need to adjust their leadership strategies accordingly, especially as self-driving vehicles aren't just on the roads, they're also in warehouses, factories and a variety of specialized operational requirements.
Where the autonomous vehicle market stands
According to Infoholic Research, the global market for autonomous vehicles will expand at a compound annual growth rate of 39.6 percent for the 2017 to 2027 period. By the end of that 10-year span, the sector will be valued at $126.8 billion.
"Major changes in how people get around could have a sweeping affect on life and work styles."
Artificial intelligence should play a critical role in how the market unfolds, the study found, and the rise of autonomous vehicles could create new business models in the ride sharing industry.
Of course, the entire automotive industry will be impacted by the rise of self-driving cars. However, these developments will ultimately extend into logistics, delivery services, supply chain management and a variety of other sectors.
A report from CB Insights highlighted 28 industries that could be transformed by driverless cars. While some expected sectors were mentioned – such as insurance, trucking and public transit – the report highlighted the simple fact that major changes in how people get around could have a sweeping affect on life and work styles. A few potentially unexpected business types the news source labeled as ripe for disruption because of autonomous vehicles included:
- Parking garages and lots
- Hospitality
- Media
- Real estate
- Urban planning
- Home improvement
Considering autonomous vehicles for your next hire
We're not going to claim that every executive needs a deep and pervasive knowledge of autonomous vehicles to be successful. However, the sheer scope of the disruption being caused by this trend makes an awareness of the technology essential in a vast array of settings. Organizations need their next leaders to be able to consider how self-driving cars could either inform or disrupt their business models and prepare the company to adapt.
We can help you find such a leader. Our global executive recruiting network features leaders with business expertise and technical knowledge, giving them the tools needed to deal with the disruptions on the horizon for many companies.
To see some of the roles we have already successfully placed, click here.
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