Market Size – USD 6.41 Billion in 2020, Market Growth – at a CAGR of 38.5%, Market Trends – Rise in Connected Cars
VANCOUVER, BC, CANADA, April 26, 2022 /EINPresswire.com/ — The global automotive data monetization market size is expected to reach USD 86.91 billion at a stable CAGR of 38.5% in 2028, according to the latest analysis from Emergen Research.
The revenue growth of the global automotive data monetization market is driven by the increased application of advanced analytics and big data in automotive manufacturing and to provide more advanced features and services in vehicles, reduce the cost of operations and investments and improve the safety of drivers and passengers. Vehicles are increasingly connected to each other, and advances in road infrastructure and an increase in the number of sensors used result in the generation of vast amounts of data. The data collected can be mined and monetized, but this is currently at a nascent stage.
Rising number of connected vehicles and consumer consent and activation rates of these vehicles are fueling the growth of the market
Vehicles are capable of capturing and sharing different types of data, including vehicle performance, geolocation, biometric data, and driver behavior. GPS functionality has supported navigation systems for years, and smarter data apps are adding value in the form of real-time road safety and traffic updates and alerts. Operational features and vehicle health data are gaining traction as automakers develop more app-based tools to monitor major maintenance statistics. Although biometric data is in its infancy, sensors in the cockpit allow vehicles to monitor the driver’s heart rate, stress levels, fatigue and alcohol consumption.
However, some customers are hesitant to adopt the technology. According to statistics, 79% of Chinese consumers believe it is beneficial; while only 35% of German consumers feel the same. The potential for larger-scale automotive data monetization remains a major challenge for market players, and these are key factors that are expected to hamper the market growth to some extent.
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Some highlights of the report
In May 2021, Ford Motor launched over-the-air update capability “Power-Up” technology to perform remote upgrades of its trucks and cars, and also plans to roll out 33 million vehicles by the end of the year. end of 2028. The new technology would collect data on millions of business customers and consumers, giving automakers access to a revenue stream.
Predictive maintenance helps to better understand the need for vehicle maintenance before a breakdown occurs. Predictive maintenance analyzes data generated by connected vehicles to understand the need for maintenance with current data from vehicle sensors. It reduces additional maintenance costs, increases vehicle efficiency and improves customer and business experience. It also helps save lives from unexpected accidents.
The cloud segment accounted for a larger revenue share in 2020 due to better scalability, cost efficiency, increased reliability, and faster time to access new technologies as a readily available service . Cloud-based deployment is a key solution for OEMs due to the above advantages.
North America accounted for the largest revenue share in 2020 due to increased demand for connected cars, IoT integration in the automotive sector, and increasing vehicle safety standards. more stringent. Additionally, steady deployment of Advanced Driver Assistance Systems (ADAS) in the US is further driving the growth of the automotive data monetization market in the region.
Major companies operating in the market are Continental AG, Tech Mahindra Limited, IBM Corporation, Harman International, Tesla, Microsoft Corporation, Wejo Limited, Oracle, Caruso GmbH, and The Floow Limited.
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Emergen Research has segmented the global automotive data monetization market on the basis of type, deployment type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Deployment Type Outlook (Revenue, USD Billion; 2018-2028)
On the site
End-Use Channel Outlook (Revenue, USD Billion; 2018-2028)
Mobility as a Service (MaaS)
Regional Outlook: (Revenue, USD Billion; 2018-2028)
North America (United States) (Canada) (Mexico)
Europe (Germany) (UK) (France) (BENELUX) (Rest of Europe)
Asia-Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (rest of LATAM)
Answers to key questions in the report
How big will the market be in terms of value and volume over the next five years?
Which segment currently dominates the market?
In which region will the market see its strongest growth?
Which players will take the lead in the market?
What are the major drivers and restraints for market growth?
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Chapter 1 includes an introduction of the global Automotive Data Monetization Market, along with a comprehensive market overview, market scope, product offerings, and a survey of market drivers, growth opportunities, risks , stresses and other vital factors.
Chapter 2 offers an in-depth analysis of key manufacturers engaged in this business vertical along with their sales and revenue estimates.
Chapter 3 details the highly competitive terrain of the market, highlighting the major manufacturers and suppliers.
In Chapter 4, our team has fragmented the Automotive Data Monetization market based on regions, highlighting the sales, revenue and market share of each region over the forecast period.
Chapter 5 and 6 have emphasized on automotive data monetization market segmentation on the basis of product type and application
Thank you for reading our report. Please contact us if you have any questions regarding the report or its customization. Our team will ensure that the report is best suited to your needs.
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