According to the recent report by IMARC Group, titled “Commercial Telematics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global commercial telematics market size reached a value of US$ 46 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 129.3 Billion by 2027, exhibiting at a CAGR of 19.4% during 2022-2027.
Commercial telematics refers to the technological solution used for long-distance transmission of information in commercial automobiles. It is used for monitoring the location and movement of vehicles through global positioning systems (GPS) and on-board diagnostic systems to track vehicle diagnostics. It is also used for monitoring trailers and non-motorized assets and alerting the fleet manager in case of any unauthorized movement. Apart from this, commercial telematics also offers insurance risk assessment, maintenance insights and safety tracking. Insurance providers use this technology to monitor driver behavior that enables them to determine risk factors and adjust insurance policies accordingly.
Commercial Telematics Market Trends:
Significant growth in the transportation industry across the globe is one of the key factors creating a positive impact on the market. Furthermore, the widespread adoption of smart transportation systems is stimulating the growth of the market. Due to the increasing utilization of digital devices, such as smartphones, laptops and tablets, automobile manufacturers are integrating sophisticated connectivity solutions to provide more accurate insights about the vehicles. These solutions also aid in improving vehicle efficiency, facilitating smart routing and tracking, providing on-road assistance and enhancing the driver’s overall experience. Additionally, various technological advancements, such as the development of open-source frameworks for commercial telematics, are acting as other growth-inducing factors. For instance, Next-Generation Telematics Protocol (NGTP) is a technology-neutral system that is designed to conveniently integrate back-end components and make technical adjustments in commercial vehicles. Other factors, including the implementation of favorable government policies to mandate commercial vehicle tracking, along with the development of video-based telematics, are anticipated to drive the market further.
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Global Commercial Telematics Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AirIQ Inc., Bridgestone Corporation, General Motors Company, Geotab Inc., Masternaut Limited. (Michelin), Mix Telematics International (Pty) Ltd., Octo Telematics, Omnitracs LLC, Trimble Inc., Verizon Communications Inc. and Zonar Systems Inc. (Continental AG).
The report has segmented the market on the basis on region, type, system type, provider type and end use industry.
Breakup by Type:
- Fleet Tracking and Monitoring
- Driver Management
- Insurance Telematics
- Safety and Compliance
- V2X Solutions
- Professional services
- Managed services
Breakup by System Type:
- Smartphone Integrated
Breakup by Provider Type:
Breakup by End Use Industry:
- Transportation and Logistics
- Media and Entertainment
- Government and Utilities
- Travel and Tourism
Breakup by Region:
- North America: (United States, Canada0
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa:(South Africa, Turkey, Saudi Arabia, Others
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