According to Bis Research, the global automotive data monetization market is estimated to grow with a CAGR of 63.67% during 2020-2030 and reach a market size of $20.34 Billion by the end of 2030. Automotive data monetization challenges all existing realities and forces incumbent automotive players to change their methods rapidly, many of which have only recently started developing services and goods that extract value from this amount of data. It would be possible to adapt and convert a business model, and, in this sense, cooperation with high-tech players might be an important step.

The future of digital transformation in a world connected with impregnated data relies on using this data to obtain quantifiable economic benefits. This process of identifying, analyzing, and marketing data or data-based products to generate monetary value is known as data monetization. It is broadly classified into internal and external data monetization. Internal data monetization includes data-based optimizations such as improving the operations, efficiency, and productivity of a data owner. External data monetization, on the other hand, involves data sharing to third parties to create new revenue streams and improves the collaboration between external and internal stakeholders.

The products in data monetization can take the form of consumable data sets, analysis results, operational applications containing these results, and numerous others. Data can also be monetized as reports, established digital platforms, extensions of digital platforms, provision of new services, or incorporation into new business models. Data products bring tangible benefits such as delivering better insight into customers and improving customer experience. This, in turn, leads to increased customer loyalty. Moreover, data monetization optimizes data usage and helps attain maximum value potential by collecting information about market demand, data’s shelf life, competition, potential customers, and other essential parameters. These advantages result in customer-based product improvements and new revenue sources.

Insurance Segment Dominates Automotive Data Monetization Market:

Among the various end users of automotive data monetization market, insurance segment dominated the market in 2019 and is expected to maintain its dominance throughout the forecast period, 2020-2030. Insurance companies globally are engaging with the monetization/data service providers to build new capabilities for flexible next-generation insurance products based on the connected car datasets. Insurance companies use the connected car data for driver behavior monitoring and feedback, accident reconstruction, and new driver education.

North America Foreseen to be the Largest Market in the Automotive Data Monetization Market:

North America is expected to lead the automotive data monetization owing to its strong presence of large and small companies coupled with rapid technological innovations occurring in the region. This would eventually benefit both the customer and the company. Europe is expected to follow North America in terms of growth in the forecast period. China, due to the rapid technological advances in the region, is the world leading both manufacturer and buyer of motor vehicles. However, in comparison with the global scenario, the penetration of automotive data monetization is comparatively lower in the region.

Competitive Landscape and Key Players of Automotive Data Monetization Market:
The global automotive data monetization market competitive landscape consists of different strategies undertaken by key players across the industry to gain traction and market share presence. Some strategies adopted by the service providers are new product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, partnerships and collaborations is the popular choice of the strategy implemented in the automotive data monetization market. Some of the most prominent ecosystem players are Continental AG, Wejo Limited, Otonomo, Xevo, IBM, Oracle, Tesla, Harman International, AWS, Microsoft Corporation, Tech Mahindra Limited, SMARTO, Vinli Inc, Caruso GmbH, and The Floow Limited.

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Key Questions Answered in this Report:
• For a new company looking to enter the market, which areas could it focus upon to stay ahead of its competitions?
• How do the existing market players function to improve their market positioning?
• Which are the promising companies that have obtained financial support to develop their service and markets?
• How does the supply chain function in the automotive data monetization market?
• Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2017-2020?
• Which product segment witnessed the maximum demand growth in the automotive data monetization market in 2019, and which is expected to dominate during the forecast period, till 2030??
• Who are the players catering to the demand for different data?
• How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
• What are the key offerings of the prominent companies in the market for automotive data monetization?
• What were the demand patterns of data providers across the application areas in different regions and countries in 2019, and how is the demand going to shape up during the forecast period, till 2030?

About BIS Research:

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