Connected cars will be the more valuable asset in automotive by 2025.

Connected cars will be an essential asset - increasing levels of technology mean that they house more opportunities for data.

Published: 8th March 2018

Connected cars will be the more valuable asset in automotive by 2025.

With the changes in GDPR fast approaching, it's important to use data in a smart and systematic way to ensure you're getting the most out of it while remaining within the letter of the law.

This is where connected cars will be an essential asset - increasing levels of technology mean that they house more opportunities for data to be collected on the driver and their driving habits.

From the navigation system, to how much you're willing to spend on your car, the data possibilities are endless. If we delve deeper into the navigation system and connectivity centre to discover the data this can provide, you'll be able to see why the information is key for companies to learn more about their customers.

As we continue to progress, systems such as Amazon's Alexa or Google Home will be integrated into the dashboard, having access to even more information - such as your shopping habits based on lists that you create. Toyota are one of the first manufacturers to add this to their vehicles, making this a reality we can get our hands on very soon.

Although consumers are aware that more data is being created by their technologically advanced vehicles, they still feel that these features are the deciding factor as to whether they choose to buy. In a recent report from KPMG, it was revealed that 89% of people agree that a vehicle's tech features are a key purchasing criteria. This just shows that customers are willing to give away more about themselves to make their lives easier while travelling.

These systems can provide information on:

Gone are the days where a simple black box would collect data to help lower the cost of insurance - in connected cars, the whole vehicle is able to utilise this function, meaning more data than ever before is being shared.

By 2025, these vehicles will become incredibly valuable in the automotive industry, especially if we take into consideration that over 75% of vehicles will have the ability to connect to the internet in that timeframe. Cox Automotive Data Solutions Managing Director, Allison Nau, stated: "In a world where data is become more precious with GDPR, connected cars present a huge opportunity for data, which can be used to ensure customers are truly getting the best experience on and off the road. It can assist companies in tailoring systems to meet users' exact needs, therefore creating a personalised solution that will help to retain customers through continued loyalty."

If we look at Tesla, they openly state they are collecting information from all of their customers to ensure they're actively improving their cars, and with the launch of the Model 3, they've stated that this is only set to increase. By using this technique to improve their fleets' machine learning technology, it allows them to continue their development of self-driving technology faster than their competitors.
The future is bright for data in the automotive industry, thanks to connected cars - do you agree?

 

 

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