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Autonomous Trucks Market Projected to Reach $6.9 Billion by 2028, Reveals Latest BCC Research Study

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BOSTON, Feb. 19, 2024 /PRNewswire/ — Autonomous trucks are vehicles that can drive themselves without human intervention, using sensors, cameras, and artificial intelligence. They offer many benefits such as improved safety, efficiency, and cost savings for the global transportation industry.

Boston: “According to the latest BCC Research study, the demand for Autonomous Trucks: Global Markets is estimated to increase from $3.3 billion in 2023 to reach $6.9 billion by 2028, at a compound annual growth rate (CAGR) of 16.2% from 2023 through 2028.”

This comprehensive report offers a detailed overview of the global autonomous trucks market, leveraging 2022 as a baseline year and projecting estimated market data for the period spanning 2023 to 2028. Revenue forecasts during this timeframe are intricately segmented across various parameters including components, autonomy levels, propulsion types, truck categories, end-use applications, and regional considerations. By delving into major market trends and challenges, the report sheds light on the dynamic landscape that shapes the industry. Furthermore, it elucidates current market dynamics while providing in-depth profiles of key players and a nuanced understanding of their strategies aimed at bolstering their market presence. The report not only estimates the market size for autonomous trucks in 2023 but also offers comprehensive projections, painting a vivid picture of the expected market trajectory up to the year 2028. With its thorough analysis, the report serves as a valuable resource for stakeholders seeking insights into the rapidly evolving landscape of autonomous truck technology and its global market dynamics.

The integration of autonomous trucks is poised to revolutionize existing truck allocation structures, ushering in a new era of logistics models that facilitate both horizontal and vertical integration. This transformative shift holds the potential to address a multitude of challenges faced by shipping companies. Concurrently, manufacturers are actively engaged in developing low-emission Autonomous Vehicles (AVs) aimed at enhancing supply chain efficiency and mitigating transportation-related emissions within the freight transportation sector. Noteworthy achievements in this realm include TuSimple, Inc. receiving the EPA’s SmartWay High Performer award in 2021, a recognition reserved for the top 10% of fleets exhibiting the quietest CO2 emissions. In a regulatory context, the National Highway Traffic Safety Administration (NHTSA) took a pivotal step in April 2023 by amending reporting requirements for AV crashes. This amendment is anticipated to yield more accurate accident reports, furnishing crucial data to support future regulatory changes and further advancing the responsible integration of autonomous technologies into transportation systems.

Explore the comprehensive insights and strategic implications of this groundbreaking research. Click here to Learn More.

Key Drivers of Autonomous Trucks: Global Markets

Growing Emphasis on Enhanced Road Safety and Traffic Management: The advent of autonomous trucks heralds a significant paradigm shift towards heightened road safety and more efficient traffic control. Leveraging cutting-edge technologies such as sensors, cameras, and artificial intelligence, these vehicles have the potential to substantially mitigate human errors, thereby contributing to a safer road environment. Additionally, their ability to communicate with both fellow autonomous trucks and the infrastructure allows for optimized traffic flow, minimizing congestion and enhancing overall road system efficiency.

Reduced Emissions and Enhanced Fuel Efficiency in the Realm of Autonomous Trucks: Autonomous trucks emerge as powerful allies in the global effort to combat climate change, as they introduce innovative features like platooning, adaptive cruise control, and eco-driving. By leveraging these capabilities, these vehicles not only exhibit reduced fuel consumption but also significantly lower greenhouse gas emissions. Furthermore, the potential transition to electric propulsion represents a promising avenue for further diminishing their environmental footprint, aligning with the broader push towards sustainable transportation solutions.

Advancements in the Technological Landscape: The dynamic landscape of autonomous trucking is propelled by the rapid evolution and innovation of pivotal technologies, including Artificial Intelligence (AI), Light Detection and Ranging (LiDAR), 5G connectivity, and cloud computing. These technological strides play a pivotal role in elevating the performance, reliability, and security of autonomous trucks. Moreover, they pave the way for the emergence of novel business models and services, shaping a transformative future for the industry while bolstering its capacity to meet evolving demands.

