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.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/insurance-telematics-market/
Further key findings from the report suggest:
- 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.
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.
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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