OREANDA-NEWS. October 01, 2015. It is predicted that there will be over 20 billion sensors in use in cars by 2020, says Prasad Satyavolu. Not only are we, the customers, getting hyper-connected, but the car is becoming our personal eco-system. Excerpts:

The responsibility and opportunities of the connected cars do not just sit with technology providers and manufacturers. Insurers also stand to gain from the connected car, as do brands through social platforms. Monetization opportunities exist, if they can take demographic tastes and needs into consideration, and apply these to the vehicles for their drivers.

Targeting the right demographic is key in many industries, including manufacturing. Car manufacturers already tailor car sales to the individual, for example, a family car for a parent of twins or a luxury or sports car for a salesperson who is frequently on the road.

What the connected car gives us is yet another opportunity to understand driver characteristics, their needs and the features they might appreciate, through the sensors delivering data for analysis through todays technology.

Armed with this data insight, the right vehicle with relevant connected features can be offered to specific demographic segments, creating a personalized driving experience.

There are five vehicle types and potential demographic compatibility showing how the connected car could be tailored to each individual preference, using information gleaned from the sensors to create a hyper-connected driving experience.

The connected car can be tailored to the individual driver, drawing on very different demographic typesand stereotypes. The key to achieving this is to bring all industry players together in a collaborative manner: automotive manufacturers, insurers and technology companies that can also integrate security measures.

The connected car offers plenty of monetization opportunities for the various players in this growing ecosystem; they just need to accelerate the evolution of their business models to take advantage of them.