Insurance Telematics Market is expected to grow at a CAGR of 18.49%, over the forecast period (2018 - 2023)| Major Vendors - AGERO INC., SIERRA WIRELESS, TRIMBLE NAVIGATION, VERIZON ENTERPRISE SOLUTIONS, and OCTO TELEMATICS, amongst others

Market Analysis:

North America Dominate the Market
The North American insurance telematics market is currently in a strong growth phase, with the United States being one of the frontrunners. The market in the region is primarily impacted by the evolution of new insurance ecosystem, which includes the growth of embedded telematics solutions and increasing adoption by carriers and individuals. The regulatory changes are also supporting the adoption rate of telematics.

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Owing to the increasing smartphones penetration, escalating applications of IoT, rising adoption of cloud computing buoyed by the developments in in-car connectivity at optimal costs, and favorable government regulations supporting consumers, particularly in case of safety and security about vehicles, the market for insurance telematics is expected to grow during the forecast period. The deployment of insurance telematics applications on the cloud or dedicated data center infrastructure has been an upward trend over the recent past, as it offers a flexible and scalable infrastructure to handle multiple devices and analyze the huge data emerging from multiple sensors installed on vehicles. However, lack of awareness about advanced technologies and security concerns related to the cloud, and mobile technologies and the privacy of individuals are the major factors which may hinder the growth of the market.

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Market Segments:
Insurance Telematics Market is segmented by:
1. Deployment: Cloud, On Premise
2. Offering: Hardware, Software
3. Type: Pay-As-You-Drive, Pay-How-You-Drive, Pay-As-You-Go
4. End-User Application: Personal line, Commercial Line, Fleet Level
5. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
March 2017 - Trimble and Caterpillar Inc. partnered to bring on-highway telematics to construction operations. The collaboration extended Caterpillar's CAT Connect solutions to include Trimble's real-time, truck fleet visibility and monitoring capabilities, and enabled both on-highway and off-highway fleet management.
August 2017 - Octo Telematics and Agero Inc. had partnered to deliver an integrated crash management solution to enable carriers to respond more proactively and quickly to any crash situation, and will permit insurance carriers to improve First Notice of Loss (FNOL) services and savings.

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