Data and Artificial Intelligence predictability will be of utmost importance as the automotive industry continues to evolve next year, according to Geotab’s 2024 predictions on connected vehicles.
The company released its top predictions prior to the holidays and in so doing addressed how organizations are seeking ways to lower costs, boost performance, and adapt to changing demands.
“Looking ahead into 2024, we foresee data and AI predictability as critical to staying ahead of the curve,” said Sabina Martin, AVP of Product Management, in a statement. “AI driven insights powered by strong foundational data will help guide organizations through economic challenges, propel sustainability initiatives and ensure adaptability in an ever-changing world.”
The company’s top predictions include:
- Companies will require lot of quality data for AI models and will search for capable partners to translate this extensive data into predictive analytics, among other things;
- Fleet upgrades may become expensive due to inflation and rising interest rates, leading to strained budgets. In response, Geotab sees a cost-conscious market increasingly looking to data insights for better route planning, fuel savings, and predictive maintenance;
- Companies will adopt a “small steps for big change” approach as part of their climate acton, which also connects with how they use technology and data insights; and
- OEMs are increasingly aware of the importance of setting standards for connected cars: “without standards, maximizing the value of data poses a significant challenge.” Next year is expected to be one of collaboration across the industry.
Geotab said its 2024 trends emphasize the potential that connected vehicles have in transforming the transportation sector in terms of how it can help to drive sustainability, efficiency, and profitability.
