MOUNTAIN VIEW, Calif. – A recent analysis from Frost & Sullivan titled Executive Impact Analysis of Big Data in the Trucking Industry found that big data in the trucking industry generated revenues of $93.9 million in 2014 and estimates it will reach $1.6 billion by 2022.
Experts from the company predict that more than 65% of OEMS in the industry are expected to adopt big data in the next four to five years.
“In the future, OEMs will use big data analytics to deliver cost reduction benefits to fleets,” said Frost & Sullivan automotive and transportation research analyst Sundar Shankarnarayanan. “Although the present advantages of big data analytics are enjoyed by research and development, product planning, production and supply-chain functions of OEMs and tier-1 companies, marketing and sales will benefit from the most profit when vehicle and systems manufacturers embrace big data analytics.”
Currently, OEMs’ big data strategies are focused on enhancing quality and cutting costs in areas such as design, manufacturing and warranty management.
Frost & Sullivan said that given the privacy issues surrounding the influx of big data, stakeholders are looking for secure ways to share and monetize data.
“Therefore, companies need to offer an incentive for data sharing to tap into the full potential of big data,” the company said in a release.
“The real differentiating factors for OEMs will be a big data framework, a clear connectivity strategy with the ability to handle large volumes of data, and most importantly, partners to help harness the true power of this data,” noted Shankarnarayanan. “Furthermore, the integration of telematics and predictive analytics with the latest generation fleet automation solutions will considerably increase fleet productivity, generate faster returns, and underline the business case for big data in the trucking industry.”