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Report Synopsis

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$2.9 billion

Market Size Forecast

$6.9 billion

Growth Rate

CAGR of 16.2% from 2023 to 2028

Segment Covered

By Component, Autonomy, Propulsion Type, Truck Type, End Use, and Region

Regions covered

North America, Europe, Asia-Pacific, and the Rest of the World (RoW)

Countries covered

U.S., Canada, Mexico, U.K., Germany, China, India, and Japan

Key Market Drivers

 

Growing Emphasis on Improved Road Safety and Traffic Control Reduced Emissions and Higher Fuel Efficiency of Autonomous Trucks Improved Technological Landscape

 

Autonomous Trucks Global Markets Segmentation:

By Component: Analyzing the Autonomous Truck Market’s Building Blocks

This segmentation delves into the intricate layers of the autonomous truck market, dissecting it based on the fundamental components that drive these cutting-edge vehicles. The bifurcation centers around the dichotomy of software and hardware. Software, the brain of the autonomous truck, encompasses programs and algorithms that orchestrate functions such as navigation, perception, and decision-making. Meanwhile, hardware comprises the sensory and operational apparatus, featuring devices like cameras, navigation systems, sensors, and Advanced Driver Assistance Systems (ADAS) components, collectively serving as the eyes and ears of these autonomous entities.

By Autonomy: Unraveling Degrees of Autonomy in the Trucking Realm

This market segmentation peels back the layers based on the degree of autonomy inherent in autonomous trucks, delineating the spectrum of human intervention required for seamless operation. Semi-autonomous trucks tread a middle ground, proficient in executing certain functions autonomously but necessitating human oversight and control. In contrast, fully autonomous trucks emerge as self-sufficient entities, adept at executing all functions autonomously, sans any human intervention, marking a paradigm shift in the landscape of autonomous transportation.

By Propulsion Type: Navigating the Power Sources of Autonomous Trucks

This segment intricately categorizes the market according to the type of propulsion systems propelling these autonomous marvels. Internal Combustion (IC) engines harness the combustion of fossil fuels for power generation, while electric trucks rely on batteries or fuel cells to store and convert electrical energy into propulsive force. Hybrid trucks ingeniously blend IC engines and electric motors, optimizing power and efficiency in a symbiotic fusion of traditional and contemporary technologies.

By Truck Type: Gauging Autonomy Based on Truck Size and Capacity

This segmentation classifies the market based on the size and capacity of autonomous trucks, offering a nuanced perspective. Light-duty trucks, with a Gross Vehicle Weight Rating (GVWR) below 6,000 lbs, find their niche alongside medium-duty trucks (6,000 to 26,000 lbs GVWR) and heavy-duty trucks (exceeding 26,000 lbs GVWR). This categorization provides a comprehensive understanding of the diverse landscape encompassing various truck types within the autonomous domain.

By End Use: Mapping Autonomous Truck Applications Across Industries

This segment unfolds based on the diverse industries and sectors harnessing the potential of autonomous trucks. Logistics and transportation, manufacturing, mining, construction, and an array of others form the tapestry of end-use applications. From the movement of goods and people to the production of goods, extraction of minerals, construction activities, and beyond, the autonomous truck’s impact extends across an array of sectors, encompassing ports, farming, oil and gas, chemicals, and agriculture.

By Region: Navigating the Global Terrain of Autonomous Truck Adoption

This geographical segmentation scrutinizes the global landscape, partitioning it into regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Further sub-segmentation drills down into specific countries, providing a comparative analysis of market size, growth, and trends. This regional perspective offers invaluable insights into the diverse dynamics shaping the adoption and evolution of autonomous trucks across different corners of the globe.

This report on Autonomous Trucks: Global Markets provides comprehensive insights and analysis, addressing the following key questions:

1.  What is the projected market size and growth rate of the market?

The global market for autonomous trucks was projected to grow from $2.9 billion in 2022 to $6.9 billion in 2028, at a compound annual growth rate (CAGR) of 16.2% during the forecast period 2023-2028.

2.  What are the key factors driving the growth of the market?

The key factors driving the growth of the autonomous trucks market include growing emphasis on improved road safety and traffic control, reduced emissions and higher fuel efficiency of autonomous trucks, improved technological landscape, and growth of connected infrastructures.

