A recent research study published by MarkNtel Advisors has cited that the Global Automotive Data Monetization Market is set to witness around 94% CAGR during 2022-27. The rapidly increasing penetration of connected vehicles worldwide and the mounting integration of analytics & big data technologies into automotive applications in order to minimize operational costs & investments while enhancing passenger & vehicle safety are the key aspects projected to drive the market in the future.
Moreover, the highly competitive environment in the automotive industry is generating growth opportunities for the leading players in the market to bring new monetization mechanisms & improve software deployment capabilities in vehicles, i.e., another prominent aspect expected to spur growth in the global automotive data monetization m in the years to come.
Direct Data Monetization Services to Contnue its Dominance through 2027
Direct automotive data monetization services held the largest share of the Global Automotive Data Monetization Market in the previous few years, and the same trend is likely through 2027. It owes principally to its features to sell products, features, services, like networked parking, software add-ons, etc., directly to the customers. OEMs are extensively adopting this type of automotive data monetization to attain raw data on driving & commuting behaviors, locations, & other aspects to provide better services to the customers. On the other hand, insurance companies also hold significant potential for direct data monetization services to create products & services with dynamic prices depending on complex vehicle parameters like driving pattern, travel location, traffic rule enforcement, etc.
Wejo to Contribute Significantly to the Automotive Data Monetization Market Expansion
Wejo Limited is amongst the prominent leaders in connected vehicle data and is popularly known for onboarding & standardizing over 16 million data points per day. It gathers all data live from connected vehicles that enable the company to deliver several mobility intelligence products like live streams, OM applications, aggregated data, etc. For the rapid expansion, Wejo Limited is keeping up with both organic & inorganic practices in order to scale its footprint across the automotive data monetization industry during the forecast period. In 2018, it acquired Carjojo.com as a part of its expansion plans.
The key companies operating in the Global Automotive Data Monetization Market include Amazon Web Services, Microsoft Corporation, Continental AG, IBM Corporation, Herman International, Tesla Inc., Wejo Limited, Oracle Corporation, Xevo Inc., Tech Mahindra Ltd., Vinli Inc., Smart, The Floow ltd., Otonomo Technologies., Caruso GmbH.
Key Questions Answered in the Study:
- What are the current & future trends in the Global Automotive Data Monetization Market?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across the globe, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Global Automotive Data Monetization Market?
- What are the customer orientation, purchase behavior, and expectations from the Automotive Data Monetization providersacross the globe?
- By Application (Insurance, Government, Predictive Maintenance, Mobility-as-a-Service)
- By Type (Direct, Indirect)
- By Deployment (Cloud, On Premises)
- By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)
- By Country (The US, Canada, Mexico, Brazil, Germany, The UK, France, Italy, Spain, UAE, Saudi Arabia, Turkey, China, Japan, South Korea, India, Australia & New Zealand, Thailand)
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