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New Commercial Telematics Market Released

New Commercial Telematics Market Released

New Commercial Telematics Market Released

by evajoy.ati@hotmail.comAugust 6, 2014

commercial-telematicsResearch and Markets, the world’s largest and most respected resources for market research, has just recently added a new report titled, Commercial Telematics Market 2014-2019: Fleet Management, Navigation &Location Based, Infotainment, V2V, V2I, Insurance, Telehealth, Alarm Monitoring. The report covers analysis of the overall market in terms of type of providers, type of solutions and professional services. It also focuses on the end-user usage and telematics adoption across different regions such as Africa, Asia-Pacific, Europe, Latin America, Middle East and North America. And the report revealed that from among these regions, fleet security and passenger car security are the main applications for telematics.

Research and Markets forecast that “The total commercial telematics market is expected to grow from $ 17.31 billion in 2014 to $39.15 billion by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 17.7% from 2014 to 2019.”

There has been a significant demand for tracking solutions in the past, especially for stolen vehicles within certain market segments in the UK and some areas in Italy. Both telematics markets in China and Russia shows higher increase in telematics demand due to the overgrowth of theft in these countries, which in turn has raised more concern from drivers and car owners. Meanwhile, high theft rates in Brazil have led to the government mandating Stolen Vehicle Tracking (SVT) to be standard in all new vehicles to fight this problem.

However, Research and Markets reports that there has been new emerging trends in the telematics market today. The growth of traffic information services that enables drivers to avoid road accidents by providing alerts, traffic alert and road conditions in advance. Many telematics vendors have integrated these services into vehicle embedded devices. A few pioneers in this initiative are Audi and BMW, who had used TPEG IP in their vehicles, a next generation traffic information service that operates on a cellular channel. Additionally, Toyota and Ford have launched a new traffic info service in the US in line with these new trends. These services have enabled the vendors and providers to improve the safety and security features of the security applications as well as the vehicles.

The report further projected that automotive data services, PAYD insurance and electronic tolling, convenience services will drive the market in the next five years, led by infotainment devices and services for both consumer and enterprise. More sophisticated telematics solutions will emerge from these services aligned with different verticals. These applications are expected to influence growth of various markets such that of insurance, utilities, automotive and the government. However, the measure as to how these applications will grow within the next five years will depend on demand and legislation. Nonetheless, Research and Markets still expects insurance, health, utilities and agriculture will grow at a much faster rate than other verticals.

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