3.  What segments are covered in the market?

Global autonomous trucks market is segmented based on component, autonomy, propulsion type, truck type, end use, and region.

4.  By End use, which segment will dominate the market by the end of 2028?

By the end of 2028, the logistics and transportation segment will continue to dominate the global autonomous trucks market. The segment will show a dominating position till the end of 2028, owing to lower load and long haulage costs, streamline traffic flows, shorter delivery time, and improve fuel efficiency by reducing freight and logistics costs.

5.  Which region has the highest market share in the market?

Europe holds the highest market share in the global autonomous trucks market. Presence of major OEMs such as Tesla, Inc., Robert Bosch GmbH, Mercedes Benz Group, and MAN Truck & Bus which are launching new models with advanced automation levels, implementation of various self-driving vehicle related rules and regulations by the European Union, and availability of advanced communication infrastructure drives the demand for adopting autonomous trucks in the region.

Some of the Key Market Players Are:

 AB VOLVO APTIV CATERPILLAR CONTINENTAL AG DENSO CORP. EINRIDE KODIAK ROBOTICS INC. MERCEDES-BENZ GROUP AG PACCAR INC. ROBERT BOSCH GMBH TESLA INC. TUSIMPLE HOLDINGS INC. WAYMO LLC

Directly Purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.  

About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Contact Us
Corporate HQ: BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301

For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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Gloo and Faith Assistant Partner to Build Custom AI for Churches and Ministries

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Gloo expands AI offerings to churches and ministries with custom models and community engagement capabilities

BOULDER, Colo., Jan. 15, 2025 /PRNewswire/ — Gloo, the technology platform for the faith ecosystem, announced the acquisition of Faith Assistant (previously Bible Chat). The artificial intelligence-based chatbot helps ministries engage their people through conversational AI, trained on the ministry’s own content. The company serves a variety of organizations — from churches and parachurches to publishers, seminaries and home school organizations. 

“We’ve admired Faith Assistant’s vision and innovation since their impressive work during the first Gloo AI Hackathon,” said Steele Billings, chief AI officer at Gloo. “Faith Assistant puts ministries in control of their content — they decide what the model is trained on and where it’s deployed. This aligns perfectly with our mission to provide trusted AI tools for redemptive purposes, and we’re excited to be a part of scaling it to the next level.”

“The faith ecosystem is diverse — it includes pastors, professors, administrators, missionaries and organizations looking to serve others. We’re seeing our AI help these ministries engage people on a deeper level, 24/7,” said Chase Cappo, co-founder of Faith Assistant. “Now, with Gloo, we can help more ministries implement unique AI strategies to accomplish their missions.”

Faith Assistant creates custom AI models and chatbots, or AI assistants, for organizations like Luis Palau Association, Concordia Church, The Christian Post and Texas-based radio station, KCBI. The customized model answers questions, recommends resources and even connects users with staff or volunteers who are ready to respond. 

“Our journey has always been about using technology to support the Church’s mission,” said Andrew Rogers, co-founder of Faith Assistant. “Partnering with Gloo means we can expand that vision while staying true to our core values. Their commitment to empowering ministry leaders aligns perfectly with our goals.”

“The platform lets us provide 24/7 answers, encouragement and support, which means we can serve our audience whenever they need us,” said Emily Haring Thevarajoo, Digital Content Director at KCBI Radio, about Faith Assistant. “It’s also helped us think differently about how we engage listeners and even how we approach donors. With its analytics, we’re able to better understand everything from the kinds of questions being asked to the challenges our community is walking through.”

Cappo and Rogers will continue to contribute to the growth of Faith Assistant while integrating it into Gloo, with Cappo assuming the role of director of the Gloo AI Enterprise Division.

As part of the expansion, Faith Assistant will launch a free version for churches built on the Gloo Kingdom-Aligned Large Language Model (KALLM). The free subscription will allow church leaders to create their own AI assistant, trained on their sermons and content. Church leaders can access advanced Faith Assistant features as part of the Gloo+ membership. Enterprise options are available for larger ministries and publishers looking for fully custom AI models that transform content into interactive, two-way conversations. This tiered approach will make the AI assistant available and affordable for ministries of all sizes.

