Geotab 2024 Trend Predictions for Connected Vehicles

AI and Data - The Titans of Connected Vehicle Insights for cost and performance

TORONTO, Dec. 14, 2023 /CNW/ - Geotab Inc. ("Geotab"), the global leader in connected transportation solutions, today released its 2024 predictions.  In an increasingly cost driven and challenging economy, Geotab's top predictions address how organizations are looking for ways to lower cost, improve performance and adapt to changing demands.Top predictions include:

Geotab's AVP of Product Management, Sabina Martin, shares the company's industry 2024 predictions. In an increasingly cost-driven and challenging economy, Geotab’s top predictions address how organizations are looking for ways to lower costs, improve performance, and adapt to changing demands.

• A New Era of AI Predictability: In 2024, companies will require vast amounts of quality data for AI models, seeking capable partners to translate extensive data into predictive analytics and benchmarking for high-efficiency operations, safety and sustainability. GenAI will continue to serve as a "back-pocket data scientist" for the transportation industry, dramatically shortening the time to insight for customers.
• The Cost Tightrope: Inflation and rising interest rates will make fleet upgrades expensive, straining budgets. In response, a cost-conscious market will increasingly look to data insights for better route planning, fuel savings, and predictive maintenance, which will drive savings for bottom-line health.
• Sustainability - Small Steps for Big Change: In response to the pressing need for climate action, companies will adopt a "small steps for big change" approach in the coming year. Recalibrating ambitious emissions goals from sky-high long-term targets to what is measurable and transparent in the short and mid-term using today's technology and data insights. 
• Wild West of Standards Gets Tamed: Automakers are recognizing the importance of standards for connected cars. Fleets are eager for easy access to comprehensive connected vehicle data to optimize operations. However, without standards, maximizing the value of data poses a significant challenge 2024 will be a year of collaboration across the industry to set standards and pave the way for collective success.

"Looking ahead into 2024, we foresee data and AI predictability as critical to staying ahead of the curve. ," said Sabina Martin, AVP of Product Management. "AI driven insights powered by strong foundational data will help guide organizations through economic challenges, propel sustainability initiatives and ensure adaptability in an ever-changing world."

Geotab's 2024 trends highlight the transformative potential of connected vehicles and the power of data to drive sustainability, efficiency, and profitability in the transportation industry. As the world continues to navigate complex economic, environmental, and technological transformation, Geotab remains committed to providing exceptional insights that empower businesses to make informed decisions.

About Geotab

Geotab is a global leader in connected transportation solutions. We provide telematics — vehicle and asset tracking — solutions to over 50,000 customers in 160 countries. For more than 20 years, we have invested in ground-breaking data research and innovation to enable partners and customers, including Fortune 500 and public sector organizations, to transform their fleets and operations. With over 4 million subscriptions and processing more than 75 billion data points a day, we help customers make better decisions, increase productivity, have safer fleets, and achieve their sustainability goals. Geotab's open platform and Marketplace, offers hundreds of third-party solution options. Backed by a team of industry leading data scientists and AI experts, Geotab is unlocking the power of data to understand real-time and predictive analytics — solving for today's challenges and tomorrow's world. To learn more, visit www.geotab.com, follow @GEOTAB on Twitter and LinkedIn or visit the Geotab Blog.

SOURCE Geotab Inc.

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