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.
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.
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Telematics Market Share-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.
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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