Churches and ministries can learn more at faithassistant.com.

Gloo is the technology platform connecting the Christian faith ecosystem. Gloo connects ministry leaders to resources, people, insights and funding so their people and communities flourish and their organizations thrive. Gloo enables trusted exchange between organizations and people, so they can collaborate with greater confidence. Gloo serves over 90,000 churches and over 1,000 resource partners. Gloo is based in Boulder, Colorado.

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VOCODIA HOLDINGS INC. AND TRACCOM INC. HAVE SIGNED AN MOU TO FORM A JOINT VENTURE THAT WILL REVOLUTIONIZE EVENT MONITORING WITH NARRATIVE AI

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Real Time Voice-Enabled Alerts and Conversations to Redefine Crisis Response, Process Management, and Decision Making

BOCA RATON, Fla., Jan. 15, 2025 /PRNewswire/ — Traccom Inc. (OTCMKTS: TRCC), through its wholly owned subsidiary and operating entity Vulcain Inc., and Vocodia Holdings Inc. (OTCMKTS: VHAI) have signed a Memorandum of Understanding towards forming a joint venture to introduce “Narrative AI.” This cutting-edge solution integrates causal analysis with advanced voice AI technology. The partnership has been formed to set a new standard in real time event monitoring, Response Management©, and decision-making across industries.

Transforming Event Monitoring with Narrative AI
Narrative AI represents the next frontier in proactive alert systems. Unlike traditional text-based notifications that often lack urgency and interactivity, this innovative platform uses Vulcain’s Causal AI solution to monitor real time critical events. When Causal AI reasoning predicts an event breach, the system triggers an immediate actionable and appropriate response management process to the relevant response parties.

This capability ensures swift communication and active problem-solving. Narrative AI utilizes an intelligent dialogue regarding the impending event and recommends potential actions to mitigate its impact. Narrative AI applications provide unparalleled precision and speed. Current Response Management AI use cases include emergency management, logistics, healthcare, and financial risk monitoring.

“Text Alerts Aren’t Enough”
Brian Podolak, CEO of Vocodia, emphasized the critical need for Response Management innovation.
“In high-stakes situations, text alert systems fall short. Narrative AI goes beyond simple notifications, enabling real time, Response Management that ensures clarity, prompt action, and better outcomes. This is the future of event response.”

Greg Duffell, CEO of Vulcain, added:
“Our mission at Vulcain has always been to empower organizations with actionable insights through causal intelligence. Partnering with Vocodia allows us to take this vision further, by combining our expertise with their state-of-the-art Response Management AI. Narrative AI doesn’t just inform—it engages in intelligent conversation, ensuring that the right people take the right actions at the right time.”

Robust Pipeline
Both companies shared their optimism on the revenue potential of this joint venture. A preliminary pipeline of opportunities is already established across multiple industries. The partnership plans to scale rapidly and is targeting aggressive revenue growth for 2025, with Narrative AI as a key driver of profitability.

Key Features of Narrative AI:

Causal Event Monitoring: Advanced AI algorithms track and analyze complex event patterns in real time.Response Management©: Dynamic mechanisms including natural-sounding voice AI engages stakeholders, ensuring clear understanding and rapid, pre-emptive action that identifies, reduces, and eliminates threat levels.Cross-Industry Applications: Suitable for emergency response, logistics, healthcare, financial services, and more.Scalable Integration: Seamlessly integrates into existing workflows, enabling immediate deployment and impact.

Pioneering the Future of Crisis Response
This venture builds on Vocodia’s expertise in Response Management AI and Vulcain ‘s Causal AI Platform. Together, the companies aim to redefine how organizations monitor and respond to critical events, with solutions that are intelligent and intuitive.

About Vocodia Holdings Corp.

Vocodia is an AI software company that develops practical AI solutions, making them easily accessible for businesses through cloud-based platforms. These solutions are cost-effective and scalable to enterprise levels. Vocodia specializes in conversational AI, providing scalable enterprise-level AI sales and customer service solutions. Their Digital Intelligent Sales Agents (DISAs) are designed to sound and feel human, performing tasks that require human-like conversation, thereby reducing labor costs and enhancing communication effectiveness. For more information, please visit: http://www.vocodia.com.

