The global telematics
market is growing rapidly. Market growth attributes to the increasing
demand for wireless connectivity in automobiles and the rising implementation
of renewables in electric vehicles. Besides, the growing penetration of
information and communication technology (ICT) and telecommunication devices in
various industrial sectors drive the market demand hugely. Moreover, increasing
government initiatives for on-road public safety and security escalate market
growth.
According to Market Research Future (MRFR), the global
telematics market is projected to grow at a substantial CAGR during the review
period (2017 – 2023). The emergence of digital technology has made it possible
to communicate with machines, which is expected further to enhance the growth
of the telematics system market. Also, the rising demand for advanced
surveillance & navigation systems pushes the growth of the telematics
industry.
Artificial intelligence is developing its roots in
transportation, automation, construction, and industrial applications, further
improving technology. Besides, augmenting demand for border security and marine
modernization programs boost the growth of the market. On the other hand, the
high equipment cost of the technology and telematics devices are the major
factors estimated to impede the market growth. Nevertheless, the increased
demand from the defense sector would support market growth throughout the
review period.
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Global Telematics Market - Segmentation
The market is segmented into four dynamics;
By Technology :
Embedded, Portable, and Hybrid.
By Services :
Navigation, Diagnostic, On-Demand Infotainment, Maintenance & Security, and
others.
By Application :
Commercial, Automotive, IT & Telecommunication, Healthcare, Government, and
others.
By Regions : Americas,
Europe, Asia Pacific, and Rest-of-the-World.
Global Telematics Industry - Regional
Analysis
North America dominates the global telematics
market. The largest share majorly attributes to the higher adoption rate of the
technology and high demand for premium cars with advanced safety & comfort
features. The US telematics market holds a significant share in the region.
Although the technology is in its embryonic stage, American companies have
already begun conducting experiments on the road, partnering with
telecommunication service providers.
Moreover, the increasing demand for telematics in military
& defense and high R & D investments drives the regional market growth.
Besides, considerable demand for new and advanced marine navigation systems and
growing product launches and technological upgrades push the growth of the
regional market. Additionally, the presence of several notable players and
state-of-the-art development centers in the region foster regional market growth.
Europe stands second in the global telematics market. The
market is majorly driven by the growing application of analytics in industries
like transportation, automotive, supply chain & logistics, retail,
healthcare, and IT & telecommunication. Moreover, increasing deployments of
advanced telematics features in the end product substantiate the regional
market growth.
Growing investments in military and commercial aviation
programs, alongside the considerable investments in France, Russia, Germany,
and the UK, drive the regional market growth. Besides, increasing government
R&D funding and support and rising defense budgets propel the regional
market growth. The European telematics market is estimated to grow at a
significant CAGR throughout the analysis period.
The Asia Pacific region holds a substantial share in the
global marine navigation systems market. Factors such as the growing marine
transportation industry and increased maritime border disputes in India, China,
and South Korea drive the market growth in the region. Moreover, increasing
military budgets and spending on advancing military equipment systems,
positively impact market growth. Additionally, considerable developments in
military technologies foster market growth excellently. The APAC telematics
market is likely to grow at an impressive CAGR throughout the assessment
period.
Telematics Market - Competitive Landscape
Highly competitive, the telematics market looks fragmented
due to the presence of several notable players. Also, due to the availability
of a range of futuristic products, the market appears well-established.
Industry players focus on strategies such as mergers & acquisitions,
collaborations, and expansion to gain a larger competitive share. Product
launch and technology upgrades trend in the market. As a result, market players
make substantial R&D investments.
Major Players:
Players leading the global telematics market include HARMAN
International Industries Inc.(US), Verizon Communication Inc.(US), Tom-Tom
International BV (Netherland), Vodafone Group Plc. (UK), AT&T (US), Ford
Motor Company (US), Telefonica SA (Spain), BMW Group (Germany), Mix Telematics
(South Africa), Trimble Navigation Ltd. (US), InfoTrack Telematics (Japan),
Tantalum Corporation (UK), Agero Inc. (US), Smart Telematics Ltd, BOX
Telematics Limited (UK), NXP Semiconductors (the Netherlands), AutoVision
Wireless Inc (Canada), Calamp Corp. (US), Ingenie (UK), Vista Equity Partners
(U.S.), ORBCOMM Inc. (US), and ClickSoftware Technologies Ltd. (US), among
others.
Industry/ Innovation/ Related News
July 28, 2020 ---- IMS (Insurance & Mobility
Solutions) announced the three-year extension of its successful partnership
with Onlia (Canada), a provider of innovative digital home, and auto insurance
& a safe-driving mobile app. The continued collaboration between IMS and
Onlia would enable partners to fully exploit the value of telematics technology,
delivering improved road safety technology through the prevention-first
approach. Besides, the combination of class-leading technology, rewards, and
insurance cashback would deliver safer driver behavior, helping this
materialize over the next three years.
IMS is one of the world’s top three providers of connected
car data solutions to insurers, mobility operators, and governments. IMS is
part of Trak Global Group (TGG), a global provider of related car solutions,
services, and analytics. Onlia Holding Inc. offers innovative digital insurance
and mobile technology products to the Canadian market through its wholly-owned
subsidiaries Onlia Agency Inc. & Onlia Services Inc.
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