The Telematics Market Size can expand at 20% CAGR from 2020 to 2027, according to the latest report by Market Research Future (MRFR). Telematics is a subset of information technology capable of monitoring fleets and gathering information on vehicles, engines, and driver behavior. The report by MRFR covers all aspects affecting the market and predicts growth patterns and revenue pockets for the forecast period (2020-2027). The COVID-19 pandemic and its impact on the industry are explored in detail.
The Telematics Market Size is majorly driven by availability of wireless internet connectivity in automobiles, industrial, and other sectors. Initiatives taken by governments for public road safety and advances in digital technologies can bode well for the market. Expansion of telematics in various areas such as health, transport, and infrastructure can provide a new slew of opportunities to the market.
Adoption of standards such as NGTP by automotive manufacturers that offer flexibility and access to wide range of services can drive the market demand. NGTP is an interface between the telematics unit and telematic service providers. Telematics in the healthcare sector has provided timely reports on patients and their conditions to healthcare providers for rapid diagnosis and improving in-house outcomes.
But high maintenance costs of telematics and vulnerability of cyberattacks can hamper market growth.
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The COVID-19 pandemic has badly affected the Telematics Market Size owing to shutdown of major transport modes. Losses faced by logistic companies and hesitancy among users on spending on new goods can affect the market growth.
The Telematics Market Size, based on technology is segmented into embedded, portable, and hybrid. The portable technology is likely to garner huge revenues due to the portable nature of smart devices and easy accumulation to user data.
The Telematics Market Size, based on services can be categorized as on-demand infotainment service, navigation services, diagnostic services, and maintenance and security service. On-demand infotainment services is expected to perform exceptionally as equipment providers collaborate with mobile companies in providing entertainment options for customers. This can be availed by ride sharing companies to increase customer reach and experience.
The Telematics Market Size, based on the application can be sub-divided into commercial applications, IT and Telecommunication applications, automotive applications, healthcare, and government. Automotive applications segment is expected to contribute highly to the market owing to plans for creation of integrated transportation networks and emergence of connected cars. Prevention of road accidents and vehicular mishaps are on the agenda of automotive manufacturers as they enter into new pockets for creating revenue.
North America is expected to lead the Telematics Market Size owing to huge demand in the automotive sector and adoption of premium cars by customers. Use of mobile technology to improve driving habits can bode well for the market. Integration of cameras in vehicle fleets by logistic solution providers for monitoring safe transport of goods and improving the delivery rate can be lucrative for many vendors offering telematic solutions.
Mix Telematics, ORBCOMM Inc., Vodafone Group Plc., Telefonica SA, BMW Group, AT&T, Trimble Navigation Ltd., Ford Motor Company, Tom-Tom International BV, Verizon Communication Inc., NXP Semiconductors, HARMAN International Industries Inc., Calamp Corp., and Tantalum Corporation are key players in the global Telematics Market Size. Development of new products, acquisitions, and mergers are strategies pursued by players in the market.
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