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Monetizing Car Data
The vehicle data comprises information about the vehicle's state, driver behavior, and location, and the market is booming by the day, and they are becoming more connected than ever before.
How do industry players use data from vehicles into valuable goods and services? ... via the realization of these potential opportunities. In obviously, car data monetization is associated to the megatrends: electrification, connectivity, shared mobility, autonomous driving... and these megatrends have a significant impact on revenue, mobility behavior, the diversification of advanced technologies, new competition, and collaboration. Thus, these trends change the way people use vehicles and travel, generating massive potential opportunities not just for OEMs but also for insurance companies, roadside assistance providers, fllet managers, toll providers, and shopping malls. As can be seen, all of these businesses are becoming associated with technology that not only connect but also process data. Opportunities for monetizing car data will develop progressively for industry stakeholders along the mobility value chain, as car data is expected to provide value through increased revenue, decreased mobility costs, and better safety and security.
From a commercial standpoint, automotive data-enabled business models may usher in a new wave of opportunities that are more dependent on what happens "during" personal transport.
ELEVATING CUSTOMER EXPERIENCE
The vehicle data also lead to elevate customer experience and offer new solutions and/or improve the vehicle’s performance such as;
Usage based insurance
Roadside assistance
Traffic management
Predictive car maintenance
Incar payments/ads
Safety: real time emergency calls/road hazard warnings…
Besides all these, from customer perspective, while driving, the car will become an environment in which people may enjoy things other than driving. Customers may be provided mobility services in return for watching targeted commercials, offering product feedback, or making purchases while driving. We will see how it is shaped very soon…
