Insurance Telematics Global Market Report 2024 - By Demand, Growth, Trends, Size, Forecast To 2033

The insurance telematics market size has grown rapidly in recent years. It will grow from $3.43 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to government regulations and mandates, advancements in telematics technology, rising concerns over road safety, increasing awareness of insurance fraud, demand for personalized insurance solutions.

The insurance telematics market size is expected to see rapid growth in the next few years. It will grow to $7.59 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to integration with connected car ecosystem, emergence of autonomous vehicles, growing demand for usage-based insurance (UBI), expansion into emerging markets, rising focus on environmental sustainability. Major trends in the forecast period include integration of advanced analytics and AI, expansion of telematics offerings to commercial lines, partnerships and collaborations, focus on data privacy and security.

Market Overview -
Insurance telematics refers to the use of technology, such as GPS-based devices or mobile apps, to monitor and assess the driving behavior and patterns of policyholders. It is utilized to allow insurance companies to create usage-based insurance (UBI) schemes that appropriately price premiums and policies based on individual driving behaviors.

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Increasing Adoption Of Connected Cars Fuels Growth In The Insurance Telematics Market
The rising adoption of connected cars is expected to propel the growth of the insurance telematics market going forward. Connected cars refer to vehicles equipped with advanced communication systems and internet connectivity, enabling them to interact with other devices, networks, and services both within and outside the vehicle. The factors driving the rise of connected cars include the continuous advancements in mobile technology and their ability to collect and utilize data for predictive maintenance. Connected cars give a multitude of real-time information about driving behaviors and factors like speed, distance, location, braking, and acceleration. This data, obtained via connected car systems and telematics technology, allows insurers to assess individual driver behavior correctly, modify insurance premiums based on actual driving behaviors, and provide usage-based insurance (UBI) programs. For instance, in January 2023, according to the IEEE Communications Society, a US-based technical professional organization, the number of connected vehicles globally is set to grow from 192 million this year to more than 367 million in 2027. Furthermore, in February 2022, according to Automotive News, a weekly newspaper owned by Crain Communications Inc., a US-based media company, Tesla achieved global sales of 936,172 vehicles in 2021, marking an 87.4% increase compared to the previous year. Therefore, the rising adoption of connected cars is driving the growth of the insurance telematics market.

Competitive Landscape -
Major companies operating in the insurance telematics market are Verizon Communications Inc., Axa SA, Vodafone Group Plc, AllState Insurance Company, Progressive Corporation, Liberty Mutual Insurance Company, Zurich Insurance Group, Unipolsai Assicurazioni S.p.A., Trimble Inc., LexisNexis Risk Solutions, Viasat Group, Towergate Insurance, Agero Inc., TomTom International BV., Sierra Wireless Inc., MiX Telematics, Octo Telematics S.p.A., Meta System S.p.A., IMS (Intelligent Mechatronic Systems Inc.), Masternaut Limited, Cambridge Mobile Telematics, Imertik Global Inc., Otonomo, Aplicom Oy, DriveQuant

Emergence Of Mobile Telematics-Based Motor Insurance Transforming The Insurance Telematics Market
Major companies operating in the insurance telematics market are introducing new features and solutions, such as new add-on cover facilities, to gain a competitive edge in the market. New add-on cover facilities in insurance telematics refer to additional features or services that enhance the traditional telematics insurance offerings. For instance, in July 2022, Edelweiss Group, an India-based financial services company, launched the Switch 'Pay As You Drive' (PAYD) add-on for its private car package policy, representing a significant advancement in the realm of motor insurance in India. This product is designed to provide policyholders with enhanced flexibility and cost savings by offering discounted Own Damage (OD) premiums based on their annual mileage. With the Switch PAYD add-on, customers can now enjoy tailored coverage that aligns with their driving habits and requirements.

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Key Segments -
The insurance telematics market covered in this report is segmented -
1) By Type: Pay-As-You-Drive (PAYD), Pay-How-you-Drive (PHYD), Manage-How-You- Drive (MHYD)
2) By Technology: On-Board Diagnostic II (OBD-ll), Smartphone, Hybrid, Black-Box
3) By Deployment: On-premise, Cloud
4) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises
5) By Vehicle Type: Light-Duty Vehicles (LDV), Heavy-Duty Vehicles (HDV)

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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