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Ben Volkow is the CEO and co-founder Autonomousa platform that powers the mobility economy.
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We are currently on the cusp of the next great technological revolution, which has many parallels with the rise of the smartphone. The massive transformation of the transportation industry will reimagine not only how we physically travel from one point to another, but also our relationships with ourselves, each other, and the world.
The emerging mobility economy is being built on the wave of data from our connected world — data that is proving to be the next strategic asset of our time. Mobility data is any type of data related to transportation, such as connected vehicles, scooters, bicycles, public transportation, vehicle fleets, and flying taxis such as the Visk eVTOL. This data is becoming the new driver of technological innovation and competitive advantage, just as smartphones were before them.
To understand where the mobility economy is headed, we need to look at the rise of the smartphone. Today, smartphones are everywhere. It can be easy to forget that the multipurpose handheld computers we’ve come to depend on were once very simple devices. Similarly, we are entering a new era where the digital integration of our transportation devices will bring new possibilities to our daily lives. Soon our cars will be able to offer much more than just driving. The evolution of the smartphone offers valuable insights into how this emerging mobility economy will shape up, informing the roadmap for the mobility economy as well as how data privacy standards are created and maintained.
The mobility economy is moving from disruption to ubiquity
With mobility data predicted to become the next strategic asset in the global economy, the transportation industry is ripe for a technological revolution. We have reached a turning point where society’s perception of the mobility economy is shifting from interruption stage to ubiquity phase. The collection of mobility data is no longer unknown. Most of us expect our cars to increasingly become “computers on wheels”. In fact, the shortage of chips for cars and trucks caused by the pandemic has hampered vehicle production, which is only now beginning to recover.
According to the 2018 Connected Car Data and Privacy Survey, about 80% of US consumers expressed that they are already willing to share their personal navigation data. This data is the key to innovation and advancing the mobility economy, transforming our transportation experiences and reinventing the way we live, work and communicate.
Mobility data is the next driver of the modern global economy
Like the early stages of the mobile phone market 30 years ago, today’s traditional fuel vehicles are yesterday’s first mobile phones – connected but only scratching the surface of what’s possible. Similar to earlier connected electric vehicles, the launch of Apple’s iPhone in 2007 changed everything. It offered consumers an increase in capabilities in step with functionality wrapped in a customizable, user-focused experience. Ushering in a new era of smartphones, the “phone” has transformed from a simple device for calling friends and family to an accessible and comprehensive experience that covers every aspect of our lives – banking, health monitoring, music, gaming, shopping, work – and drives the modern global economy. .
Smartphones serve as an almost perfect example of how a reimagined device initially disrupts our individual and collective understanding of a given technology’s function, then creates a new normal. Phones have transformed from call center utilities to corded devices attached to your wall to the slim, pocket-sized wireless resources they are today, all while delivering large amounts of data. This kind of change in the transportation industry is long overdue because mobility data is already being produced by connected vehicles.
Mobility allows us to reimagine the human experience
To make our various modes of transport do more for us, it is necessary to tap into the untapped potential of raw mobility data. As with smartphones, our idea of vehicles can evolve from a simple mechanical device to an extension of who we are and the experiences we hope to have. Think how different the experience of driving a traditional gas car is to the highly personalized and modern experience of driving a new electric vehicle where users can customize their profiles, set moods and themes, and leave the air conditioner on “pet mode” for their dog in the summer without the engine. Customers rave about data-driven products like these because cars are programmed to understand exactly who’s driving and reconfigure their settings to respond to the driver’s unique preferences.
Mobility data makes driving a safer and more enjoyable experience. By using mobility data at scale, commutes can be coordinated and shortened while drivers can safely multitask. Smart features—such as cloud-based video and audio entertainment, remote video and audio entertainment, advanced safety features that monitor driver stress levels, advanced driver assistance systems (ADAS)—not only provide invaluable time back to the user, but create a safer and more enjoyable driving experience. These advanced safety and security features show how the application of data is already being used to improve driver well-being and reduce traffic incidents.
As each new generation grows more comfortable with a digitally augmented world, so will their reliance on data-driven advances in the mobility economy. Consider how old you were when you got your first smartphone. While millennials got their first iPhones at age 17, Generation Z got theirs at an average age of 12. Growing up with these high-tech tools at their disposal, most of them will never know a time when they didn’t always have this world of knowledge in their back pocket. In a few decades, our grandchildren will probably be riding supercomputers on wheels.
If the industry can properly capitalize on mobility data, it can make tomorrow’s services a reality sooner, fostering sustainable human transport, redesigning automotive infrastructure to be faster, safer and more efficient, significantly improving our daily lives.
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