Big data investments in the car industry to grow 16% in next four years, says SNS Research
A new automotive industry research report released by SNS Research forecasts a 16% growth (CAGR) in big data investments over the next four years. The report is out now and totals 501 pages with 99 Tables and figures.
“Big Data” originally emerged as a term, says SNS, to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyse. 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 analyse 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 US$3.3 billion (€2.90 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.
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.
The report has the following key findings:
In 2018, Big Data vendors will pocket more than $3.3 Billion (€2.90 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 (€4.40 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, personalised 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 anonymisation and dedicated cybersecurity investments – is necessary in order to monetise the swaths of Big Data that will be generated by a growing installed base of connected vehicles and other segments of the automotive industry.
The report covers the following topics:
- Big Data ecosystem
- Market drivers and barriers
- Enabling technologies, standardisation and regulatory initiatives
- Big Data analytics and implementation models
- Business case, application areas and use cases in the automotive industry
- Over 35 case studies of Big Data investments by automotive OEMs and other stakeholders
- Future roadmap and value chain
- Profiles and strategies of over 270 leading and emerging Big Data ecosystem players
- Strategic recommendations for Big Data vendors, automotive OEMs and other stakeholders
- Market analysis and forecasts from 2018 till 2030