About Traccom, Inc.

Vulcain is at the intersection of human and artificial intelligence, leading the charge to AI 3.0 with high value feature solutions for business. Vulcain’s Causal AI platform is used for harmonizing, testing, and validating data for extracting and commercializing knowledge. The Vulcain platform combines hundreds of millions of AI ready data sets with human domain knowledge. It can provide a ready to use solution that can be customized, scaled and adapted for customer use-cases and human intervention.  With a commitment to human-AI, excellence, sustainability, and customer-centric solutions, the company believes that it is poised for long-term growth and success in the global AI marketplace.

For more information about the company and its wholly owned subsidiary Vulcain, Inc., email shareholders@vulcain.ai or visit www.vulcain.ai 

Forward-Looking Statements This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” strategy,” “future,” “likely,” “may,”, “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements contained in this announcement are made as of this date and undertake no duty to update such information except as required under applicable law.

Contact Details: (561) 484-5234

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Casio Privia PX-S Series Named ‘Home Digital Keyboard of the Year’ for the Fourth Consecutive Year

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Casio’s Flagship PX-S7000 Earns Top Industry Recognition from MMR’s Prestigious Dealers’ Choice Awards

DOVER, N.J., Jan. 15, 2025 /PRNewswire-PRWeb/ — Casio’s Privia PX-S Series has once again been crowned “Home Digital Keyboard of the Year” by Musical Merchandise Review’s (MMR) esteemed Dealers’ Choice Awards. This marks the fourth consecutive year and the ninth win since 2015—solidifying Casio’s leadership in the digital piano market.

“This repeated acknowledgment reflects not only the strength of our instruments but also the unwavering trust music retailers and customers place in Casio,” said Stephen Schmidt, vice president of Casio’s Electronic Musical Instruments Division.

As an award determined solely by U.S. music retailers, this recognition underscores the PX-S Series’ exceptional design, performance, and reliability—qualities that resonate deeply with musicians and dealers nationwide.

“We are honored to see Privia recognized for the fourth straight year,” said Stephen Schmidt, vice president of Casio’s Electronic Musical Instruments Division. “This repeated acknowledgment reflects not only the strength of our instruments but also the unwavering trust music retailers and customers place in Casio. The PX-S7000, in particular, redefines elegance and excellence in the digital piano space.”

Since its inception, the Casio Privia line has earned global acclaim for delivering premium sound, authentic touch, and timeless style while remaining accessible and practical. The standout model of the series, the PX-S7000, pushes boundaries further with its unmatched sound quality, sophisticated mid-century modern design, and professional-grade performance.

Christian Wissmuller, executive editor of MMR, shared, “The PX-S7000 is a stunningly successful pairing of impressive, professional-level sound and playability with powerfully appealing aesthetics. Casio’s designers devoted just as much thought and energy into creating an instrument that would enhance the visual appeal of a domestic living space as they did on engineering specs that have yielded a wonderful-sounding musical instrument. The numbers don’t lie: for four years in a row, now, the PX-S Series consoles have been irresistibly compelling options for end-users, consistently generating profit – and satisfied, repeat customers – for MI retailers.

About the Awards

For 32 years, MMR’s Dealers’ Choice Awards have celebrated the best-in-class products shaping the musical instrument industry. Voted on by retailers, these awards highlight instruments that drive innovation, delight customers, and fuel business success.

The Casio Privia PX-S Series is available nationwide at select music dealers. For more information on Casio’s full lineup of electronic musical instruments, visit Casio.com.

About Casio America, Inc.

Casio America, Inc., Dover, N.J., is the U.S. subsidiary of Casio Computer Co., Ltd., Tokyo, Japan, one of the world’s leading manufacturers of consumer electronics and business equipment solutions. Established in 1957, Casio America, Inc. markets calculators, keyboards, digital cameras, mobile presentation devices, disc title and label printers, watches, cash registers and other consumer electronic products. Casio has strived to fulfill its corporate creed of “creativity and contribution” through the introduction of innovative and imaginative products. For more information, visit www.casio.com.

Media Contact
Peter Giles, Giles Communications, 1 (914) 644-3500 700, pgiles@giles.com, www.giles.com

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