In the wake of the huge impact that commercial leverage of data has brought to global economies, the rise of the connected vehicle has the potential to dramatically shift the economic balance of the automotive industry – and drive entirely new forms of value for business, consumers and society.
Modern vehicles are powerful computers, embedded with sensors, collecting information and creating rich, reliable and accurate streams of mobility data. An increasing proportion of a vehicle’s total value will be in the content and services enabled by Connected Vehicle Data (CVD).
“The value of a vehicle used to be mainly on hardware and a little on software. With connectivity and ADAS, this is shifting. Ultimately, this will be more like 40% hardware, 40% software and 20% content... when vehicles are autonomous”
Franck Louis-Victor, Renault-Nissan-Mitsubishi Alliance
CVD presents a significant new opportunity for data-enabled marketplaces:
The broader opportunity from connected vehicle data has the potential to improve journeys, reduce accidents, cut harmful emissions and unlock innovations across the automative market, and beyond.
The secure and trusted use of CVD and Personally Identifiable Information (PII) can bring greater depth and richness to both existing services and new innovations in products and services - helping to solve the biggest problems posed by the transition from ‘personal mobility’ to ‘smart mobility’.
We collaborated with business innovation consultancy firm, Ctrl-Shift, to study the connected vehicle data (CVD) market and the implications of the use of CVD and PII and emerging US data protection legislation in the market’s growth and governance. The purpose of the study is to provide analysis and perspectives to stimulate informed debate across all key stakeholder groups in this emerging market. The views expressed within this study do not necessarily reflect Wejo's position or its business models or data practices. The research is based on interviews and round-table discussions with experts in connected vehicle data; personal data and privacy, and data regulation, and upon Ctrl-Shift’s knowledge base on the strategic use of personal data in business innovation.
This is the first report of seven that will be serialised here.