Back in 2018, the industry of automotive vehicles found itself alienated over the prospective tactics to standardize the connected vehicle platform. There were some plans proposed by European Commission for the Wi-Fi-based standard that was backed by some automotive manufacturers. Some telecoms players favored the adoption of 5G to support the modern connected car ecosystem.
Connected Car Data
By definition, the connected car is the connectivity-enabled vehicle that can communicate with Automotive OEM, Fleet owner and other stakeholders via cloud infrastructure. There is a report published by McKinsey that says the whole revenue generated by the car data monetization at a global scale might add up to $450 – $750 Billion by the end of 2030. Monetization of connected car data is possible by securely exposing the data to the ecosystem of the third parties to create a personalized user experience for drivers. From predictive maintenance to insurance to road & infrastructure planning and so on, connected car data is reshaping today’s businesses where business models and revenue foresee a major change towards the customer-centric prospect. Car data monetization needs a particular set of enablers across these broad categories – in-car technology enablers such as sensors, in-car HMI, high-performance computing, car OS, data storage, connectivity, and location/navigation hardware.
There are infrastructural technologies outside the vehicle to enable car data monetization such as 4G/5G networks, cloud computing, big data analytics, software platforms, smart-road infrastructure, high-definition maps or high-resolution positioning, and V2X communications. Various back-end procedures facilitate analysis & sharing of car data API & ensure the functioning & security of the whole ecosystem.
Management of Connected Vehicle Applications will Drive Profit
Connected cars & their associated services offer huge monetization opportunities for manufacturers, operators, end-users, & vertical sectors including insurance – but only if the connectivity platform is well-managed. Vehicles can use 4,000GB approx. data each day, according to the estimate. To extract value from the data, operators have to optimize their network for M2M connectivity & obtain required licenses & roaming agreements to endorse uninterrupted connectivity, wherever the car is traveling. Manufacturers need a means of embedding car connectivity solutions, & an easy-to-implement platform to manage their fleet. Insurers need access to the usage reports & other data associated with vehicles, to develop the insurance plans & assess risk.
Developing Compelling Value Proposition for Consumers
The exchange of data for benefits lies in the value creation procedure related to the car data. Benefits for customers typically fall into four broad categories – safety, time savings, convenience, & cost reduction. In the safety category, car data enable real-time emergency calls and immediate information which facilitates rescue services & road hazard warnings which allow drivers to be informed & respond quickly. When it comes to convenience, car data API management can reduce breakdown risk or downtime with predictive maintenance, concierge services can make light work of routine tasks (such as car refueling), & connected infotainment can offer easy-to-access entertainment. Its features can also be a big time-saver for users. Optimized routing & navigation can reduce delivery or travel time, & systems of networked parking can mean never having to search for the parking space. Finally, customers who are willing to receive the in-car advertising & share information with insurers can save money at the retail point of sale & on their insurance premiums, correspondingly. Participation in the automated payment schemes can also present customers with the opportunity to save on tolls or municipal road-related taxes.
As you meet new challenges & opportunities, AIRLINQ can offer a trusted connected vehicle solution that enables flexible innovation for your connected vehicles. AIRLINQ plays a pivotal role in enabling the Automotive OEMs & Fleet owners to capture the real value of connected car data. AIRLINQ mobility platform enables Automotive OEMs to offer infotainment, safety, & utility services to enhance digital revenues & customer experience.
Comments
Post a Comment