The Business of Connected Vehicle DataBy Alejandro Enríquez | Tue, 06/01/2021 - 18:08
Wejo, an expert in the management of connected vehicle data, announced it aims to go public alongside of Virtuoso Acquisition Corp. "Insights developed by our data will make mobility safer, smarter, and more sustainable. Driven by our marketplace solutions for customers and SaaS solutions for OEM and Tier 1 partners, we expect rapid growth in revenues over the next several years," said founder Richard Barlow in a statement. Wejo's current value is estimated to be about US$800 million.
Wejo allows users to connect directly to integrated vehicle sensors and provides live insight and analytics for clients and auto manufacturer. The company, founded in 2014, is backed by US giant General Motors. Wejo collects 14.6 billion data points in real time, analyzing 66 million journeys across a network of 10.7 million live vehicles from a supply base of over 50 million connected vehicles. The data collected so far encompasses 5 petabytes of information. The company reports engagement with 17 PEMs and different Tiers.
The "mobility intelligence" company not only makes data available but also promotes integration across different organization to develop custom-made applications for the vehicle or vehicle systems. "We are making it easier than ever for public and private sector organizations to benefit from Connected Vehicle Data, reducing the need to integrate multiple disparate data sources and improving the visibility of true mobility trends," says the company.
Mexico is also joining connected vehicle trends and generating numerous data points, which can provide several solutions to customers. Connected vehicles are not just available in the high-end segment, as there are also entry-level models that already include sophisticated connectivity systems. José Román, President and Director General of Nissan Mexicana told MBN that its entry-level models already incorporate different features of Nissan Intelligent Mobility strategy. Nissan Mexicana is Mexico's top seller and one of the country's top 3 manufacturers. Toyota, also one of Mexico Top 5 sellers and producers, also pointed out to MBN the importance of data-driven business decisions to improve the customer experience.
Wejo estimates that the connected vehicle data market will continue growing and be valued at US$500 billion by 2030 by connecting over 600 million vehicles worldwide.