About Insurance Telematics
Insurance Telematics is refer as a mode of ensuring the majority of a business with future security, the demand of the market anticipated to rise in the coming years. Insurance telematics devices are mainly used by the company of automobile insurance to track the driving behaviour of the customer, and depending on the driving behaviour of a driver there can be change in the insurance premiums. The telematics market for insurance industry is growing in the next few years steadily, the reason behind this is the decreasing in the cost of connectivity solutions, like wireless and cellular modes and the use of predictive analysis which enables the users to produce the drive risk score from telematics data
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 21.7% |
The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Insurance Telematics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Agero Inc (United States), Aplicom OY (Finland), Masternaut Limited (United Kingdom), Mix Telematics (South Africa), Octo Telematics (United Kingdom), Sierra Wireless (Canada), Telogis (United States) and Trimble Navigation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are TOMTOM Telematics (TOMTOM) (Netherlands), Verizon Enterprise Solutions (United States), Davis Instruments (United States) and Meta Systems (Italy).
Segmentation Overview
AMA Research has segmented the market of Global Insurance Telematics market by and Region.
On the basis of geography, the market of Insurance Telematics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment model, the sub-segment i.e. Cloud will boost the Insurance Telematics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. SME will boost the Insurance Telematics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Traction for Risk Assessment and Management
Market Growth Drivers:
Consumer’s Enthusiasm for In-Car Connectivity, Growth of Smartphone Penetration, Decreasing Cost of Connectivity Solutions and Increase in Regulatory Compliance and Regulations
Challenges:
Educating Consumers About Insurance Telematics and Security Issues Associated With Cloud and Mobile Technologies
Restraints:
Privacy Concerns Associated With Private Data of Individuals and Lack of Standardised System
Opportunities:
Growing Impetus to IoT and Increased Demand of Insurance Telematics Across the Insurance and Automotive Sector
Market Leaders and their expansionary development strategies
In August 2022, ABAX, a significant telematics company, is serving the European market and tapping into the commercial auto insurance market through a partnership with AI-analysis platform Greater Than and carrier Tryg. The new telematics-powered auto insurance offering by ABAX is a dynamically priced product aimed at ABAX's B2B fleet customers in Norway.
In November 2022, Global reinsurance giant Swiss Re entered an alliance with Latin American auto Insurtech Jooycar to boost auto insurance telematics, benefiting small and medium-sized commercial fleets in Mexico. Swiss Re aims to support the Mexican insurance market by helping it understand the fleet segment better, taking advantage of its risk modeling experience and telematics data analysis capacity.
Key Target Audience
Insurance telematics service vendors, System integrators, IT developers, Third party vendors, Cloud service providers, Network operators, Infrastructure provider, Government and Regulatory and compliance agencies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.