The global insurance telematics market size is expected to reach USD 6.2 billion by 2025, registering a CAGR of 22.7% from 2019 to 2025, according to a new report by Grand View Research, Inc. Insurance telematics provide accurate data about driver behavior and vehicle operations, which provides visibility and actionable data for claim processes. Additionally, the device helps in minimizing fraudulent claims and minimizes losses in this area. These factors are expected to boost the growth of the market over the forecast period. In addition, decline in the cost of supporting technologies such as wireless sensor network, GPS, and computer analytics is another factor contributing to the market growth.
Factors
such as OpenStreetMap (OSM) project, plug-and-play devices, rising adoption of
smartphone, and ability of smartphones to connect with on-board vehicles
wirelessly using Bluetooth is further expected to propel the market growth.
Advanced generation of telematics devices work effectively with fleets,
business processes, and fleet managers. Therefore, it becomes easy for insurers
to choose within a broad spectrum of data and feedback sources. Considering the
long-term gains in the auto insurance sector, the market encourages mutual
partnerships with telematics service providers that helps in eliminating the
design and deployment complexities pertaining to IT and analytics services.
Furthermore, logistics and support hold equal importance from the
implementation perspective that offers high assurance in long-term maintenance.
Europe
represents a steady market growth owing to significant presence of the
telematics industry in Italy and U.K. Moreover, other regional markets in
Europe such as Spain, Austria, France, Switzerland, and Germany have exhibited
lucrative growth opportunities and resulted in a considerable market share
owing to the growing automotive sector. The Europe market spans independent
insurers as well as collaborative insurers that offer incentive programs based
on varying degrees. Therefore, the value chain for insurance telematics in
Europe beholds notable presence of key players with effective insurance
programs to offer to their clients.
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Insurance
Telematics Market Report Highlights
- The software
segment is anticipated to exhibit the highest CAGR from 2019 to 2025.
Growth in innovations such as machine learning and IoT is driving the
adoption of the software segment
- The
Pay-how-you-drive (PHYD) segment is anticipated to witness highest growth
rate over the forecast period. PHYD insurance policies are behavior based
and provide accurate estimation of risk involved in the driving, which
will increase its demand in connected cars over the forecast period
- The flexible
and scalable infrastructure of cloud-based telematics allows the analysis
of large volumes of data generated from multiple sensors installed on
vehicles and for handling multiple devices
- The large
enterprises segment accounted for largest market share in 2018 in terms of
revenue and is expected to maintain its dominance over the forecast period
owing to high adoption of smartphones and mobile telematics
- The
commercial vehicle segment is expected to emerge as the fastest-growing
end use segment over the next six years as the prominent market players
are offering exclusive package of telematics services including driver
behavior assessment, mobile app for fleet drivers, data feeds, and vehicle
enablers for commercial units
- North America
held the largest share in 2018 owing to significant presence of technology
providers and robust infrastructure for installing the device
- The key
players in the insurance telematics market include Agero Inc.; Aplicom;
Intelligent Mechatronic System; Masternaut Ltd.; Meta System S.p.A; MiX
Telematics Ltd.; Octo Telematics S.p.A; Sierra Wireless Inc.; TomTom
Telematics BV, and TRIMBLE INC.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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