The global Telematics market is expected to grow at a CAGR of 28.5% (2017-2022) leading to global revenue of USD 233.24 billion by 2022.
Telematics technology is being increasingly used in the automotive segment for vehicle tracking and monitoring, infotainment and Usage Based Insurance (UBI). In the Healthcare sector, it is utilized to expedite diagnosis and augment treatment quality and processes. Similarly, the Government sector employs telematics technology for developing smarter cities and maintenance.
The Automotive telematics segment is expected to grow as automakers and fleet managers adopt the technology to minimize fuel waste, and facilitate data management for the smooth functioning of fleets and connected cars. Almost, 80-85% of telematics solutions and devices that includes infotainment, solutions and aftermarket solutions (UBI) cater to the automotive industry.
Healthcare telematics market, on the other hand, is expected to grow at a CAGR of 25.9% (2017-2022). Telematics usage in the individual (consumer) healthcare segment is expected to increase at a faster pace compared to the commercial segment. The market is also starting to witness growing demand for telemedicine applications used by health professionals for remote consultation and collaborative medical assistance.
Telematics revenue generated from the government segment is expected to witness a high growth. Government agencies need to monitor and eliminate unauthorized behavior and violation of driving rules through real-time vehicle tracking.
Key growth factors
Increasing requirement to track vehicles on a real-time basis and observe drivers' behavior (monitoring health and temperament while driving), coupled with rising demand for onboard infotainment is leading to growing usage of telematics technology.
Additionally, the requirement of vehicle owners to avail tailor-made auto insurance premiums and that of insurers to accurately evaluate accidental damages and minimize fraud, through analysis of driving data, is contributing to the rising adoption of telematics-based insurance or UBI.
Threats and key players
Although the Telematics market is expected to have a positive growth globally, still, there is lack of awareness among individual car owners and resistance about the additional expenditure related to the installation of new devices in old cars or vehicles. Many vehicle owners have concerns regarding their privacy and prefer not to let UBI companies track their daily movements.
Often, challenging economic conditions, low internet penetration and poor technology infrastructure in some regions play a major role in restricting telematics penetration. Case in point, most African countries which face various infrastructural and economic challenges.
Some of the major players in the telematics market are OCTO Telematics, AirIQ, Mix Telematics, TomTom, Airbiquity Inc., Cisco, GE Healthcare, and Philips Healthcare.
Key Topics Covered:
Chapter 1: Executive Summary
Chapter 2: Introduction: Market Overview
Chapter 3: Automotive Telematics
Chapter 4: Usage Based Insurance
Chapter 5: Infotainment
Chapter 6: Healthcare Telematics
Chapter 7: Others
Chapter 8: Stakeholders And Technology Analysis
Chapter 9: Company Profiles
- OCTO Telematics
- Mix Telematics
- Fleet Board
- Wex Telematics
- Toyota Motor Corporation
- Apple Inc.
- Airbiquity Inc
- GE Healthcare
- Philips Healthcare
Chapter 10: Start-up Company Profiles
- OSEVEN Telematics
- Driveway Software
- BOX telematics
- Sun Telematics
- The Floow
- Raxel telematics
- Redtail Telematics Ltd
Chapter 11: Conclusion
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