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Data Is The Key To The Future: Monetizing Car Data

DATA IS THE KEY TO THE FUTURE

Monetizing Car Data

The vehicle data comprises information about the vehicle's state, driver behavior, location, and the market is booming by the day; they are becoming more connected than ever before.

How do industry players use data from vehicles into valuable goods and services? ... via the realization of these potential opportunities. Obviously, car data monetization is associated to the megatrends: electrification, connectivity, shared mobility, autonomous driving, and these megatrends have a significant impact on revenue, mobility behavior, the diversification of advanced technologies, new competition, and collaboration. Thus, these trends change the way people use vehicles and travel, generating massive potential opportunities not just for OEMs but also for insurance companies, roadside assistance providers, fleet managers, toll providers, and shopping malls. As can be seen, all of these businesses are becoming associated with technology that not only connect but also process data. Opportunities for monetizing vehicle data will emerge gradually for industry stakeholders along the mobility value chain, as car data is projected to bring value in the form of increased revenue, reduced mobility costs, and enhanced safety - security.

ELEVATING CUSTOMER EXPERIENCE

Besides from that, from the customer's standpoint, the vehicle will become an environment in which individuals may enjoy activities other than just driving. Customers may be offered mobility services in exchange for seeing targeted advertising, providing product feedback, or making purchases while driving.

We'll see how it will shape the future...