(MoneyNewsWire.Net, February 06, 2020 ) According to the new market research report "Insurance Telematics Market by Deployment Type, End User (Small and Medium Enterprises, and Large Enterprises), and by Region (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America) - Global Forecast and Analysis to 2020", The insurance telematics market size is expected to grow from USD 857.2 Million in 2015 to USD 2.21 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 20.9%.
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Consumer’s enthusiasm for in-car connectivity, growth of smartphone penetration, and increase in the regulatory compliances and regulations are the major factors driving the insurance telematics market. Furthermore, the market is expected to be driven by opportunities such as the growth in IoT and increased demand for telematics solutions in insurance and automotive sector.
Cloud deployment to play a key role in the insurance telematics market
The deployment of insurance telematics applications on cloud or dedicated data center infrastructure has been an upward trend. The cloud-based deployment of insurance telematics solutions is crucial as it offers a flexible and scalable infrastructure to handle multiple devices and analyze the voluminous data emerging from multiple sensors installed on vehicles.
The advantages of cloud deployment are reduced physical infrastructure, less maintenance cost, 24 × 7 data accessibility, and effective analysis of the data generated from wireless sensors installed on vehicles. A dedicated data center is also provided by the insurance telematics applications providers, which boosts in-house integrations and reduces the additional overhead of third-party integration.
North America and Europe to be the largest markets of insurance telematics till 2020
The geographic analysis of the insurance telematics market mainly delves into the division of end user and deployment types across five major regional segments, namely, North America, Asia-Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA). North America is expected to be the lead in the adoption and implementation of insurance telematics applications followed by Europe and APAC.
North America is rapidly deploying insurance telematics applications due to dynamic insurance market environment combined with the growing need of new innovative insurance plans. APAC is also witnessing a record growth in demonstrating and adopting insurance telematics applications. Various insurance and automotive enterprises located in this region are partnering with fellow insurance telematics applications providers to enhance and provide tailor-made offerings for local clients. The populous countries of India and China are now gradually advancing considering deploying insurance telematics applications to advance and streamline their insurance processes, ensure driver safety, efficient and robust vehicle, tracking mechanism, emergency traffic alerts, roadside assistance, and make informed claims settlement decisions.
The major vendors in the insurance telematics market include Octo Telematics, Sierra Wireless, Inc., Agero Inc., Telogis, TomTom Telematics, Trimble Navigation, Verizon Enterprise Solutions, Aplicom, MiX Telematics, and Masternaut Limited. A detailed analysis of key industry players has been done to provide their business overview, products and services, key strategies, and recent developments associated with the insurance telematics market.
The scope of the report covers detailed information regarding the major factors influencing the growth of the insurance telematics market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the insurance telematics market.
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Mr. Shelly Singh