The Automotive Industry And The Data Driven Approach

Though often overlooked, cars serve as a rich data source. Millions of transportation vehicles whizz past us on a regular basis, each of which generate swaths of useful information that automakers are now figuring out how to monetize. Some of the biggest passenger car automakers have more than 10 million vehicles' worth of data sitting in their data repositories. Failure to tap into these vast data stores amounts to lost value-added for customers, lost safety opportunities and lost revenue and business intelligence. According to a McKinsey Report, "The overall revenue pool from car data monetization at a global scale might add up to USD 450 - 750 billion by 2030." In addition, according to a market analysis report on the Automotive Cyber Security Market, "The global automotive cyber security market size was valued at USD 1.44 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 21.4% from 2019 to 2025."