Global Telematics Markets, 2019-2024: Market is Expected to Register a CAGR of 20.7%
DUBLIN, June 21, 2019 /PRNewswire/ -- The "Telematics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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The global telematics market is expected to register a CAGR of 20.7%, over the forecast period (2019-2024)
The focus shifted from vehicle location and routing to solutions focused on drivers and their respective safety. By monitoring the driving behavior, vehicle health and maintenance intervals, telematics solutions help minimize accidental incidents, the number of speeding tickets, and downtime.
-- The mobile resource management (MRM - traditional telematics and GPS
tracking) and machine-to-machine sectors will continue to drive the
market and include better commercial fleet productivity (fuel cost
reduction, routing, reduced maintenance, driver monitoring), improved
customer service (real-time status, timely response times), and improved
risk management, driver behavior and safety, and control and
improvement.
-- Organizations are increasingly turning to EVs. In June 2018, Geotab, a
global leader in IoT and connected transportation, acquired clean-tech
solution provider, FleetCarma. They are specializing in EV telematics,
that provides technology for the adoption and operation of EVs. This is
because organizations have turned to EVs while setting goals to reduce
emissions and improve operational fleet efficiency.
-- As a huge amount of data that is getting generated about the driver and
the behavior involved there are huge risks related to cyber attacks that
could occur.
Scope of the Report
Combining the properties and capabilities of telecommunication and information technology, telematics is now being used across various industries for effective transportation and logistics purpose. In 2008, the Association of Equipment Management Professionals (AEMP) brought together the major construction equipment manufacturers and telematics providers in the heavy equipment industry to discuss the development of the industry's first telematics standard.
Key Market Trends
Smartphone Solution is Expected to Hold a Major Market Share During the Forecast Period
-- Leveraging the smartphone development is cheap for OEM manufacturers.
The easiest and the most straightforward connected-car choice is an app
that turns your phone into both a telematics sensor and transmitter.
With the huge adoption of smartphones, it gets easy for the OEMs to
implement the activities related to telematics. Typically capable of
autonomously detecting trips, these apps offer trip scoring based on
driving behavior, habits, and the driving context, although the quality
of the data collected may not be the best.
-- Smartphone applications usually provide proactive notifications about
traffic alerts, weather alerts, and service workshop locations. They are
also used in sync with hardware solutions to heighten service offerings
such as warnings, driving tips, reporting, and gamification. They tend
to be modular, fully configurable, and work on open platforms to
facilitate additional app development.
-- With electric vehicles coming into the picture with advanced
developments, there is critical information about the charge levels.
With charging taking several hours it becomes more user-friendly to
provide facilities on a smartphone due to its easier accessibility. The
smartphone will act as a crucial link between the driver and the
vehicle.
-- Smartphone has become the primary choice for implementing the activities
related to telematics due to its huge adoption rate. Different platforms
have coincided to avail their services on smartphones which makes it
easier for the user.
North America is Expected to Hold a Major Market Share During the Forecast Period
-- The companies in the region are collaborating and delivering new
products which are leading to the growth of the market. For instance,
AT&T Inc. launched fleet management solutions to meet the needs of small
business, enterprise, and government customers.
-- The company has integrated Geotab's fleet tracking platform with their
IoT platforms to launch a comprehensive solution which will boost
productivity, control costs, improve safety, and manage compliance for
their customers.
-- LD Systems Inc. launched PowerFleet Essence which is a new category of
industrial truck telematics platforms aimed at small and medium-sized
fleets used in manufacturing, distribution, logistics, and retail
centers.
-- PowerFleet Essence ensures site managers in manufacturing, warehouse,
distribution, and retail environments can know that only certified
operators are using their equipment, when they have completed required
safety inspections, and how their equipment is operated to reap the
benefits of safer industrial truck operations.
-- Besides, intelligent transportation is gaining wide acceptance in the
region particularly in the United States with several ongoing projects.
Therefore, the companies in the region are vying to provide telematics
systems and solutions to rail electronics solutions, traffic management
solutions, and fleet management.
-- With the Advanced Driver Assistance System (ADAS) already gaining
popularity, the combination of ADAS and Telematics will further help to
increase the penetration rate of Telematics as an efficient solution.
Competitive Landscape
The Global Telematics market is highly competitive and consists of a significant number of major players. In terms of market share, few of the major players currently dominate the market. Manufacturers are focussing to improving product quality by increasing the relevance associated with buyers. Product innovation is encouraged to take an edge over the competitors.
-- May 2018 - Mix Telematics Limited partnered with Wincanton with a
three-year contract. Under this partnership. Wincanton can enhance
safety in different operations by reducing road risk. With its key aim
being to enhance safety in operation by reducing road risk, the contract
includes an extensive adoption of MIX's premium fleet telematics
solution, specifically tailored to Wincanton's requirements.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rise in Connected Devices
4.3.2 Huge Demand of Easy Vehicle Diagnostics
4.4 Market Restraints
4.4.1 Threat of Data Breaches
4.4.2 High Costs Associated With Installations
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.1 By Application
6.1.1 Original Equipment Manufacturers (OEM)
6.1.2 Aftermarket
6.2 By Solution
6.2.1 Smartphone
6.2.2 Portable
6.2.3 Embedded
6.3 By Offering Type
6.3.1 Hardware
6.3.2 Services
6.4 Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 South America
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Mix Telematics
7.1.2 AT&T Inc.
7.1.3 Geotab Inc.
7.1.4 Texas Instruments
7.1.5 Verizon Telematics
7.1.6 Cisco Systems Inc.
7.1.7 Aplicom Oy
7.1.8 Microlise Ltd
7.1.9 LG Electronics Inc.
7.1.10 Trimble Inc.
7.1.11 Ctrack Global (Inseego Corp. Company)
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wlbe07
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