A new report has revealed the scale of investment flowing into data management and acquisition of automotive big data in the automotive sector.
According to the SNS Telecom & IT report, released last weekend, big data investments in the automotive industry are expected to surpass $3.3bn by the end of this year.
Moreover, investments are anticipated to increase at a compound annual growth rate of approximately 16 per cent over the next three years to reach $5bn by the end of 2021, with stakeholders in the sector exploring dark data and enhancing their data handling, processing, indexing and analysing capabilities in line with the impending explosion of extreme data.
Business opportunities for original equipment manufacturers, tier-one suppliers, insurance companies and dealerships will help to drive the growth, according to the study, ‘Big Data in the Automotive Industry: 2018-2030 – Opportunities, Challenges, Strategies and Forecasts’.
The report highlights how data management and indexing has found a host of applications, ranging from product design and manufacturing to predictive vehicle maintenance and autonomous driving.
Specifically, the study underlines how connected vehicles and intelligent transportation account for 38 per cent of big data investments in the automotive industry in 2018 – the largest percentage of any sector.
According to the report, marketing, sales and other applications account for the second-largest portion of the investment, with 30 per cent, followed by product development, manufacturing and supply chain on 18 per cent and after-sales, warranty and dealer management on 14 per cent.
The report added that edge analytics, referring to the processing and analysis of information closer to the point of origin, is increasingly becoming a vital capability for applications such as autonomous driving, when real-time data from cameras, remote-sensor LiDAR technology and other onboard sensors have to be acted upon instantly and reliably.
Investing in data will be increasingly important in the automotive sector considering the growth of driverless vehicles in various jurisdictions worldwide.
Japan is aiming to launch driverless vehicle services on public roads by 2020, when Tokyo hosts the Olympic and Paralympic Games, while Mercedes-Benz’s parent company Daimler and Bosch are planning to launch a pilot autonomous technology shuttle service in California next year.
Each autonomous vehicle will generate huge volumes of information, which all needs to be assessed and examined to provide us with otherwise unseen insights from this automotive big data.
According to a November 2016 study by Intel, autonomous vehicles will generate approximately 4,000 gigabytes of data per day. In comparison, by 2020, people will generate through PCs, mobiles and wearable technology the equivalent of 1.5 gigabytes per day.
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References:
https://newsroom.intel.com/editorials/krzanich-the-future-of-automated-driving/
http://www.snstelecom.com/bigdataautomotive
More info on driverless technology
https://geospock.com/leading-manufacturers-of-self-driving-vehicles/