Top 5 Game Changing Technologies in Automotive Industry 2020

The Industry Outlook Team | Thursday, 16 July 2020

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The second most data-driven industry in the world is that of the Automotive Industry and is evolving with every advancements in the next-gen technologies, today. For instance if we look at the information-centric technologies, it has been aiding in collecting information of the drivers, providing exact location of the vehicle, traffic patterns, and even predicting the maintenance schedule to keep the vehicle up and working all the time, among others.

Here are some of the automotive industry trends that are likely to change the face of this industry today and beyond:

Artificial Intelligence
Technologies accelerating robotic automation within the automotive industry today are Machine Learning (ML), Deep Learning and computer vision. This evolution has been a game changer in guiding self-driving cars, improving safety, managing fleets, and also improving services for vehicle inspection and insurance. While these technologies have also accelerated the rate of production and have also helped in reducing costs.

Big Data and Analytics
Informing various decisions throughout the lifecycle of a vehicle, Big Data and Advanced Analytics provides critical information to make needed decisions throughout the life-cycle of a vehicle. Enabling predictive maintenance, aiding fleet managers in regards with the various fleets, providing real-time alerts to concerned authorities in case of any accidents, etc. Moreover, it also helps in driving better sales, enhancing product design for newer vehicles, and also optimize supply chains.

Blockchain
This technology has gradually evolved to find its way into multiple applications in the automotive industry. Blockchain has been helping in sharing vehicle data over a secure network for connectivity and shared mobility solutions from urban transportation, ride-hailing, and deliveries. Furthermore, it also helps in verifying the supply chain of spare parts or making sure that the spare parts and raw materials are sourced exclusively from trusted and legal sources.

Internet of Things (IoT)
One of the game changer technologies for the automotive industry is IoT. This technology has been enabling secure communication between vehicles and also with the infrastructure components. IoT has been aiding in significantly improving traffic congestion, road safety, energy expenditure, and reducing pollution. Moreover, IoT has been also automating payments for tolls and fuel as well.

These technologies have been a game changer for this industry and will further see different innovative applications and solutions that will bring a positive impact this year and in the future. As we are heading towards a tech-driven world, it is not just an add on benefit, but rather a current necessity for the stakeholders in this space to adapt and integrate technologies.