Big Data investments in the automotive industry are expected to surpass $2.8 Billion by the end of 2017, according to SNS Research's latest report.
Originally used as a term to describe datasets whose size is beyond the ability of traditional databases, the scope of Big Data has significantly expanded over the years. Big Data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems.
Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors, said the market research firm. 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. SNS Research estimates that 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.