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Synopsis: “Big Data” originally emerged as a term to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze. However, the scope of the term has significantly expanded over the years. Big Data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems. Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors. The automotive industry is no exception to this trend, where Big Data has found a host of applications ranging from product design and manufacturing to predictive vehicle maintenance and autonomous driving. SNS Telecom & IT estimates that Big Data investments in the automotive industry will account for more than $3.3 Billion in 2018 alone. Led by a plethora of business opportunities for automotive OEMs, tier-1 suppliers, insurers, dealerships and other stakeholders, these investments are further expected to grow at a CAGR of approximately 16% over the next three years. The “Big Data in the Automotive Industry: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of Big Data in the automotive industry including key market drivers, challenges, investment potential, application areas, use cases, future roadmap, value chain, case studies, vendor profiles and strategies. The report also presents market size forecasts for Big Data hardware, software and professional services investments from 2018 through to 2030. The forecasts are segmented for 8 horizontal submarkets, 4 application areas, 18 use cases, 6 regions and 35 countries. The report comes with an associated Excel datasheet suite covering quantitative data from all numeric forecasts presented in the report. Key Findings: The report has the following key findings: - In 2018, Big Data vendors will pocket more than $3.3 Billion from hardware, software and professional services revenues in the automotive industry. These investments are further expected to grow at a CAGR of approximately 16% over the next three years, eventually accounting for over $5 Billion by the end of 2021.
- Through the use of Big Data technologies, automotive OEMs and other stakeholders are beginning to exploit vehicle-generated data assets in a number of innovative ways ranging from predictive vehicle maintenance and UBI (Usage-Based Insurance) to real-time mapping, personalized concierge, autonomous driving and beyond.
- Edge analytics, which refers to the processing and analysis of information closer to the point of origin, is increasingly becoming an indispensable capability for applications such as autonomous driving where real-time data – from cameras, LiDAR and other on-board sensors – needs to be acted upon instantly and reliably.
- Privacy continues to remain a major concern, and ensuring the protection of sensitive information – through creative anonymization and dedicated cybersecurity investments – is necessary in order to monetize the swaths of Big Data that will be generated by a growing installed base of connected vehicles and other segments of the automotive industry.
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