The telematics market insights is expected to grow at 16.20% CAGR during the forecast period (2020-2030) and reach a total valuation of USD 61.27 billion over the same period.
Market Research Future Insights:
The telematics market is the integrated application of telecommunications and informatics for sending, receiving, and storing information to control remote objects. With the worldwide use of advanced technology, the telematics market had widened its horizon to vehicle technologies, electrical engineering, computer science, and numerous others. The telematics market is mostly driven by Wireless Connectivity in automobiles, the industrial sector, and various others. Due to the colorful enterprise taken by the government for on-road public safety, the growth of the telematics request has increased many folds. Because of the changing market scenario, many critical businesses are changing, their business strategy and starting to deal with expenditures- effectively.
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Competitive Landscape:
There are many giant key players in the telematics research market across the globe. Some of these giants are mentioned below:
- Verizon Communication Inc. (U.S.)
- HARMAN International Industries Inc. (U.S.)
- Tom-Tom International BV (Netherlands)
- AT&T (U.S.)
- Vodafone Group Plc. (U.K)
- Ford Motor Company (U.S.)
- BMW Group (Germany)
Telematics solutions were initially used across commercial vehicles for tracking vehicle position and fuel consumption. With an augmenting demand for smart technology and the declining expenditure on electronic components, telematics has turned into an integral part of passenger vehicles as well. It refers to data and communication systems applied to track, control, and monitor vehicle parameters remotely for performance optimization. With upgrades in communication technology, telematic solutions have unfolded from simple navigation systems to sophisticated data and communication systems for commercial fleet management, infotainment, and remote access to vehicles.
The telematics solutions market has fabricated possible communication between humans and machines and they're anticipated to grow further during the forecasted period. Artificial Intelligence which is the main cause of transportation, automation, construction, and industrial applications is one of the rapidly- growing technologies. The telematics solutions market has displayed a new way in the world of driving. Because of the amplifying standards of telematics solutions, now businesses are expending a lot in research and development for the production of new products and to ameliorate existing products.
Market Segmentation:
The global Telematics Market is segmented into the following types;
By Technology
- Embedded
- Portable
- Hybrid
By Services
- Navigation services
- Diagnostic services
- On-demand infotainment services
- Maintenance and security services
By Application
- Commercial applications
- Automotive applications
- IT and Telecommunication applications
- Healthcare
- Government
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Regional Analysis:
The global Telematics Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Among all the nations in North America, the United States holds a significant share of its growth mainly in commercial telematics. Not alone this, the towering demand for premium cars with great comfort and improved safety features has driven high growth in the global telematics research market.
Europe region is contributing tough competition to North America and hence gets the second position extensively. Europe region is ushering due to the enhancement in the automobile industry.
The Asia- Pacific region is a rapidly- growing region from all perspectives; it holds third place in the global market share of the telematics research market.
Table of Content:
- Executive Summary
- Introduction
- Market Overview
- Market Segmentation
- Competitive Landscape
- Market Drivers
- Market Restraints
- Market Opportunity
- Market Trends
- Impact of COVID-19 on the Global Telematics Market
- Future Outlook
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