Press release
Insurance Telematics Market Expected to Grow Exponentially with CAGR of 21.01% till 2025 Industry Overview, Business Guidelines & Forecast Report | TOMTOM Telematics, Trimble Navigation, Verizon Enterprise Solutions, Mix Telematics, Sierra Wireless, Octo
Insurance Telematics Market
The Global Insurance Telematics Market was valued at USD 1.047 Billion in 2016 and is projected to reach USD 5.826 Billion by 2025, growing at a CAGR of 21.01% from 2017 to 2025.
Telematics insurance is a way for insurers to analyse the way you drive that allows insurers to calculate risk on the kind of driver you are and adjust the price of your policy accordingly. When fitted in your vehicle, the telematics box will record things like speed, braking patterns and distance travelled, all with the aim to calculate how safe you’re driving. Telematics insurance benefits the insurers in several ways including to find the safe drivers, have new and value-added services, improved underwriting, reduced costs, and helps with claim management.
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Competitive Landscape:
The major players in the market are as follows: TOMTOM Telematics, Trimble Navigation, Verizon Enterprise Solutions, Mix Telematics, Sierra Wireless, Octo Telematics, Masternaut Limited, Agero Inc., Aplicom OY, Telogis and Others.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Market Dynamics:
1. Market Drivers
1.1 Emergence and adoption of IoT
1.2 Rising need of insurance telematics across the insurance and automotive sector
1.3 Rising demand for risk assessment and management
1.4 Reduction in the costs of connectivity solutions
1.5 Increasing usage of Smartphone
1.6 Growing need of regulatory compliance and regulations
2. Market Restraints
2.1 No standardized system available
2.2 Concerns for data privacy of end user
2.3 Rising security issues related to cloud and mobile technologies
2.4 Lack of awareness among end users about insurance telematics
Market Segmentation:
The Global Insurance Telematics Market is segmented on the organization size, deployment model, and region.
1. Organization Size:
1.1 Large Enterprises
1.2 Small and Medium Organizations
2. By Deployment Mode:
2.1 Cloud
2.2 On-premises
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
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