Video Telematics Market Statistics Market 2021: Top factors that could boost industry in future

The term telematics is a combination of 2 different sectors telecommunication and informatics. It is a long distance transmission of computerized information. Video telematics usually works on the data collected by the vehicles. The data is collected by the devices installed inside vehicle. This system has evolved from simple vehicle information to pipeline of data that provides a wealth of information about the vehicle and the operator. This information contains clues which provide the information related to areas of improvement, vehicle locations, increasing fuel efficiency, reducing collisions and thus saving lives.

Currently, due to the rise of artificial intelligence (AI) and video analytics have raised the pace of innovation in this space. A video telematics system works by combining video data with the vehicle data and the camera system usually connected to the vehicle’s diagnostics port or telematics black box through hard wired connection. The system captures real-time video time video and combines it with the other vehicle specific data such as time, location, speed and a variety of other data from the vehicle’s diagnostics port.

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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Growing demand for video telematics due to its numerous benefits such as fuel saving, fleet tracking, accident prevention, immediate notifications of incidents, facilities steady improvements, reduced operational cost, improved driver engagement and retention and others drives the growth of the market. However, threats of data breaches and high cost of installations are restraining growth of this market. Furthermore, rise in the commoditization of hardware, rise in the adoption of fleet telematics and increased merger and acquisition in video telematics market is expected to boost the opportunities for the market.

Growing adoption of video telematics to reduce operational expenses:
With the implementation of video telematics, organizations are expecting a significant cost savings. The video telematics provides an obvious savings in case of accidents where drivers are exonerated. In addition to this, extra savings is gained through reduced traffic violations and associated fines which is driving its adoption.

High cost of installation:
The major challenge for the video telematics market it the high cost associated with that installation. As the initial configuration of video telematics may require a large investment as well as the maintenance for the same. In addition to that, the cost of fuel may also increase the burden for the organization. Thus, due to the high cost may hinder the growth of the video telematics market.

Rise in the adoption of fleet telematics:
From the past few years, the fleet telematics has been rising and it is expected to continue as the technology grows and develops in terms of what it offers fleets. As the technology will evolve it will generate more data types that fleets can analyze thus providing more ways to parse with the help of collected data. In addition to this, with the video telematics, organization would able to have a platform which can make sense data, provide predictive analytics and enable businesses to tackle large scale problems. Moreover, with the telematics enterprises will also have ubiquitous functionality in fleet vehicles will help reduce logistical headaches for fleets. Thus, with the adoption of fleet telematics, the opportunities for the video telematics is also expected to boost.

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Key benefits of the video telematics market report:

This study presents the analytical depiction of the global video telematics market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the video telematics market share.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The current market is quantitatively analyzed from 2019 to 2027 to highlight the global video telematics market growth scenario.
The report provides detailed video telematics analysis based on competitive intensity and how the competition will take shape in coming years.

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