Telematics Market 2023 Top Key Players are Octo Telematics S.P.A, Airiq, Mix Telematics International, Wex, Masternaut Limited, Tomtom N.V, Geotab

The telematics market is expected to register a CAGR of 24.81% over the forecast period (2018 - 2023).

Telematics is the amalgamation of multiple technologies working simultaneously to perform multiple operations to collect and use data for effective cost-optimization. Industries have been aggressively leveraging the benefits of this technology. The automotive industry has emerged as the most prominent end-user vertical for the telematics technology. Rising demand and compliance regulations to ensure the safety of the passenger have encouraged leading vendors towards installing telematics infrastructure within the automobile. Telematics has been relevant in the market over the last few years, however, the market for telematics is set to grow exponentially over the next decade.

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Key Developments in The Market
January 2017 - Ford and Toyota together have formed a Telematics Bloc to prevent major technology giants, such as Google and Apple, to venture into the industry and gain control over the infotainment and other features within the automobiles. Automotive manufacturers are working towards collaborating in order to stymie technology companies from gaining prominence in the industry. Mazda, Fuji, PSA, and Suzuki have also joined the force to ensure connectivity choice.

Major Players –
OCTO TELEMATICS S.P.A, AIRIQ, INC., MIX TELEMATICS INTERNATIONAL LTD., WEX INC., MASTERNAUT LIMITED, TOMTOM N.V, GEOTAB INC., AT&T INC., CISCO SYSTEMS INC., AND GOOGLE INC., amongst others.

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Diverse Range of Applications Bolstering its Use in Automotive Industry
Research estimates that more than 50% of all the automotive vehicles to be manufactured in 2020 are expected to be incorporated with telematics solutions. Telematics have a broad range of applications in the automotive industry, ranging from safety assistance, vehicle tracking, diagnostics, and usage-based insurance, among a host of other applications. Vehicle tracking and monitoring are expected to be the most prolific end users of the telematics solutions due to their integral role in optimize fuel use and facilitating data management for smooth functioning of the vehicle.

North America Leading the Market for Telematics
North America is a pioneer in technology, and is estimated to be the largest market for telematics, buoyed by the presence of many key OEMs, a highly advanced infrastructure, and the presence of a comparatively large automotive market. Emergence of smart cities and smart homes initiatives across the US and Canada has been another major segment accounting for the demand for telematics solutions in the region. The growing number of applications in the healthcare and fleet management sector have further propelled the growth of the telematics market in the region.

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