MENLO PARK, Calif., August 18, 2022--(BUSINESS WIRE)--Cyngn Inc. (the "Company" or "Cyngn") (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, announced the release of a white paper that examines the critical role automation is playing across dozens of industries.
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Cyngn announces the release of a white paper examining the significant role automation is playing across several diverse industries and why automation is expected to grow to an over $300 billion market by 2027. Source: Cyngn
Following two decades of research, development, and beta testing, autonomous industrial vehicles have grown beyond their startup phase and have risen to become an industry necessity at dizzying speeds. Industries ranging from manufacturing to mining, construction, agriculture, and dairy are using autonomous vehicles to change the way they operate.
The implementation of autonomy yields key benefits with immediate results, such as increasing profitability, scalability, adaptability, and safety — such that early adopters are carving out a competitive advantage and setting new industry process standards.
In this industry report, Cyngn gives a comprehensive overview of industrial autonomous vehicle deployments across 20 different sectors — and why automation in all forms is expected to grow exponentially.
Automation Is Growing- According to research by Meticulous Market Research, Inc., the Industrial Automation Market is expected to reach $306.2 billion by 2027.
Automation Is Working- According to a recent report from Sapio Research, in some industries, industrial automation has been shown to increase productivity by 48%, and decrease operating costs by 42%.
Automation Is Already Here- Autonomous vehicles, automation, and robotics represented 3 of the top 5 capital expenditures in key industries in 2021.
Cyngn is an autonomous vehicle technology company that is focused on addressing industrial uses for autonomous vehicles. Cyngn believes that technological innovation is needed to enable adoption of autonomous industrial vehicles that will address the substantial industry challenges that exist today. These challenges include labor shortages, lagging technological advancements from incumbents, and high upfront investment requirements. Cyngn addresses these challenges with its Enterprise Autonomy Suite, which includes DriveMod (modular industrial vehicle autonomous driving software), Cyngn Insight (customer-facing software suite for monitoring/managing AV fleets and aggregating/analyzing data), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).
To learn more, please visit https://cyngn.com/.
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