The Automotive Telematics Market Is Expected To Grow Due To Its Rising Application In Vehicles To Improve Safety - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 9, 2023 -- As per The Business Research Company's Automotive Telematics Global Market Report 2023, the increasing concerns about vehicle safety will drive the growth of the automotive telematics market. Vehicle telematics provide actionable information about fleet vehicle movement that can enhance fleet safety initiatives and aid in accident avoidance. It helps users stay safe and secure by providing updates on vehicle maintenance, driving habits, road conditions, emergency notifications and other topics. Through the provision of real-time data, telematics can prevent accidents by making the driver more careful. There has been an increased focus on passenger safety due to the increase in road accidents globally. Therefore, the increasing concerns about vehicle safety will drive the vehicle telematics industry growth.
The report forecasts the passenger vehicle telematics market to grow from $100 billion in 2022 to $132.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 32%. The automotive telematics market size is then expected to grow to $360.5 billion in 2027 at a CAGR of more than 28%.
Learn More On The Automotive Telematics Market Report – https://www.thebusinessresearchcompany.com/report/automotive-telematics-global-market-report
Major automotive telematics companies are focused on using cloud technology to provide real-time information on the performance, reliability and security of all registered operational technology (OT)/ information technology (IT) devices. For example, in January 2023, Jungo, an Israel-based software company that specializes in driver monitoring system software and device driver development, launched VuDrive, a camera-based driver monitoring solution with cloud technology. The new cloud-based VuDrive system is an updated version of the existing product and offers a monthly subscription basis for each vehicle in the Software as a service (SAAS) model.
In addition, automotive telematics market players are increasingly implementing artificial intelligence. For instance, in February 2023, VisionTrack, a UK-based AI video telematics and connected fleet data company, launched NARA (Notification, Analysis and Risk Assessment), a sophisticated AI-powered post-analysis solution. It aims to transform how car camera data is evaluated and assist drivers in significantly lowering traffic fatalities and injuries. The installation of edge-based AI technology in AI vehicle cameras, which are frequently constrained by the processing power of the device, is made possible by NARA's device independence, which enables integration with existing connected camera technology, whether VisionTrack or third-party hardware.
Further, in April 2023, VisionTrack launched VT650-AI, an AI-based technology that will eliminate heavy goods vehicles (HGVs) blind areas surrounding the truck and provide complete 360-degree visibility to better safeguard vulnerable road users (VRUs).
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The global automotive telematics market is segmented -
1) By Connectivity Solutions Type: Embedded, Integrated smartphones, Tethered
2) By Sales Channel Type: OEM, Aftermarket
3) By Application Type: Fleet/Asset management, Navigation and location-based system, Infotainment system, Insurance telematic, Safety and security
4) By Vehicle Type: Commercial cars, Passenger vehicles, Two-wheelers
The top growth potential in the automotive telematics market segmented by connectivity solutions type will arise in the embedded segment, which will gain $143.1 billion of global annual sales by 2027.
The Business Research Company recommends players in the auto telematics industry to focus on enhancing business capabilities through the launch of new products and solutions, offering innovative solutions and expanding operational capabilities through strategic collaborations and partnerships.
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