The automotive industry is constantly bringing us new technologies. In recent years, shifting consumer demand has led to the rise in popularity of disruptive technologies like electric and autonomous vehicles, advanced driver-assistance systems and cars as a service. These technologies will continue to change cars as we head into 2018.
Here are some of the biggest changes that customers should be aware of.
1. AUTONOMOUS VEHICLES
Autonomous driving has been a major topic of conversation for some time. Leading experts, and automakers, expect the the first self-driving car to be on the market within the next year or two.
The race is on to be the first. In October, General Motors' self-driving unit, Cruise Automation, announced it had doubled the size of its test fleet of self-driving vehicles in California. The unit increased the number of vehicles registered for testing to 100 from 30.
The autonomous vehicles market is expected to grow at a double digit CAGR by 2025. The global autonomous vehicle market is experiencing an exponential growth rate due to the rising concerns for improving road safety and ease of driving experience.
The industry is also looking for ways to clamp down on the growing number of people selling counterfeit parts. It is hoped that this will improve transparency and lead to more efficient pricing strategies. As we know, blockchain works on decentralized platforms. Transparency, elimination of third parties, cost reduction, micro-payments, cryptographic security, and immutability are the key benefits of blockchain solutions.
Automotive ecosystem participants will spend 0.6% of their total IT spend on blockchain by 2025, according to a new report. It expects blockchain will disrupt the automotive industry and will create growth opportunities, monetization avenues, and facilitate digital transformation.
3. BIG DATA
Big Data is rapidly gaining traction from a diverse range of vertical sectors. The automotive industry is no exception to this trend, where Big Data has found a host of applications ranging from product design and manufacturing to predictive vehicle maintenance and autonomous driving.
Big Data investments in the automotive industry will account for over $2.8 Billion in 2017 alone. Led by a plethora of business opportunities for automotive OEMs, tier-1 suppliers, insurers, dealerships and other stakeholders, these investments are further expected to grow at a CAGR of approximately 12% over the next three years.
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