New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Telematics Market Research: Technology, Service, Application - Forecast to 2030”, to grow to USD 61.27 BN by 2030, registering a 16.20% CAGR throughout the review period (2020-2030).
Telematics Market Overview
The global telematics market is expected to show a significant revenue rise. The proliferation of connected cars and automotive sunroofs would contribute to market growth. Also, the increasing use of telematics across industries is likely to boost market shares.
Telematics technology merges informatics and telecommunications to enable sharing of information wirelessly. With the latest advances, this technology is transforming how businesses operate and vehicles communicate with other vehicles. Telematics finds many applications in the IoT field, including safety monitoring, communication in real-time, monitoring weather conditions, assistance with performance & training, and others.
Leading players in the global telematics market are,
- HARMAN International Industries Inc.(US)
- Tom-Tom International BV (Netherland)
- Verizon Communication Inc. (US)
- Vodafone Group Plc. (UK)
- Ford Motor Company (US)
- AT&T (US)
- Telefonica SA (Spain)
- Mix Telematics (South Africa)
- BMW Group (Germany)
- Trimble Navigation Ltd. (US)
- Tantalum Corporation (UK)
- InfoTrack Telematics (Japan)
- Agero Inc. (US)
- BOX Telematics Limited (UK)
- Smart Telematics Ltd
- NXP Semiconductors (the Netherlands)
- Calamp Corp. (US)
- AutoVision Wireless Inc (Canada)
- Ingenie (UK)
- ORBCOMM Inc. (US)
- Vista Equity Partners (US)
- ClickSoftware Technologies Ltd. (US)
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Especially in the areas of fleet management, the benefits of telematics are immense. The technology assists fleet optimization, productivity, safety, compliance, integration, and sustainability. Telematics has become an essential management tool for monitoring and tracking many commercial & government fleets. Using GPS technology and onboard diagnostics (OBD), telematics allows for planning asset movements on a computerized map.
Competitive Landscape
The highly competitive telematics market appears fragmented due to the presence of several well-established players. To gain a competitive advantage, industry players adopt strategic approaches such as collaborations, mergers & acquisitions, expansions, and product/ technology launches. Telematics technology enables learning and plays experiences.
For instance, on Sep. 20, 2022, Targa Telematics, a technology company specialized in the development of digital solutions in connected mobility, announced a partnership with Mercedes-Benz Connectivity Services GmbH (Germany), a subsidiary of the automaker dedicated to digital data solutions to expand its connected mobility solution portfolio. The collaboration would enable Targa Telematics to integrate technology platforms and develop connected car solutions for Mercedes-Benz.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 61.27 Billion |
| CAGR during 2022-2030 | 16.20% CAGR |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | To get out of this deep loss spiral, businesses have to strategize accordingly. They have to see what their opportunities in the global market are, |
| Key Market Drivers | The increasing growth of the telematics solution market is possible because of the emerging advancement in digital technology. The telematics solutions market has made possible communication between humans and machines, and they are expected to grow further during the forecasted period. |
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Targa Telematics’ platform will be integrated data via an API/interface developed by Mercedes-Benz Connectivity Services, enabling Targa Telematics to provide a number of services to its customers. This is a further step for Targa Telematics, which continues to enhance its partnerships and strengthen its leadership in mobility solutions for large fleets, short and long-term rentals, and finance and insurance companies.
Industry Trends
The growth of the global telematics market primarily attributes to the augmenting demand for wireless connectivity in vehicles and the rising implementation of renewables in electric vehicles. Moreover, government initiatives to enhance on-road public safety and security escalate market growth. The emergence of digital technology has made machine communication possible, which is expected to drive the telematics system market further.
Artificial intelligence technology is penetrating its roots in transportation, automation, construction, and industrial applications, further improving telematics technology. Also, the growing penetration of information & communication technology (ICT) and telecommunication devices in various industrial sectors drives the market demand hugely. The rising demand for advanced surveillance and navigation systems pushes the telematics industry growth.
Besides, the rise in border security concerns and implementation of marine modernization programs boosts the growth of the market. On the flip side, the high costs associated with telematics technology and devices are major factors likely to impede market growth. However, the increased demand for telematics from the defense sector would support market growth throughout the review period.
Global Telematics Market Segments
The telematics market is segmented into technologies, services, applications, and regions. The technology segment is sub-segmented into embedded, portable, and hybrid. The service segment is sub-segmented into navigation, diagnostic, on-demand infotainment, maintenance & security, and others.
The application segment is sub-segmented into commercial, automotive, IT & telecommunication, healthcare, government, and others. The region segment is bifurcated into the Americas, Asia-Pacific, Europe, and Rest-of-the-World.
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Global Telematics Market Regional Analysis
North America leads the global telematics market, witnessing the higher adoption of this technology in advancing automotive safety & comfort features. Moreover, the increasing demand for telematics from the military & defense sector and high R&D investments drives the regional market growth. Also, the marine sector drives considerable market demand due to the need for advanced navigation systems.
Growing product launches and technology upgrades push the growth of the regional market. With many American companies increasingly exploiting telematics applications to improve road safety by partnering with telecommunication service providers, the US accounts for a significant share of the North American telematics market. Additionally, the presence of several players and development centers fosters regional market growth.
Europe is another profitable market for telematics, witnessing the growing application of analytics across major industries. Besides, increasing deployments of advanced telematics features in automotive & transportation, supply chain & logistics, IT & telecommunication retail, and healthcare industries boost the region’s market shares. Growing investments by governments in military and commercial aviation programs drive regional market growth.
France, Russia, Germany, and the UK hold considerable shares in the European telematics market, witnessing considerable investments. Also, increasing R&D funding and support from the public and private sectors propel market revenues. Rising defense budgets allow the regional market to grow at a significant CAGR y-o-y.
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The telematics market is brisk in the APAC region due to the growing use of marine navigation systems. Moreover, the growing marine transportation industry and increased maritime trades impact market growth positively. Considerable developments in military technologies and increasing spending on advancing military equipment systems influence market shares. Telematics markets in India, China, and South Korea demonstrate substantial revenue growth.
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