The purpose of this paper is to develop a model to estimate the value of information generated by and stored within vehicles to help people, businesses and researchers.
The authors provide a taxonomy for data within connected vehicles, as well as for actors that value such data. The authors create a monetary value model for different data generation scenarios from the perspective of multiple actors.
Actors value data differently depending on whether the information is kept within the vehicle or on peripheral devices. The model shows the US connected vehicle data market is worth between US$11.6bn and US$92.6bn.
This model estimates the value of vehicle data, but a lack of academic references for individual inputs makes finding reliable inputs difficult. The model performance is limited by the accuracy of the authors’ assumptions.
The proposed model demonstrates that connected vehicle data has higher value than people and companies are aware of, and therefore we must secure these data and establish comprehensive rules pertaining to data ownership and stewardship.
Estimating the value of data of vehicle data will help companies understand the importance of responsible data stewardship, as well as drive individuals to become more responsible digital citizens.
This is the first paper to propose a model for computing the monetary value of connected vehicle data, as well as the first paper to provide an estimate of this value.
The authors thank Thomas Schnitzer of Swiss Re for providing background information pertaining to the insurance industry’s view of connected vehicle data.
Soley, A.M., Siegel, J.E., Suo, D. and Sarma, S.E. (2018), "Value in vehicles: economic assessment of automotive data", Digital Policy, Regulation and Governance, Vol. 20 No. 6, pp. 513-527. https://doi.org/10.1108/DPRG-05-2018-0025Download as .RIS
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