Telematics Market Prospects and Growth Assessment to 2023

Posted by Akshay Solanki on January 21st, 2021

Technology advancement in every industry sector has transformed the functionalities of a machine to the next level. The driving factor of emerging digital technology has make communication with machines possible and is further boosting its growth in coming years. Artificial intelligence is one of the fastest growing technology in this area which is developing its roots in transportation, automation, construction and industrial applications. Artificial intelligence with support of machine learning is one of the major driving force behind emergence of self-driving and connected cars in the automotive segment. Image recognition, telematics, and GPS and GNSS are some of the features engrossed with self-driving cars. Many major companies such as Harman, Samsung, LG and AT&T are investing in developing innovative telematics solution for their customers.
 
The major growth driver of Telematics Market includes rising demand for high-Telematics, increasing adoption of renewable energy sources such as electric vehicles, and growing ICT and telecommunication sector among others. However, high initial cost and time consuming manufacturing process are the major factors which are hindering the growth of Telematics Market 
 
Telematics Global Market- Segmentation
 
The Telematics Market can be classified into 4 key segments as follows:
 
Segmentation by Technology: embedded, portable and hybrid among others.
 
Segmentation by Services: navigation, diagnostic, on-demand infotainment and maintenance and security among others.
 
Segmentation by Application: commercial, automotive, IT, insurance, telecommunication, healthcare and government among others.
 
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World. 
 
Telematics Global Market- Regional Analysis
 
The global Telematics (BIM) market is estimated to grow at a promising rate in upcoming years. North America has witnessed to dominate the market due to presence of established automotive industry and growing telecommunication sector in the region. Also, high demand for premium cars with advanced safety and comfort features has driven high growth in telematics market of North America region. Followed by Europe which is the leading region for automotive manufacturing and is increasing deployment of advanced telematics features in the end product. Asia-Pacific is expected to be the fastest growing region due to increasing initiatives by government and offering funding for electric vehicle manufacturers and increasing adoption of electric vehicle by consumers.
 
Telematics Global Market- Competitive Analysis
 
Telematics market appears to be competitive in the coming years owning to the presence of numerous large players active in regional market. Verizon Communication Inc., Harman International Industries Inc., Tom-Tom International BV, and AT&T are some of the companies leading the Telematics market globally. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
 
 
Verizon Communication Inc. (U.S.), HARMAN International Industries Inc. (U.S.), Tom-Tom International BV (Netherland), AT&T (U.S.), Vodafone Group Plc. (U.K.), Ford Motor Company (U.S.), BMW Group (Germany), Telefonica SA (Spain), Mix Telematics (South Africa), and Trimble Navigation Ltd. (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Telematics Market.
 
About Market Research Future:
 
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
 
Contact US:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com

Like it? Share it!


Akshay Solanki

About the Author

Akshay Solanki
Joined: December 29th, 2020
Articles Posted: 475

More by this author