When you think of Big Data, what do you think of first? Perhaps it’s what you see on shopping sites in the “Customers Who Bought This Item Also Bought” section. Or maybe you’re thinking of all of the data Google must have on us based on innumerable web searches! Actually, we’re guessing that maybe you’re thinking about data generated by our world of streaming from Netflix to Pandora to YouTube. There’s certainly enough data coming from all of the above sources to claim it as Big. We agree.
But did you know that the most data generated per hour comes from cars?
In fact, vehicles generate 25,000 MB of data PER HOUR! That’s practically insane! And we think there’s a lot of potential there in terms of monetization. Guess who agrees with us? Insurance companies!
Statista recently published a market report, “Connected Car: Vehicle Services,” all about the Big Data of vehicles, and we want to share some of the coolest findings from it with you:
- The US currently owns the top spot for the Vehicle Services market, which means Big Data collected about your car’s safety and security, maintenance and diagnostics. However, can you guess who will take over at the top by 2021? We’ll give you two choices: China or Europe. Here’s your answer: With an estimated total revenue of $805.3 million by 2021, Europe is estimated to steal the lead.
- Do you remember OnStar? It’s GM’s in-vehicle technology that provides subscribers with benefits such as navigation, remote diagnostics and hands-free calling. Does it surprise you that they launched it in 1996? That’s ANCIENT for technology! It still has millions of registered subscribers today. Going strong, OnStar!
- The new trend in the US for connected cars is towards proactive maintenance alerts for your vehicle instead of only describing condition reports. Would you appreciate better information than simply a Check Engine light?
- Vehicle Services show the highest revenue growth in Connected Car areas, outpacing the other two, which are connected hardware (embedded telematics) and infotainment services (advanced navigation and entertainment).
- Instead of taking your car to the shop after a breakdown, the future of car maintenance will be preventative. With ongoing analysis and diagnostics going on while using the vehicle (instead of these being done by the mechanics at the shop on your broken car), the maintenance alert will show up on your dash and prompt you to take it in for repair before it breaks down. That’s a vehicle maintenance lifecycle we like better! And wouldn’t it be nice to have a little peace of mind knowing what needs to be fixed before you take the car to the shop? Good luck up-selling on unnecessary parts and labor in the future!
Big Data has a ton of exciting potential and the use cases continue to grow. It impacts every single industry. How is it impacting yours?