Research and Markets has announced the addition of the “Global Telematics Market Size, Share, Development, Growth and Demand Forecast to 2022” report to their offering.
The global telematics market is growing, due to increasing demand for connectivity, surging number of government projects for its adoption to ensure people’s safety, and increasing penetration of telematics in the developing countries. The market for premium cars has been surging globally, due to increase in numbers of high net worth individuals (HNI). This is also leading to the growth of the global telematics market.
The increasing use of telematics in the automotive insurance industry is the key trend observed in the global telematics market. The major restraints in the growth of the industry include increasing hacking activities in automobiles, high cost of telematics equipment, and poor internet connectivity in the developing countries.
The insurance industry in the developed countries is aligning with technology, in order to maximize profit. For instance, Usage-Based Insurance (UBI) incorporated by auto insurers notifies insurance companies about the driving behaviour of their customers through telematics installed in the vehicles. With the use of telematics, several elements of driving, such as miles drives, time of driving, rapid acceleration, hard breaking, and hard cornering are measured. The telematics company assesses data collected through telematics based on these elements and calculate the insurance premium accordingly.
The key competitors in the global telematics market include Verizon Communication Inc., HARMAN International Industries Inc., TomTom International BV, AT&T, Vodafone Group Plc, Ford Motor Company, BMW Group, Telefonica SA, MiX Telematics, Trimble Navigation Ltd.