In-car 5G connectivity will soon be standard, with Audi and Huawei expected to launch 5G-connected cars in the early 2020s and other manufacturers already hot on their heels.
This step-change in connectivity will dramatically increase the volume and quality of data vehicles produce about how they are used, where they are and what is happening around them. The opportunities for companies to use this granular data are immense, with McKinsey predicting the global revenue pool from car data monetisation could grow to up to $750 billion by 2030. This valuable information will contribute to the rise of smart cities and promote a more personalised and enjoyable driving experience.
But ultimately the data belongs to the individuals that own and drive the vehicles and, with consumers increasingly switched on to the power and value of their personal information, businesses need to gain user buy-in to data use. Consumer consent to data collection and processing is also vital to avoid Cambridge Analytica-style brand damage, as well as to comply with rules such as the General Data Protection Regulation (GDPR). There are two key ways to get consumers onboard with data exchange; incentivisation and security.
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By Richard Biggs, CEO, Cube Intelligence.
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