Monetizing Data from the Connected Car

Monetizing Data from the Connected Car

As the automotive industry moves towards autonomous driving, today’s new cars gather and process increasingly vast amounts of data. Vehicles equipped with an array of sensors and cameras generate data about how they are used, where they are on the road, the surrounding environment, and the operating status of a variety of systems and components. This data is used to great effect by industry players in terms of training the neural networks of autonomous cars, mapping roads for navigation, and developing upgraded designs.

Cars can also access a vast amount of personal data about the driver. This can range from simple preferences such as the seat and head-rest position or favorite radio stations, to personal information about browsing habits, app usage, frequent journeys and more.

Vehicle-to-X communication is another aspect of connectivity which can benefit from the large amounts of data gathered by vehicles. As infrastructure is developed, and more and more connected cars enter the market, there is a considerable scope for utilizing data and V2X communication to provide location-based services, targeted marketing, route and traffic updates, etc. 

Drawing all of this together is the challenge for the automotive industry, as key players look for ways to monetize the data and develop new business models. The big tech companies of Silicon Valley are already well ahead in developing new features and services. Dealing with data is integral to large tech firms, and in that respect, they have a distinct advantage over traditional OEMs in the car space. Manufacturers have been quick to invest and forge partnerships with technology companies and startups in a bid to claim a piece of what is destined to become a big industry in its own right over the next decade. To receive a copy directly to your inbox, email carson.bunting@iqpc.com.



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