Big Data in Automotive Sector Alone Will Hit $16 Billion in Next 5 Years
With many of these technologies, it’s easy to think that their opportunities lie in the future, not in the present.
But that’s not true.
The current market value in the auto sector is already a $4 billion industry, and it will quadruple in the next five years. That’s the kind of growth any long-term growth investor wants to be a part of.
So, how does Big Data help?
On the consumer side, it currently adds to the occupants’ experience and can also differentiate brands from one another.
In coming years, it will take on much more nuanced and valuable roles like:
- Automatically updating maps for navigation
- Creating internal climate based on external weather conditions
- Communicate mechanical issues before they become a serious problem
- Notify proper authorities if the car breaks down or is in an accident
- Sets service appointments automatically and has the parts available to minimize downtime for driver and shop owner
For fleet vehicles, the advantages are also very valuable, but on this end, it’s all about developing the greatest efficiencies.
Already, most delivery companies like UPS (NYSE: UPS) or FedEx (NYSE: FDX) create delivery routes that minimize left hand turns so drivers can avoid turning across traffic, which is inefficient and carries higher risks for accidents. Also, the drivers only deliver out of the right side, which is more efficient. As the fleets get smarter, they’ll be able to monitor braking, average speed, and route timing to better assess how to improve efficiencies.
Speaking of deliveries, Big Data will be absolutely crucial as drone delivery becomes more commonplace. Just like with cars, autonomous drones will have distinct advantages over managing individual drones from a central location.
Founder and former CEO of Amazon (NASDAQ: AMZN) first started talking about drone delivery nearly a decade ago, and it sounded pretty far out, but in the past five years with the help of a new generation of graphical processing units (GPUs) from the likes of NVIDIA (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD), same-day drone delivery is already in operation in select locations.
This half a billion-dollar market is expected to have a compounded annual growth rate (CAGR) of nearly 43% for the next seven years!
The Quiet Giant
The fact is, Big Data doesn’t get a lot of play any longer – not because it’s not important, but for the sheer fact it’s so important it’s woven into every other technological breakthrough out there. It powers our consumer products. It powers industry. It powers militaries. It powers the new space race.
Big Data hasn’t gone away. It has become woven into the digital world, and that’s the perfect example of what a MegaTrend is and why its crucial long-term growth investors own them.
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