Luton, Bedfordshire, United Kingdom, March 17, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Telematics Solutions Market.
The Telematics Solutions Market is expected to grow at 15% CAGR from 2023 to 2029. It is expected to reach above USD 138.25 billion by 2029 from USD 39.3 billion in 2022.
Telematics Solutions Market Growth in upcoming years
The Telematics solutions are a method of monitoring a vehicle’s position and movement by integrating GPS and on-board diagnostics. With the help of GPS and diagnostic systems, the speed and internal behaviour of the car can be recorded. Telematics systems are mainly used by automobile insurance companies, fleet management companies, etc. to monitor the location and behaviour of vehicles, helping customers keep their vehicles safer, prevent loss, and contact the roadside assistance. The global market is also driven by technological advances focused on enhancing the overall in vehicle experience for occupants and enabling more interactivity within and between other vehicles. Additionally, the market is likely to be driven by heightened safety awareness, stricter vehicle safety standards, and affordability of vehicle telematics system capabilities.
The global Telematics Solutions Market has a significant growth rate over the forecast period.
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Growth Drivers->
The growth of the telematics industry has been driven by a number of factors such as: New technology and software, new regulations and standards and new business models.
Growth drivers of telematics solutions include: increasing demand for connected and automated transport, growing consumer demand for driverless cars with limited attention requirements and the need for affordable self-driving technology. The telematics solutions market is growing structurally due to an increase in the number of drivers such as dynamic pricing, demand for better customer services and response times. The rising penetration levels for electronic business solutions have also resulted in an expected increase in demand for this type of solution.
Telematics Solutions are growing fast, because essentially telematics is about the next generation of connected cars. Telematics solution providers can provide their services by capturing data from on-board telemetry systems and wireless connectivity devices, or from other sensors that may be installed in cars such as GPS tracking devices or dashboard cameras. The data is then stored on a database where it can be analyzed and used for various purposes including optimizing fuel consumption and vehicle safety while driving.
Telematics Solutions Market Trends
The trends of 2023 and beyond are all about connectivity. As the Internet of Things (IoT) continues to progress, car manufacturers are investing heavily in creating fully connected vehicles that can interact with each other and their surroundings.
Traffic trends 2023 will be marked by the growing use of autonomous vehicles, a shift from personal cars to shared transportation and increasing demand for ridesharing services.
2023, more than ever before consumers are looking for ways to save time and money. Telematics Solutions combines the latest technology with our expertise to provide a seamless solution that helps you meet their expectations. With the rise of new technologies and vehicles, we have a chance to make lives better for everyone by using our Telematics Solutions and advanced GPS technology to coordinate services and resources.
Competitive Insight
Some of the notable market players operating in the global Telematics Solutions Market covered in this report is:
- Mix Telematics
- Verizon
- Trimble
- TomTom International
- Visteon
- LG Electronics
- Harman
- Qualcomm Technologies
- Intel
- Robert Bosch
- Continental
- ATandT
- Omnitracs
- Agero
- Fleetmatics
- Descartes
- Inseego Corporation *The Company List Is Indicative
Recent Developments
In March 2022, SRM Tech and Zonar partner to expand telematics-enabled insights to more fleets. The partnership will add AI and predictive analytics capabilities to light-duty fleets’ telematics, enabling actionable data analytics for improved vehicle uptime and increased aftermarket part sales.
In March 2022, Phillips Connect made several announcements to help fleets and drivers benefit from smarter trailers, including new smart nosebox gateways, backup cameras, and a partnership with Utility to launch the Utility Connect trailer telematics system.
In July 2022, Mahindra partners with Qualcomm, Visteon for connected car experiences.
Browse the full “Telematics Solutions Market by Vehicle Type (Passenger vehicles, Light commercial vehicles, Heavy commercial vehicles), by Form type (Tethered, Embedded, Integrated), by Application (Government, Fleet/Asset Management, Infotainment System Navigation & Location-based system, Safety & Security, Insurance Telematics, V2X, Other) and Region, Global trends and forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/13566/telematics-solutions-market/
Segment Overview
The Telematics Solutions market is segmented By Vehicle Type, By Application, and by Region.
| By Vehicle Type | By Form Type | By Application |
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Regional Insights
Asia Pacific region is expected to show higher market growth in the forecast period.
The largest emerging market is anticipated to be in Asia Pacific which dominated the entire market by a share of 38.5% of revenue in 2021. Market growth in the Asia-Pacific region is primarily driven by government telematics guidelines and restrictions, increasing fleet management, and increasing safety and health concerns. These are the key factors that contribute significantly to the economic growth of the vehicle telematics solutions market in China, India and Southeast Asia.
Quantitative Analysis
- Market size, estimates, and forecasts from 2023 - 2029
- Market size and revenue estimates for product up to 2029
- Market revenue estimates for application up to 2029
- Market revenue estimates for type up to 2029
- Regional market size and forecast up to 2029
- Company financial
What are the Key Data Covered in this Telematics Solutions Market Report?
- CAGR of the market during the forecast period 2023-2029
- Detailed information on factors that will drive Telematics Solutions Market growth during the next Six years
- Precise estimation of the Telematics Solutions Market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour.
- The growth of the Telematics Solutions industry across North America, Europe, APAC, South America, the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Telematics Solutions Market vendors
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/13566/telematics-solutions-market/#request-a-sample
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