With the onset of the fourth industrial revolution, analytics is all set to usher further change in the automotive industry. AI is driving the change for the future of the industry and stakeholders in the automotive space stand to benefit it they can evolve with changing market trends. Here is a quick summary of trends we will be delving into, in our AI & Automotive industry trends report.
What’s in store
Experts predict that autonomous cars will generate upto 4000 GB of data per day. Automotive data is not merely vehicular but often pertaining to the driver/ occupants as well, and can be leveraged for multiple use cases.
Data-driven mobility services in the automotive sector are expected to generate around $1.5 trillion in extra revenue by 2030. OEMs that produce commercial vehicles stand to benefit from the use of data analytics solutions for their fleets. Vehicular data collection, management and analytics are significant pillars for the automotive industry and will continue to be of significance regardless of autonomy or fuel consumption. The cars of the future will consume data much like present day vehicles consume fuel or electricity.
Vehicle dealerships will transform into large data banks. This data can then be analyzed by OEMs and dealers to identify what type of vehicles sell quicker than others or what features are preferred / expected and can enable inventorial changes as needed. With shared data, executives can identify potential buyers and identify where they are in the buying process. Stakeholders that can leverage data for their sales can benefit and maintain an edge over competition. With present day predictive analytics tools, OEMs are using data made available via the cloud or IoT to monitor and fix machines in real time, eliminating the loss of time and money.
Data collected from products that are in use on the road can be used to further improvements that can be streamlined into future vehicles that OEMs offer. Data will prove to be a critical proponent in the future of the automotive space. With report suggesting the overall revenue generated from car data being monetized globally is estimated to stand between 450 and 750 billion USD by 2030. As OEMs and other stakeholders in the automotive industry leverage data either directly or otherwise, they stand to benefit in multiple ways, from cost reduction to increased efficiency and everything in between. With AI becoming a pre-requisite in most industries, the automotive space is all set to embrace the data revolution.
Download the 2021 Automobile trends report, to know how industry giants will be tapping into AI to stay ahead in the next normal.