McKinsey projects the value of this data could reach – fasten your seat belts — $1.5 trillion by the year 2030 and it might even become a key focus area for the automotive industry. Naturally, high-tech giants will want to take a short cut onto this revenue-generating roadway – not to mention the myriad startups and service providers that also desire to rev up data mining capabilities for connected cars. While the opportunity to monetize data from connected cars exists, understanding privacy issues and the business impact of data ownership might prove to be the ultimate roadblock.
One obvious way to monetize data from connected cars is through ride-sharing programs like Lyft, as original equipment manufacturers will undoubtedly want to get into the game. And with Washington, D.C. looking to supplement emergency vehicles with Uber, and the German Postal Service investing heavily in electric vehicles it’s not hard to see the opportunities that exist. And of course major car manufacturers like Toyota, GM and Ford are acquiring the innovation and adding it to the innovation that they have in house.
“Disruptors and the small startups need to exist because they can move more quickly and aren’t held back by the shareholders,” said IDC’s Heather Ashton. “But the platform companies like Ford, GM and Toyota are going to then acquire them or acquire the technology to be able to move more quickly and maintain competitiveness in the market.”
Source: Tim Clark, SAP; http://www.forbes.com/sites/sap/2016/09/07/fasten-your-seat-belt-connected-car-data-worth-1-5-trillion/#754f897f5a2b