Keeping in view the numerous benefits autonomous vehicles promise to bring to the environment and humans, auto manufacturers as well as tech-savvy outsiders are investing billions of dollars into the development of the magical vehicles. With this trend, the automotive industry has entered into an accelerated mode of innovation, making the delivery of self-driving vehicles a top item in the ‘to-do’ list of leaders in and out of the industry.
However, everything is definitely not going as planned…
Challenges slowing the pace?
Just like any other major disruption, the autonomous vehicles (AV) sector is also facing numerous challenges which are limiting its growth. One of the most vexing challenges faced by the industry is: how to manage all the data?
To be able to effectively ‘see’ where it is going, detect and avoid hazards, autonomous vehicles need huge amount of data. For the vehicles to function effectively there is need of efficiently collecting and processing massive amounts of data. The automotive industry needs to unlock the value of data to be able to accomplish the goals it has set for itself in the realm of AVs.
There is an explosion of data in the automotive industry due to the continuous flow of vehicle information. Connected cars are publishing large datasets at an incredible rate. Research indicates that one test autonomous vehicle generates up to 4 terabytes of data. This data is an amalgamation of information about the vehicle and real-time data about the environment such as weather, road conditions, other vehicles, pedestrians, street signs etc. The data, along with enabling the vehicle to make instant driving decisions, helps the manufacturers to identify new driving conditions and prepare the vehicles for the same using AI and human intelligence.
It is not an easy task to manage such a high volume of data and have desirable outcomes in its curation and analysis. Efficient processing of such huge amount of data at a fast pace is a challenge that is slowing the growth of the AV industry.
The right data partner
It is critical for the automotive industry to have precise data augmented with human intelligence. Data must be correctly sourced, curated and analyzed to produce expected outcomes during training, simulation and testing. The data must be secure, standardized and able to move flexibly in real-time between enterprise IT, cloud and the vehicle. High quality data can aid in uncovering risks and unlocking new streams of revenue. According to Auto Tech Review, overall global revenue from the monetization of vehicle data could reach up to $750 billion by 2030.
Thus, the automotive industry must gain control over its data. Instead of solely relying on in-house experts, it is advisable to collaborate with the experts to leave no stones unturned for achieving the best outcomes. By choosing the right AV data management partner, the company can overcome the hurdles in managing large volume of data from disparate sources. Typical test vehicles include over a dozen LIDAR and RADAR sensors, and several video cameras. The data management expert can help you have high quality reference data for training and localized data to test the vehicles in different conditions and geographies. Using its deep domain knowledge and the right tools, it can build a customized solution that can largely help you in collecting, managing and analyzing the massive data streams created and captured by your test fleet. Thus, the advantages of this collaboration are many.
As a leader in the automotive sector, you must be currently facing several challenges, right from strict regulations and penalties, swelling costs, continuously changing consumer demands to managing huge volumes of data for effectively training the AVs. We understand that. In such a scenario, having a data advantage can help your company peacefully deal with the challenges. Ineffective data management can not only result in out-of-control costs but also limit your growth in the AV sector.
Data is the key to uncovering risks and unlocking new streams of revenue. To be able to extract value from your data, you need a partner who not only thoroughly understands the industry, but also possesses the necessary skills and knowledge to derive the most valuable insights from your AV data. It should be able to help you jumpstart your data-driven profitability. As an automotive industry leader, you require an affordable and efficient solution to connect your data and extract value from it. Choose the right data management partner today. Unlock the value of your AV data and create a mark in the industry.
Also Read: Data Annotation for Autonomous Vehicles