Automotive Data Monetization Market: Data Privacy & Security Automotive data monetization (ADM) represents a paradigm shift in the vehicular landscape, where data has emerged as a valuable asset. Offering significant benefits to both automobile businesses and consumers alike, it primarily involves the collection, analysis, and commercialization of information generated by vehicles. These include vehicle diagnostics, driver behavior, and locationbased insights, among others. According to Inkwood Research, the global automotive data monetization market is set to progress with a CAGR of 34.48% between 2023-2030, capturing a revenue of $552460.21 million by 2030.
With ADM gaining significant traction, data privacy & security have emerged as primary concerns. In fact, as per a recent study, most auto-makers admit they may be selling users’ personal information. Besides, 50% also stated that they would share it with the government or law enforcement without a court order, leading to consumers becoming hesitant to share their vehicle data. In turn, these privacy apprehensions and cybersecurity concerns also have the potential to impede the growth of the global automotive data monetization market. Hence, as the volume of data generated by vehicles continues to increase, ensuring the privacy of sensitive information and safeguarding against potential threats is essential. In this blog, we’ll focus on the importance of data privacy & security within the global market. Additionally, we’ll also explore the solutions adopted to address this pressing issue –
Regulatory Compliance: Data privacy regulations, such as the General Data Protection Regulation (GDPR) in the European Union (EU) and the California Consumer Privacy Act (CCPA), a US state law, require businesses to adhere to strict data protection standards.