Published: April 26, 2014
Telematics industry has evolved from traditional navigation services to new opportunities in vehicle tracking, monitoring, fleet management, route optimization, location based services and traffic and weather information. Telematics solutions can monitor the fuel consumption and influence the Carbon dioxide emission. These solutions enable the fleet operators to track various parameters such as driver behavior, vehicle/engine diagnostics, and vehicle location tracking and curbing unauthorized usage.
Despite of Telematics solutions benefits which include improved asset and vehicle utilization, reduced insurance premiums, cost savings (fuel efficiency and maintenance) and fewer accidents. Still, there is one of the major barriers which hinder the growth of telematics solutions is, set-up and running costs. Due to increasing set-up and running cost fleet companies are reluctant towards installing telematics devices to their existing systems.
MarketsandMarkets has segmented the global Commercial Telematics Market by type of solution providers: OEM telematics, and aftermarket telematics; by types of solutions: fleet management, navigation and location-based, infotainment, telehealth, insurance telematics, V2V, V2I, remote monitoring and control solutions; by type of professional services: consulting and design, integration and deployment, maintenance and training services; by types of end users: construction, transportation and logistics, healthcare, manufacturing, insurance and government and utilities; by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).
MarketsandMarkets expects that the global Commercial Telematics Market to be $17.31 billion in 2014 and is expected to grow to $39.15 billion in 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 17.7 percent from 2014 to 2019. In the current scenario, NA is expected to be the largest market on the basis of spending, and adoption for the commercial telematics solutions and services.
MarketsandMarkets is a global market research and consulting company based in the U.S. It publishes strategically analyzed market research reports and serves as a business intelligence partner to Fortune 500 companies across the world.