Smart cars are predicted to produce one of the most up and coming economies, as they will be completed with sensors that will capture data and send it quickly and affordably to the Internet. Within the next 15 years, the industry is projected to earn about $750 billion in revenue. The high-tech cars would not only allow for more self-driving cars, but also the chance for companies to "sell details about driving patterns to real estate developers or use it in personalized insurance calculations." Automotive companies are beginning to shift their focus solely to the development of this technology, but they are only scratching the surface. Automakers who are already ahead with advanced automotive software, like Tesla or NextEV, are concerned for other car companies because they dont realize how deep an investment this transition from regular to smart car is and the factors that play into it.
I think our world is becoming advanced very quickly and this has given automotive companies false hope that they can transform to be more data-driven within a short period. There are two significant factors to consider in this process, which are how to design the cars and the software within them. Well-known companies like Toyota, Ford or Honda, will face excessive difficulties costing them millions, like investing in a source of storage for the mass amount of incoming data they will collect. Additionally, with data collection comes the threat of hackers. The companies will need to develop teams who will be qualified to handle this data in addition to a security system which can keep the data of their customers safe. Existing companies are considering trying to implement software into existing hardware platforms, when realistically the whole design of the cars must change. I think are being ignorant and looking at how they can cut cost corners to get a data-driven car on the market faster, but this will cost them in the long-run.
Companies need to realize this will not be a cheap investment, that it will take dedication to develop a combined hardware and software that processes large amounts of data and there will be many problems they will face along the way. Data connectivity and limits are two significant problems the companies will face on the software end and they plane to fix this by allow "fog computing," which is when the car processes a portion of the collected data. This only supports the idea of automotive companies being unaware of how they will need to process the data. They think of the smartphones as an example, but do not understand the backend of it. I believe because the automotive industry is so old and dealerships have been so focused on the safety, appeal and frameworks of their cars, they have no knowledge of the way data works. Until they understand the fact that they will need to start from zero to construct this new smart car they will be unable to succeed and compete with companies like Tesla.
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