Automotive Data Monetization Market Size Forecast To 2031

(MENAFN- Straits Research) "Data monetization" refers to using data to gain economic benefits. This involves selling vehicle data directly to a third party, either structured or unstructured, to capture prospective customers or clients. Data monetization can be internal or external. Both are important. Internal data monetization aims to improve equipment maintenance, customer experience, and marketing. External data monetization involves using data-driven business models or services to generate new revenue for an organization. The automotive industry is undergoing a massive transformation in its revenue model and incorporating emerging technologies such as connected cars, self-driving cars, Car-as-a-Platform, and Mobility-as-a-Service. Due to the widespread adoption of these technologies and revenue models, the automotive industry will soon be a significant data generator.
Market Dynamics
Increasing Infrastructure, Car Features, and Mobility as a Service Drives the Global Market
Autonomous vehicles can interact with intelligent street lights to improve traffic flow and reduce congestion. Once organized, this generates a lot of data that can prevent traffic congestion. Autonomous vehicles are expected to contribute to the expansion of the connected infrastructure, which will boost the market.
Mobility as a service is replacing personal vehicle ownership as the market grows. Mobility is gaining popularity in the transportation sector, displacing privately owned vehicles. MaaS is affordable and easy to obtain, so more people are using it. The high cost of autonomous vehicles is expected to dissuade consumers from buying them as private transportation. On-demand autonomous vehicles are expected to attract customers because they save money and time. MaaS and autonomous vehicles will boost automotive data monetization.
Growing Use of Internet-Connected Devices Creates Lucrative Opportunities
The rapid implementation of IoT in transportation infrastructure worldwide has opened up new opportunities for those in the industry and those who provide technology services. Internet of Things sensors in public areas can reduce pollution and traffic congestion. Internet of Things connects car parking, toll booths, intelligent streets, and traffic lights (IoT), creating opportunities.
Regional Analysis
North America is expected to lead the global automotive data monetization market during the forecast period. This can be attributed to several factors, including the region's high penetration of autonomous and connected vehicles. This revenue growth is also attributed to increased vehicle safety norms and higher integration of IoT in the automobile industry. It is anticipated that the presence of major key players such as Tesla, Continental AG, and IBM Corporation, amongst others, will boost the market's growth shortly.
Key Highlights

The global automotive data monetization market was valued at USD 208.5 billion in 2021. It is expected to reach USD 16,795 billion
by 2030, growing at a CAGR of
62.85% during the forecast period (2022–2030).
Based on application, the global automotive data monetization
market is divided into insurance, Predictive Maintenance, Government, and Mobility as a Service. The insurance segment is anticipated to grow at the most rapid rate during the forecast period.
Based on the deployment type, the global automotive data monetization
market can be divided into: Cloud and on-premise. The Cloud deployment segment will lead the global automotive data monetization market during the forecast period.
North America is expected to lead the global automotive data monetization market during the forecast period.

Competitive Analysis
The key players in global
automotive data monetization
market include Continental AG, IBM Corporation, Tesla, Caruso GmbH, Tech Mahindra Limited, Harman International, Microsoft Corporation, Oracle, and The Floow Limited, Otonomo, Xevo, Amazon Web Services, Inc., Vinli Inc, SMARTO (CarAlgo), Caruso GmbH and others.
Market News

June 2022, Object Management Group® Announces Responsible Computing with Founding Members IBM and Dell
May 2022, Global Data from IBM Shows Steady AI Adoption as Organizations Look to Address Skills Shortages, Automate Processes and Encourage Sustainable Operations
June 2022, Object Management Group® Announces Responsible Computing with Founding Members IBM and Dell
May 2022, Global Data from IBM Shows Steady AI Adoption as Organizations Look to Address Skills Shortages, Automate Processes and Encourage Sustainable Operations

Global Automotive Data Monetization
Market: Segmentation
By Type

Direct
Indirect

By Deployment type

On-premises
Cloud

By End-user

Insurance
Government
Predictive maintenance
Mobility as a service

By Regions

North America
Europe
Asia-Pacific
LAMEA

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