The global insurance telematics market size is likely to project a CAGR of nearly 19.3% during the forecast years 2021-2028. The insurance telematics market is driven by the growing impetus to iot and increased demand of insurance telematics across the insurance and automotive sector which acts as a driver as the demand for insurance telematics solution is increasing.
The present and future insurance telematics market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the insurance telematics market opportunities is decreasing cost of connectivity solutions and growing demand for regulatory compliance Furthermore, the increasing innovation in the automotive industry and untapped potential in emerging economies is the key factor driving the market growth for insurance telematics market.
Also, rising demand for risk and assessment and management is another factors driving the market growth. Furthermore, governments are also encouraging telematics services in their countries and the rising consumer demand for high connectivity and intelligence within their vehicles is likely to provide lucrative development opportunities for the insurance telematics market in the forthcoming years.
The report also emphasizes several distinctiveness of the global insurance telematics industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the insurance telematics industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The insurance telematics market has tough competition among the new emerging and pre-established market vendors. Besides, the insurance telematics industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the deployment, the market is categorized into cloud and on-premise. The cloud segment is predicted to achieve the largest growth during the forecast years 2021-2028. The cloud computing seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years.
North America is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the insurance telematics market in this region is mostly ascribed to the presence of key players, technological advancements, and the huge demand for interconnected devices. The insurance companies in this region have been rapidly adopting cloud solutions and shifting data and applications to the cloud network. However, the growth in Asia Pacific region is likely due to the increase in adoption of telematics and IoT technologies that depend on third party mobile devices is highly witnessed in these markets.
The major players of the global insurance telematics market are TOMTOM Telematics, Trimble Navigation, Verizon Enterprise Solutions, Mix Telematics, Sierra Wireless, Octo Telematics, Masternaut Limited, Agero Inc., Aplicom OY Telogis, Allstate Insurance, Aviva, Davis Instruments, Meta Systems and General Motors Renowned companies are offering new and modern insurance telematics software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Insurance Telematics Market
Component Overview, 2021-2028 (USD Million)
- Hardware
- Software
Deployment Type Overview, 2021-2028 (USD Million)
- On-premise
- Cloud
End-Use Overview, 2021-2028 (USD Million)
- Passenger Vehicle
- Commercial Vehicle
Regional Overview, 2021-2028 (USD Million)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America