- The automotive industry faces fierce competition, and novel innovations are a must to survive in this competitive world. Enterprises need to upgrade regularly to gain competitive advantage over others. Big data in automotive industry provide automotive enterprises this ability to be a step ahead of others.
- Big data and analytics give auto-financing companies an upper hand as compared to other competitive companies in the market. Additionally, big data and analytics are now a very significant part of the automobile sector as it is the backbone of all technologies and is also set to transform the driving experience.
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Gaining operational effectiveness in the automotive industry: Prominent driving factor of the big data in automotive industry market
- Big data in automotive industry offers operational efficiency for automakers to enhance productivity. Companies operating in the industry are focusing on improving operational performance by adopting advanced solutions to monitor daily workflows. Information management and analytics is a crucial opportunity for automakers to utilize qualitative methods to support the planning of interventions throughout the customer lifecycle.
- Greater efficiency and cost-saving are achieved by understanding maintenance needs and by monitoring the changing state of key components through big data analytics. Big data analytics also identifies environmental risks or possible safety issues before accidents arise. Big data in automotive industry solutions can easily increase overall reliability, safety, and reduce cost.
- All data is collected and analyzed centrally to understand which equipment works best in which environment. This enables organizations to optimize how the equipment is used and reduce latency.
- Therefore, big data in the automotive industry is expected to be driven by the need to gain operational efficiencies in organizations.
Shortage of talent and tools to capture the potential from big data expected to significantly hamper the big data in automotive industry market
- Big data provides huge opportunity and benefits to organizations; but shortage of skilled labor to take insights benefits of big data analytics that huge datasets generate is estimated to restrain the growth of big data in automotive industry market.
- Professionals with technical skills in machine learning and statistics, analysts, and data savvy mangers are required to capture the value from big data and utilize it effectively.
- The inability to manage huge amount of data effectively that is gathered from various sources is likely to restrain the big data market. Hadoop has been doing this job; however, more advanced tools are still needed to deal with data more effectively. Therefore, shortage of talent and tools to capture the potential from big data is expected to significantly hamper the big data in automotive industry market.
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North America to hold major share of the global big data in automotive industry market
- In terms of region, the global big data in automotive industry market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global big data in automotive industry market during the forecast period due to presence of numerous automotive manufacturers coupled with huge adoption of business intelligence and machine learning, indicating potential growth of the big data in automotive industry market in this region. Europe is estimated to be the second largest market for big data in automotive industry from 2019 to 2027. Growing rules & regulations related to safety concerns is expected to boost the big data in automotive industry market in the region.