According to Inkwood Research, the Global Automotive Data Monetization Market is projected to record a CAGR of 34.48 % in terms of revenue over the forecasting period of 2023-2030.
“Browse 44 Market Data Tables and 43 Figures spread over 150 Pages, along with an in-depth TOC on the Global Automotive Data Monetization Market Forecast 2023-2030.”
The term data monetization involves recognizing, evaluating, and leveraging data or data-driven products to generate economic value. This can be categorized into two types: internal data monetization and external data monetization. Internal data monetization focuses on data-driven enhancements within the organization that owns the data. In contrast, external data monetization focuses on the practice of sharing data with external parties, typically third-party entities.
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Growing Demand for Vehicle Connectivity to Propel Global Market Growth
The automotive industry is evolving with transformative trends in automotive connectivity and technology. Market dynamics are shifting due to advancements in the V2X ecosystem, ADAS, and Artificial Intelligence (AI). The automotive industry is proactively moving towards the commercialization of connected vehicles, responding to the growing demand for enhanced connectivity and data-sharing capabilities within vehicles.
Insurance: Dominant Revenue-Generating Application in 2022
Insurance companies are looking for new streams of income as traditional revenue sources diminish. Insurance is now seen as a service, leveraging data and algorithms for valuable insights. Commercializing analytics and data is the next step, enabling businesses to derive benefits from this strategic combination.
Asia-Pacific Poised for Highest CAGR by 2032
The Asia-Pacific region, featuring major automotive-focused countries such as China and India, is poised to foster market growth. The surge in connected car solutions, ride-hailing services, fleet operations, and more is generating substantial data, presenting opportunities for companies to utilize and monetize this wealth of information.
The competition in the global market is anticipated to be moderate during the forecast years. Also, some of the major enterprises operating in the global automotive data monetization market include Continental AG, Harman International, International Business Machines Corporation (IBM), etc.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.