Big data isn’t just a hyped-up buzzword for the trucking industry. Leading big-truck manufacturers, suppliers and shippers used big data analytics to unlock trucking industry revenues of $93.9 million in 2014, according to analysts Frost & Sullivan.
With about 65 percent of original equipment manufacturers (OEMs) expected to adopt big data analysis over the next four to five years, that revenue number is projected to grow to $1.6 billion by 2022.
Industry stakeholders are using big data to improve quality and reduce costs in areas such as design, manufacturing, warranty management and freight mobility, the report authors say.
“In the future, OEMs will use big data analytics to deliver cost reduction benefits to fleets,” said Sundar Shankarnarayanan, Automotive and Transportation Research Analyst for Frost & Sullivan. “Although the present advantages of big data analytics are enjoyed by research and development, product planning, production and supply-chain functions of OEMs and tier-1 companies, marketing and sales will benefit from the most profit when vehicle and systems manufacturers embrace big data analytics.”
The evolution of big data in the trucking sector stands to benefit not only industry stakeholders, but the partners–IT companies and others–that will implement technology platforms or find ways to monetize shared data.
“The real differentiating factors for OEMs will be a big data framework, a clear connectivity strategy with the ability to handle large volumes of data, and most importantly, partners to help harness the true power of this data,” Shankarnarayanan said. “Furthermore, the integration of telematics and predictive analytics with the latest generation fleet automation solutions will considerably increase fleet productivity, generate faster returns, and underline the business case for big data in the trucking industry.”