Insurance Telematics Market (By Offering: Hardware, Software, Others; By Deployment: On- Premise, Cloud, Others; By Size: Large Enterprises, Medium and Small Enterprises) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026
The global insurance telematics market size is expected to reach around US$ 4.5 Bn by 2026, growing at a CAGR of around 18.4% over the forecast period 2019 to 2026.
Insurers are adapting driver monitoring technology, referred to as telematics, to recognize safe drivers and reward them with the abridged car insurance policies. The coverage works with the installment of the small gadgets inside the client’s automobiles that information velocity patterns, braking patterns, and distance traveled, all with the aim to investigate the riding skills. Insurers use the facts to estimate the cost of the insurance with every aspect having an effect on the paying rate for the coverage. Drivers participating in the application can get entry to the information online, giving them the possibility to positively alternate their riding behavior and decrease premiums.
Market Dynamics
The telematics offers diverse safety & security offerings together with automatic crash notification, and clinical assistance. Rising call for threat assessment & management, discount in the fees of connectivity answers, growing need of regulatory compliance & regulations, and rising want of insurance telematics across the coverage and automotive sector, reduction in the expenses of connectivity answers are a number of the marketplace tendencies that are anticipated to guide the growth of the market over the forecast period. However, Lack of recognition among end-customers about coverage telematics and the safety issues associated with cloud & cell technologies, worries for statistics privacy of end-customers, and shortage of standardized device are a number of the restraining elements that expected to hinder the growth of the marketplace. Market trends inclusive of carpooling, vehicle sharing, and ride-sharing have gained traction within recent years. Although the present-day adoption fees for carpooling tend to remain low in evolved countries, it is expected that it will soon advantage a huge prominence owing to changing millennials technique to commuting. Furthermore, increasing authorities projects to encourage telematics services of their respective nations and rising consumer demand for excessive connectivity and intelligence within their motors is contributing to the market growth. For instance, in October 2018, the federal government mandated that every one industrial trucks in the U.S. want to have electronic logging devices, which allow insurance carriers to put into effect UBI applications for industrial trucks.
By size, large enterprises segment dominated the telematics market.
The large enterprises section dominated the market in 2018 and is predicted to take care of its dominance over the forecast amount. The rising adoption of mobile telematics systems has created a large impact within the automotive insurance telematics sector. as an example, LexisNexis Risk Solutions still supply insurance telematics via mobile apps beside a large vary of services referring to regional and national insurers. The services embrace driving scores and score models, development, and underwriting confidence. Small and medium enterprises are expected to witness a major growth within the coming back years. Major growth factors for little and medium enterprises are consumer retention and cost-efficient services referring to claims. Incentive programs go by little and medium enterprises resulted in achieve more or less 50% reduction in claim prices additionally, little and medium enterprises are actively giving app-based mostly virtual services to shoppers. in addition, telematics startups in rising economies are gaining large traction attributable to important investments.
Based on offering, software is expected to dominate during the forecast period
Software has dominated the offering segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Software is the leading section as a result of a high market share within recent years. because the property and network information measure needs want a relentless upgrade, the computer code section is gaining a high business importance. Telematics computer code is Associate in Nursing umbrella term for information processing and telecommunications emulsified along. underneath this style, in vehicle device communicates with alternative devices over a network, so augmenting the term telematics as a result of important use of the communication devices in vehicles.
The market research study on “Global Insurance Telematics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global insurance telematics market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global insurance telematics market, its market offering, deployment, size, end user and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global insurance telematics market size and volume, and segment markets by market offering, deployment, size, end user and geography along with the information on companies operating in the market. The global insurance telematics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the global insurance telematics market and the region is also expected to maintain its dominance over the forecast period.Some major factors contributing to this growth are, due to the presence of key players, technological advancements, and an enormous demand for interconnected services. The North America insurance corporations have paced up in adopting cloud solutions and shifting applications and knowledge to the cloud network so as to possess progressive technology and differentiate themselves from competitions, insurance corporations are considerably adopting the cloud network to keep up a high competitive advantage as an example, Accenture’s cloud primarily based solutions provide cost-efficient telematics services by adapting to their insurance cloud programs.
The key companies involved in the market includes 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.
Market Segmentation
Market By Offering
Hardware
Software
Others
Market By Deployment
On- Premise
Cloud
Others
Market By Size
Large Enterprises
Medium and Small Enterprises
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What does telematics mean?
The telematics offers diverse safety & security offerings together with automatic crash notification, and clinical assistance.
What will be the market value of insurance telematics in the forecast period 2019 to 2026?
According to Acumen Research and Consulting, the insurance telematics market value is anticipated to be worth around US$ 4.5 billion in 2026.
What will be the growth rate of insurance telematics market during the forecast period 2019 to 2026?
The insurance telematics market is anticipated to grow over 18.4% CAGR during the forecast period 2019 to 2026.
Which region held the maximum share of the insurance telematics market?
North America held maximum share in 2018 for insurance telematics market.
Which regions are segmented for insurance telematics market?
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa are the regions included for insurance telematics market?
Which countries are included in North America regions for the insurance telematics market?
U.S., Canada are included in North America for the insurance telematics market?
Which are the key players operating in the insurance telematics market?
The key companies involved in the insurance telematics market includes 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.
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