The
global commercial telematics market has been witnessing exponential
growth over the last couple of years. The world at present has
entered an early stage of showcasing a paradigm shift in the
prevailing work culture and technology. This change has been
triggered by a potent economic catalyst sweeping across the global
industries. As a consequence, the next-generation cloud-powered
technology called telematics is introduced to facilitate:
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- Using telecommunications devices to send, receive, and store information to affect control on remote objects.
- The integrated use of informatics and telecommunications for applications in vehicles to affect vehicle control on the move.
A
recently published market research report predicted impressive growth
for the global commercial telematics market. According to the
findings of the report, the global market for commercial telematics,
which was worth US$14.67 billion in 2013, is estimated to register
growth at a CAGR of 18.0% between 2014 and 2020. Factors such as
accelerated adoption of commercial telematics across different
industries including insurance and infotainment, government
regulations calling for the use of telematics technology, and growing
partnerships between telematics service providers and automobile
manufacturers have bolstered the demand for commercial telematics
globally.
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Market
Segmentation: OEM Telematics and Insurance Telematics to Register
Fastest Rate of Growth
The
commercial telematics market can be segmented into aftermarket
telematics and OEM telematics. The OEM telematics is sub-segmented
into hybrid OEM systems and embedded OEM systems, and the segment of
aftermarket telematics is further divided into portable aftermarket
telematics and embedded aftermarket telematics. In terms of revenue,
aftermarket telematics emerged as the largest segment in 2013. The
segment accounted for 53% of the overall commercial telematics market
owing to its increased application in satellite navigation and
infotainment. In recent years, however, the demand for OEM telematics
is increasing as compared to aftermarket telematics due to the
growing partnerships between automotive manufacturers and telematics
providers.
On
the basis of application the global market for commercial telematics
can be segmented into fleet and asset management, infotainment,
satellite navigation, telehealth solutions, insurance telematics,
remote alarm and monitoring, and others. Fleet and asset management
emerged as the largest application segment in 2013, accounting for
30% of the global commercial telematics market. However, insurance
telematics is projected to register the fastest rate of growth, at
34.7%, in the next couple of years.
Geographically,
North America was the largest market for telematics in 2013 in terms
of revenue. However, Europe is expected to emerge as the fastest
growing region in the forthcoming years. Moreover, increasing demand
for commercial telematics in countries such as India, China, Japan,
and Australia will drive the market for telematics in Asia Pacific.
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Increasing
Application across Industries to Boost Commercial Telematics Market
The
exponential growth in demand experienced by the global commercial
telematics market can be attributed to a number of factors. Its
increasing application across varied industries, especially in the
insurance and healthcare segments, has contributed significantly to
the rapid growth of the commercial telematics market. Additionally,
the increasing penetration of LTE (long term evolution) technologies
and high speed broadband worldwide and escalating demand for high-end
luxury have also bolstered the demand for commercial telematics in
the global market.
High
Cost of Deployment to Hinder Growth
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Deploying
telematics technology is likely to incur high cost at the initial
stage. This is one of the major hindrances restraining the smooth
growth run of the global commercial telematics market. Privacy and
security concerns have also emerged as potential bottlenecks to the
industry’s growth. However, growing demand for the integration of
web and mobility across different industries is expected to spur
growth in the global commercial telematics market.
The
global market for commercial telematics at present is led by
companies such as Omnitracs LLC, Trimble Navigation Limited, Verizon
Communications Inc., TomTom N.V., MiX Telematics Ltd., Masternaut
Limited, WirelessCar AB, ORBCOMM Inc., and OnStar LLC.
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