Vancouver, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global automotive data monetization market size is expected to reach USD 319.79 Billion at a steady CAGR of 38.5% in 2032, according to latest analysis by Emergen Research.
Surge in number of connected vehicles and consent and activation rate of these vehicles among consumers are some key factors driving global automotive data monetization market revenue growth. Digital innovation is necessary to build a constant stream of revenue from automotive data. Automotive industry must introduce new monetization systems and master software capabilities to ensure profitability. Connected cars and monetization of data generated is becoming a major part of transportation and automobile systems.
A connected car is connected to the Internet, thus allowing sharing of vital data and information remotely and in real time. Data is important in various situations, including from monitoring fuel level, tyre pressure, braking system to SAT-navy systems, and geolocation systems, to tracking cars if it gets stolen or if the driver loses track of it in a multi-story car park.
Automotive manufacturers analyze large data volumes to gauge the performance of their product. This helps significantly to design and manufacture future model and make them safer, more efficient, and reliable. OEMs harness connected car data to develop innovative features that meet the vehicle driver’s functional and emotional requirements. OEMs can gain from knowing which vehicles are likely to fail and when. Real-time data sent from automotive sensors can identify problems at early stage and predictive analytics allow companies to recall issues. However, low rate of adoption is a key factor hampering growth of the market.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 6.41 Billion |
| CAGR (2023–2032) | 38.5% |
| Revenue forecast in 2032 | USD 319.79 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2021 to 2028. |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments covered | Type, deployment type, end-use, and region. |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
| Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, Rest of MEA. |
| Key companies profiled | Continental AG, Tech Mahindra Limited, IBM Corporation, Harman International, Tesla, Microsoft Corporation, Wejo Limited, Oracle, Caruso GmbH, and The Floow Limited. |
| Customization scope | 10 hours of free customization and expert consultation. |
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MAJOR COMPANIES and Competitive Landscape
The global automotive data monetization market is consolidated, with few small- and medium-sized players accounting for majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies and solutions in the automotive data monetization market. Some prominent players operating in the market are:
- Continental AG
- Tech Mahindra Limited
- IBM Corporation
- Harman International
- Tesla
- Microsoft Corporation
- Wejo Limited
- Oracle
- Caruso GmbH
- The Floow Limited
Strategic Development
In December 2020, Amazon Web Services, Inc. (AWS) and BlackBerry Limited announced a multi-year agreement to develop and market IVY, which is BlackBerry’s intelligent vehicle data platform. Ivy allows automotive manufacturers to provide a consistent and secure way to gather automotive sensor data, normalize it, and create actionable insights when needed. The information can also be used to enhance passenger and driver experience.
In May 2021, Ford Motor launched over-the-air update capability “Power-Up” technology to make remote upgrades to its trucks and cars, and also plans to roll out 33 million vehicles by the end of 2028. The new technology would collect data on millions of commercial customers and consumers providing automotive manufacturers access to a revenue stream.
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Some Key Highlights From the Report
- MaaS is a user-centered data-driven paradigm powered by rapid advancements in digital technology. Increasing penetration of smartphones, up-to-date information on travel options, high levels of connectivity, and rising trend of cashless payment systems are driving revenue growth of the MaaS segment. MaaS generates vast amount of data that can be used by automotive companies for further gain of insights and to generate revenue.
- Surge in number of connected cars has fueled demand for cloud-based deployment. Cloud segment accounted for a significant revenue share in 2020 due to cost-effective and reliable benefits offered. Volkswagen partnered with Microsoft in 2018 to accelerate the development of Volkswagen Automotive Cloud designed to handle data from millions of vehicles per day and provide improved user experience.
- Asia Pacific automotive data monetization market revenue is expected to increase at a rapid rate during the forecast period due to increased adoption of advanced and smart automotive technologies in Japan and China. Sales of 4G connected cars was approximately 95% of total connected car sales in China in 2020. High demand from China is expected to drive growth of the market in the region.
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Emergen Research has segmented the global automotive data monetization market on the basis of type, deployment type, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Direct
- Indirect
- Deployment Type Outlook (Revenue, USD Billion; 2019–2032)
- On-Premises
- Cloud
- End-use Channel Outlook (Revenue, USD Billion; 2019–2032)
- Insurance
- Government
- Predictive Maintenance
- Mobility as a service (MaaS)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest Of MEA
- North America
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