Automotive Data Monetization Market Rising Trends and Technology Outlook 2021 - Otonomo, Xevo, Amazon Web Services, Inc.

Data Monetization concept relate to the action of using data to obtain quantifiable economic benefits. This involves direct sale of the data collected from the vehicles, to the third party either in structured or unstructured form which can then be used to capture potential business prospects. Generally, there are two aspects of the data monetization process such as internal data monetization and external data monetization. Internal data monetization aims to improve internal processes such as customer experience, maintenance of equipment and marketing activities. On the other hand, external data monetization makes use of data to extend an organization’s product offering with data-driven business models, or services to create new revenue streams.

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Competitive Landscape

The automotive data monetization market is comprising of various market players such as Continental AG, IBM Corporation, Tesla, Wejo limited, Caruso GmbH, Tech Mahindra Limited, Harman International, Microsoft Corporation, Oracle, and The Floow Limited.

Other players operating in this market include Otonomo, Xevo, Amazon Web Services, Inc., Vinli Inc, SMARTO (CarAlgo), Caruso GmbH and others. These market players are adopting various collaboration strategies and product launches across various regions to maintain their dominance in the automotive data monetization market. For instance, in December 01, 2020, Amazon web services have signed a strategic partnership with BlackBerry in order to speed up the innovation with new intelligent vehicle data platform called “IVY”. IVY is a cloud-connected, scalable, software platform, which allows vehicle manufacturers to provide a consistent and secure medium to read vehicle data generated from the embedded sensors. This collected data is then used to draft actionable insights regarding the vehicle. Moreover, in May 2020, Ford motor have also launched over-the-air update to make remote updates to its cars as well as trucks which is expected to drive automotive data monetization market.

Automotive industry is undergoing massive transformation both in terms of its revenue model, as well as integration of emerging technologies such as, connected cars, self-driving cars, Car-as-a-Platform, Mobility-as-a-Service and many more. Wide adoption of such technologies and revenue model is expected to generate large amount of data on a daily basis, which will soon transform the automobile industry in to one of the largest data generators in coming years. It is estimated that by the end of 2040, amount of data generated by a normal vehicle would be close to 15-18 TB per year which can enable multiple opportunities for the key players operating in the market. The concept of automotive data monetization is to develop a complete ecosystem, which would focus around the automotive data in order to not only improve the customer experience, but also offer cost optimization benefits.

Data monetization benefits an organization in multiple ways as it helps to optimize the use of data, improving the value of the products & services, and provides ability to identify and mitigate risk, among others. Further, data monetization also reduces operating costs of the business, and boosts profitability which is expected to drive the market.

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Market Dynamics and Trends

Rapid adoption of Internet of Things (IoT) in the transportation infrastructure across the globe has created tremendous opportunity for the industry participants as well as for technology service provides. For instance, companies such as IBM and Cisco have developed digital platforms, which can improve garbage pickup, automate traffic as well as street lights, and augment surveillance. For example, installation of IoT sensors in streets can help control traffic congestion and solve environmental issues to a significant extent. IoT enabled connected infrastructure includes car parking, toll booths, and smart street and traffic lighting network.

Autonomous vehicles which are also considered as connected vehicles can interact with intelligent street lights to facilitate flow of traffic without any congestion. This creates a lot of data which can be streamlined to provide meaningful insights and avoid possible traffic congestions. Therefore, such growth in connected infrastructure owing to the emergence of autonomous vehicle, is expected to support the growth of the automotive data monetization market.

Also, transition from ownership to mobility-as-a-service (MaaS) is driving the growth of the market. Transportation industry is experiencing a shift from personally owned vehicles to mobility-as-a-service (MaaS). Under MaaS, on-demand transportation service providers such as Uber and Lyft provide affordable rides to customers. Therefore, affordability and ease of availability leads to wider adoption of MaaS. Popularity of MaaS is expected to drive the market for autonomous vehicles in furture. The high cost of autonomous vehicles is projected to deter consumers from immediately purchasing personally owned autonomous vehicles. However, introduction of autonomous vehicles as an on-demand service, is expected to attract consumers to use this service as it would save both cost and time. The adoption of MaaS and Autonomous vehicle will foster the growth of automotive data monetization market.

However, data management challenges are expected to hamper the growth of the market. As connected/autonomous vehicles interact with other intelligent transportation systems, which generate large amount of data, therefore needs a proper data storage and processing system. The challenge is not the lack of data, but analyzing and structuring the data in order to derive meaningful conclusions, and effectively prioritizing autonomous vehicle data requirements and which would lead to operationalize specific autonomous use cases.

Geographical Analysis

North America holds the lion share of automotive data monetization market at present. This is attributed to factors such as high penetration of the autonomous as well as connected vehicles in the region. This revenue growth is also attributed to the factors such as rise in vehicle safety norms, and higher integration of IoT in the automobile industry. Also, presence of major key players such as Tesla, Continental AG, IBM Corporation, and others is expected to boost the market growth in near future.

However, Europe is expected to show a steady rise in the automotive data monetization market due to rapid adoption of connected vehicles in the automotive industry in this region. Moreover, rise in disposable income and government subsidies to promote the growth of the electric and connected vehicles coupled with the consumer awareness towards vehicle safety are expected to drive the automotive data monetization market growth in this region.

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