Vancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - August 3, 2023) - Investorideas.com, a leading investor news resource covering tech and security stocks issues a report on the evolving road safety market as technology emerges to save lives, featuring SaverOne 2014 Ltd. (NASDAQ: SVRE) (TASE: SVRE), a technology company specializing in transportation safety solutions.
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According to AlliedMarketResearch, the global road safety market was valued at $4.7 billion in 2021 and is projected to reach $14.8 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.
Existing and emerging technologies have great potential to reduce distracted driving, which contributes to thousands of deaths each year in the United States, according to a new National Distracted Driving Coalition (NDDC) report.
"Many people think of technology, especially smartphones and complicated infotainment screens as a major cause of distracted driving," says Dr. Pnina Gershon, a researcher at Massachusetts Institute of Technology and co-author of the new report. "While that's true, other technologies can potentially help keep people focused on driving or help them avoid a crash if they are distracted."
SaverOne 2014 Ltd. (NASDAQ: SVRE) (TASE: SVRE), a technology company specializing in transportation safety solutions recently announced that July 2023 was a record month for new installations of its Driver Distraction Prevention Solution (DDPS). During July, the Company installed its innovative safety solution on 299 new vehicles and ended the month with an install-base of approximately 2,700 in the Israeli market, reflecting growing and broad adoption of SaverOne's DDPS system.
Ori Gilboa, CEO of SaverOne commented, "This record level of installations in the past month, demonstrates that SaverOne continues to progress in the right direction. Furthermore, based on our open orders, we expect to continue growing our install-base for the foreseeable future. Another positive sign is that while our installations are currently predominantly in Israel, a growing portion of our customers are local subsidiaries of global companies, and we intend to leverage them to access their global headquarters and fleet, as part of our expansion into international markets."
Mr. Gilboa continued, "I am thrilled that SaverOne is now firmly in the early revenue growth phase in its corporate lifecycle. We look forward to continuing to broaden our customer base and accelerate the growth of our install-base in the months and years ahead."
SaverOne's system is installed in vehicles to provide a solution to the problem of driver distraction, as a result of drivers using distracting applications on the mobile phone while driving, in a way that endangers their safety and the safety of their passengers. This phenomenon is considered one of the main causes of road accidents in the world. According to the US National Highway Traffic Safety Administration, the annual cost of road accidents just in the United States, stands at about $870 billion each year, excluding the costs of serious injury or death, with a quarter of those accidents estimated to be related to the use of the mobile phones while driving. SaverOne's technology specifically recognizes the driver area in the vehicle and prevents the driver from accessing distracting applications such as messaging, while allowing others (e.g. navigation), without user intervention or consent, creating a safer driving environment.
SaverOne's primary target markets include commercial and private vehicle fleets that are interested in reducing potential damages and significant cost, vehicle manufacturers that are interested in integrating safety solutions to their vehicles, and insurance and leasing companies. SaverOne initially addresses car fleets with focus on the Israeli, European and US markets, as well as other markets around the world. SaverOne believes that ultimately increased focus on monitoring and prevention of cellular distraction systems in vehicles, in particular driven by upcoming expected EU regulation, will likely have a dramatic positive impact on the demand for its systems in the future.
The Company's strategy is to provide its technology for installation to customers in the aftermarket as well as address OEM vehicle manufacturers, to install the Company's protection technologies during the vehicle manufacturing process.
Based on it's core Technology SaverOne is also developing an ADAS Sensor system for early location and direction detection under all visibility conditions of vulnerable road users (VRU) through their cellphone footprint.
According to a July report from auto safety group IIHS.org, "Even without our prodding, tech companies have made big strides. Apple and Google deserve credit for making apps that block calls and notifications while the user is driving part of their operating systems - though the Android system does not prompt the user about turning it on during the initial setup procedure. Other firms and app developers are working on improving driver monitoring, incentivizing safe driving and other promising ideas."
"Recent updates to the 'do not disturb' feature may make it more palatable to users. The latest versions allow 'breakthrough' alerts for urgent messages or designated contacts and let users select music, get directions and perform basic web searches using voice commands. For people with newer vehicles, Apple CarPlay and Android Auto are designed to integrate the phone with the in-vehicle infotainment system - but also to restrict overly complex interactions with the device. Google Assistant's driving mode provides a similar interface for drivers of older vehicles using a dashboard mount for their Android phone."
Australian listed Acusensus has designed, developed, patented and commercialized technology focusing on the detection of distracted drivers who are illegally using mobile phones while driving, and has expanded that technology offering to further address speed (point and average), seatbelt enforcement and registration/number plate review.
In February, Acusensus announced opening its US headquarters in Las Vegas, Nevada. Regarding this decision, founder and Managing Director of Acusensus, Alexander Jannink said that Las Vegas provides a well-connected hub to be near customers to ensure accessibility to road authorities, whom focus on road safety through implementing technological solutions.
"North America has a need and appetite for our road safety technologies. The Federal Highway Administration in the US was granted $5 billion, with an additional $15.6 billion allocated to the States' Highway Safety Improvement Program," says Jannink. "We have spent time on the ground in the US to design our solutions to satisfy the unique needs of the market in the USA, emphasising policing over automation. This base further ensures we will make our equipment for America, in America."
According to the National Highway Traffic Safety Administration's (NHTSA) latest distracted driving report, in 2020, 3,142 people were killed and 324,652 people were injured in distraction-affected motor vehicle crashes.
So, for future driver safety, the race is on for companies to create technology to balance and manage the human error element in using existing technology. The question is, where will this end?
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