Consumer Telematics Market - Global Industry Analysis and Future Growth Opportunities By 2024
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In recent times telematics has brought auto manufacturer and insurance companies into alliance, with both the industry realizing the importance and potential of telematics Automakers found benefits in using telematics as it helps them to maintain the strong trust of the customer in terms of fuel efficiency and safety. On the other hand telematics allow the insurance company to appropriately consider individual driving behavior, that include recording the speed pattern, distance travelled and type of road taken as well as monitoring the brakes that the driver apply therefore evaluating the whole driving style. The robust monitoring, therefore help the insurance company to accurately customize pricing for car insurance.
Apart from Insurance and automobile industry, consumer telematics has found its application across various industries including healthcare, media & entertainment, government agencies and vehicle dealers
The market is driven by the significant penetration of smart phones, growing demand for superior driving experience, lowered connectivity cost, high speed internet technologies and supportive government regulation. For instance in certain regions such as Brazil and China, the government legislation makes it mandatory for everyone to adopt telematics in vehicles, given the rising concern related to vehicle tracking and safety and security therefore driving the demand for consumer telematics solution in these regions. Growing demand for big data analytics and related services is also an important factor influencing the growth of the market. Moreover, proliferation of cloud-based services in order to deliver personalized experience to the end-user is also expected to positively impact the market’s demand. However increasing hacking activity, high-cost of consumer telematics equipment and poor internet connectivity in developing economies is expected to pose restraints in the growth of the market. The consumer telematics arena has subtly changed the nature of various industry altogether. Car servicing and big data enabled by telematics had enhanced customer service offerings. Telematics is expected to play a key role in the future of connected cars market as it will help automotive manufacturer to generate revenue during the lifetime of the vehicle rather than just at the time of sale.
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The market may be segmented into services offered and solution provided. The solution might include insurance telematics, Infotainment and navigation and location based solution, vehicle to vehicle (V2V) solution that may include wireless vehicle safety communication, emergency warning system for vehicles and vehicle tracking. The services might include consulting, maintenance, integration, deployment and training services.
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