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Data is being more and more important in the 21st century, most of the data from our phones and computer are being collected. With a lot more cars manufactured recently are connected cars, companies like Wejo, a leading public company in connected vehicle data founded in 2014 are starting to collect data from these vehicles to offer innovative products and services to revolutionizes the way we live work, and travel. The way the business work is relatively simple, it works with OEMs (Original Equipment Manufacturer) for example Ford, GM, Tesla and etc, and onboard over 14 billion data points directly from connected vehicles. The data is then used to deliver unique insight about vehicle use and performances. This, however, is able to provide a lot of useful product and solution that other technologies are not able able to do or to do it as efficiently. The addressable market for the industry is huge and is estimated to be at $500 billion in 2030 with Wejo’s serviceable addressable market is currently estimated to be at $60 billion in 2030.
The main four products and services Wejo offers are Journey Intelligence, Traffic Intelligence, Vehicle Movements, and Driving Events.
Journey Intelligence provides an origin-to-destination report. it collects unique journey data from millions of connected vehicles, translating billions of data points into easy-to-consume insights. It allows businesses and users to access journey volumes as well as valuable metrics such as average speed and travel times spanning. It help unlocks a deeper understanding of mobility trends which helps businesses make better decisions, innovate and solve problems more effectively.
Traffic Intelligence is the future of traffic reporting, it simplifies traffic trends by using connected car’s data. The data is then able to be translated into insights about directional traffic volumes, traffic flows, average speeds, and congestion. Wejo is also is expanding the coverage area for traffic data to further enhance the accuracy and density of its Traffic Intelligence.
Vehicle Movement helps understand where cars are traveling to, from, and through in real-time to help manage congestion, plan for major events and identify high-footfall locations. Wejo’s data is able to provide location and journey information using its data, for example knowing how many cars are on the road at the moment and where they are heading to.
Driving Events helps understand how cars are being driven in order to identify where incident usually happens and different hotspots for where harsh braking or speeding occurs. Also by using its data from the movement of vehicles, it is able to identify when parking spaces are in high demand and the volume of arrivals per hour, per minute, peak times, and parking space performance.
These products are able to provide useful solutions for different industries such as automotive, government and infrastructure, fleet and logistics, geographic information systems, and Businesses. Here are a few examples of how Wejo’s help industries to work more efficiently.
For automotive, car data collected can allow car manufacturers to adopt more efficiently in an ever-changing consumer and industry landscape. It increases business efficiencies by better understand drivers and owners, which then able the companies to optimise marketing targeting and spend, and enable targeted innovations in R&D and product development in specific trends.
Government and Infrastructure
By leveraging Wejo’s data, governments are able to have insight into the usage of different roads, hotspots for car accidents, congestion zones, and etc. This enables governments to easily and efficiently prioritise and improve city infrastructure to reduce preventable road incidents, ease congestion and make mobility smarter and more sustainable.
Fleet and logistics
Wejo’s data allows fleet and logistics companies to have access to accurate and unique journey data which gives them a deeper understanding of mobility trends, road conditions, traffic patterns, and real-time road insight. Companies are then able to optimise their route by avoiding congestion hotspots and have better planning for their drivers.
Being the leader in the connected car data industry, Wejo is now collecting data from 10 million active live streaming vehicles, with 9.1 trillion data points ingested already. It is also working with 17 OEMs to further expand the number of active live streaming vehicles. It is currently working in 4 continents and has 24 patents pending. The number of connected cars are increasing rapidly, it is projected that the number will increase by almost 200% from 226 million this year to 600 million in 2030 and will represent around 44% of total cars globally. The quality of Wejo’s data collection is also best of breed as it has a collection frequency of 1–3 seconds intervals with a latency of fewer than 30 seconds which is ahead of other data providers. The company is also growing really quickly with revenue projected to grow from $4.3 million this year to $764 million in 2025 which represents a CAGR of 265%. I will be monitoring this company closely for a possible investment opportunity as I really like the prospect of it and I believe this emerging connected car data industry will grow really quickly and become much bigger and more important in the future.