Geotab 2024 Trend Predictions for Connected Vehicles

Toronto, Ontario (December 14, 2023) - 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:

• 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.