Connected car services may look different in the future, thanks to datasets from the millions of connected, sensor-equipped vehicles on the road today.
OEM revenues from monetization of automotive sensor data are expected to reach $706 million, representing a CAGR of 46.8% according to ABI Research, a market-foresight advisory firm.
“The crowdsourcing paradigm sits at the epicenter of the major automotive megatrends, with the rapid growth in ADAS and connected infotainment expanding the installed base of connected and sensor- equipped vehicles to the point of critical mass,” said James Hodgson, Senior Analyst at ABI Research. “By leveraging the experience of the crowd, rich semantic datasets can be used to improve legacy applications such as parking or traffic information services, or to enable brand new use-cases such as user-generated maps for autonomous driving.”
“As OEMs transition into mobility service providers, their revenues will shift from product sales to monetization of fleet-based assets,” Hodgson said. “The crowdsourcing paradigm represents an important first step for OEMs, as they look to maximize the value of their assets for ongoing revenue streams.”
For more, check out ABI Research’s Transformative Connected Car Services Built on Data Crowdsourcing report.