How Car Data Can Be Monetized

carmonetizing

The overall revenue pool from car data monetization at a global scale might add up to USD 450 – 750 billion by 2030, according to the consulting company McKinsey, who has identified 30 distinct use cases that hold the potential to monetize car data. Among those are: Predictive maintainance (73%of consumers globally are willing to pay for that as a service), connected navigation services (43% of consumers globally are willing to pay for that as a service), targeted advertising, car pooling, traffic data and networkd parking services.

Customers seem willing to share data for security and services. Nearly two-thirds of consumers saw the various car data use-cases as personally relevant, and more than three-fourths deemed them useful. Certain use cases rely on driving-related or systems data (route, vehicle usage, etc.), while others require users to share more personal data, such as the content of personal communications. Customers are more reluctant to share the latter type of data, but 60 percent of them are willing to do so when the feature is safety or convenience related.

Read the McKinsey Report

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