“Big Data” originally emerged as a term to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze. However, the scope of the term has significantly expanded over the years.
Big Data in the Automotive Industry: 2017 – 2030 – Opportunities, Challenges, Strategies & Forecasts
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The automotive industry is no exception to this trend, where Big Data has found a host of applications ranging from product design and manufacturing to predictive vehicle maintenance and autonomous driving.
Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors.
The author estimates that Big Data investments in the automotive industry will account for over $2.8 Billion in 2017 alone. Led by a plethora of business opportunities for automotive OEMs, tier-1 suppliers, insurers, dealerships and other stakeholders, these investments are further expected to grow at a CAGR of approximately 12% over the next three years.
The report comes with an associated Excel datasheet suite covering quantitative data from all numeric forecasts presented in the report.
Key Questions Answered
The report provides answers to the following key questions:
How big is the Big Data opportunity in the automotive industry?
How is the market evolving by segment and region?
What will the market size be in 2020 and at what rate will it grow?
What trends, challenges and barriers are influencing its growth?
Who are the key Big Data software, hardware and services vendors and what are their strategies?
How much are automotive OEMs and other stakeholders investing in Big Data?
What opportunities exist for Big Data analytics in the automotive industry?
Which countries, application areas and use cases will see the highest percentage of Big Data investments in the automotive industry?
The report has the following key findings:
In 2017, Big Data vendors will pocket over $2.8 Billion from hardware, software and professional services revenues in the automotive industry. These investments are further expected to grow at a CAGR of approximately 12% over the next three years, eventually accounting for over $4 Billion by the end of 2020.
In a bid to improve customer retention, automotive OEMs are heavily relying on Big Data and analytics to integrate an array of data-driven aftermarket services such as predictive vehicle maintenance, real-time mapping and personalized concierge services.
In recent years, several prominent partnerships and M&A deals have taken place that highlight the growing importance of Big Data in the automotive industry. For example, tier-1 supplier Delphi recently led an investment round to raise over $25 Million for Otonomo, a startup that has developed a data exchange and marketplace platform for vehicle-generated data.
Addressing privacy concerns is necessary in order to monetize the swaths of Big Data that will be generated by a growing installed base of connected vehicles and other segments of the automotive industry.
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