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Telematics market is rapidly moving towards an intelligent, addressable, and embeddable device which enables seamless communication between devices.
Commercial telematics is gaining momentum due to the growing consumer awareness about safety, increase in usage of electrical vehicles, strict government regulations, and new innovations in connectivity technologies. Primarily, the telematics market was used only for safety and security solutions. However, there has been a paradigm shift in its applications. Gradually, its usage has reached a variety of other applications such as remote diagnostics, predictive maintenance of vehicles and heavy equipments, health monitoring, and remote medicine administration.
Telematics market is rapidly moving towards an intelligent, addressable, and embeddable device which enables seamless communication between devices. The emergence of embeddable devices has raised the telematics capabilities across a wide spectrum of industries. These devices enable real-time control and monitoring to take preventive actions in case of any anomalies. The capability to provide real-time analytics and fulfill demand-based load generation makes these devices unique and beneficial.
Telematics systems are broadly classified by two vendor segments: OEMs and aftermarket solution providers. The OEMs primarily focus on building embedded modules, which can attend to and control the entire system failures and can alert the users in advance. These OEMs also primarily focus on applications such as remote diagnostics and infotainment. This enriches user experience and reduces the extra cost. Aftermarket solution providers are engaged in providing services such as emergency response, roadside assistance, turn-by turn-navigation, and curbside assistance.
The telematics market for the insurance and healthcare industries is anticipated to grow steadily in the next few years. This is due to the rapid development in connectivity solutions such as wireless and cellular modules, and the use of predictive analysis. Thus, enabling the end user to reduce cost, and enhance the operational efficiency.
The overall market is expected to increase continuously, while North America continues to dominate the market. Western Europe, Japan, China and Brazil are identified to have huge potential, primarily due to the upcoming government regulations.
Commercial Telematics Market [OEM & Aftermarket, Solutions (Fleet Management, Navigation & Location Based, Infotainment, V2V, V2I, Insurance, Telehealth, Alarm Monitoring), Professional Services] - Global Market Forecasts & Analysis (2014 - 2019)
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