Dublin, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The "Insurance Telematics - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Insurance Telematics Market to Reach $13.1 Billion by 2030
The global market for Insurance Telematics estimated at US$3 Billion in the year 2022, is projected to reach a revised size of US$13.1 Billion by 2030, growing at a CAGR of 20% over the analysis period 2022-2030.
Software, one of the segments analyzed in the report, is projected to record 20.8% CAGR and reach US$9 Billion by the end of the analysis period. Growth in the Hardware segment is estimated at 18.4% CAGR for the next 8-year period.
The U.S. Market is Estimated at $1 Billion, While China is Forecast to Grow at 18.4% CAGR
The Insurance Telematics market in the U.S. is estimated at US$1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2030 trailing a CAGR of 18.4% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.1% and 17.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 22.7% CAGR.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
MARKET OVERVIEW
- COVID-19 Pandemic Accelerates Insurance Digitization
- Challenges for Digital Acceleration
- Pandemic Impact: Financial Challenges & Digital Opportunities for Insurance Industry
- Rise of Insurtechs Threatens Technologically Inefficient, Traditional Insurance Companies
- Insurtech: Playing Key Role in Digital Innovation during Pandemic
- Impact of the Pandemic on the Automotive Industry
- Passenger Car Production YoY % Growth in Major Regional Markets in 2020
- Competitive Scenario: Insurance Companies Eye Emerging Technologies
- Insurance Telematics - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Global Insurance Telematics Market Set to Gallop & Move Ahead Break-Free: Prospects & Outlook
- Eye-Catching Dynamics Adding to Velocity of Global Insurance Telematics Market
- Analysis by Offering
- World Insurance Telematics Market by Offering (2023 & 2030): Percentage Breakdown of Revenue for Software, and Hardware
- Analysis by Type
- World Insurance Telematics Market by Type (2023 & 2030): Percentage Breakdown of Revenue for Pay-As-You-Drive, Pay-How-You-Drive, and Pay-As-You-Go
- Analysis by End-Use
- World Insurance Telematics Market by End-Use (2023 & 2030): Percentage Breakdown of Revenue for Passenger Cars, and Commercial Vehicles
- Regional Analysis
- World Insurance Telematics Market by Region: Percentage Breakdown of Revenues for Developed and Developing Regions (2023 & 2030)
- World Insurance Telematics Market - Geographic Regions Ranked by CAGR (Value) for 2022-2030: USA, Europe, Japan, China, Asia-Pacific, Canada, and Rest of World
- Insurance Telematics: A Prelude
- Benefits of Insurance Telematics
- Applications
- Telematics to Disrupt Other Insurance Sectors
- Challenges
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Need to Reduce Vehicle Insurance Costs & Risks Drives Interest in Telematics Usage-Based Insurance
- Effect of Telematics on the Insurance Industry
- Insurance Sector & Technological Sophistication: The Evolution over Years
- Prioritizing Digital Engagement: Adapting to a New Normal
- Vehicle Telematics: A Boon for Fleet Management Function
- Growing Lenience towards Digital Lifestyles Widens Prospects
- Global Market for Smartphones in Billions: 2016-2021
- Smartphone Penetration Rate as Share of Total Population: 2016-2021
- V2X Technology Improves Vehicle Telematics
- Shift towards Recurring Revenue Streams Makes "Software" an Indispensable Platform for Insurance Service Provisioning
- Automobile Industry's Migration towards New Recurring Revenue Streams to Make Software the Platform for Enabling In-Car Services: Global % Breakdown of Automobile Industry's Profits by Revenue Streams for the Years 2017 & 2030
- Telematics Software: A Key Component in Modern Automotive Vehicles
- Global Vehicle Telematics Market Size (in US$ Billion) for the Years 2020, 2023 and 2026
- Cloud Environment Offers the Benefit of Reduced Development Cycle Times for Automotive Software Solutions
- Adoption of On-Board Vehicle Health Monitoring & Diagnostic System Drives Growth
- Digital Drive Across Sectors Forces Telematics Penetration in Insurance Sector
- Insurance Telematics Adoption on the Rise in Automotive Industry
- Usage Based Insurance (UBI) and Telematics: Future Trends
- Delving into Upsides & Downsides of Telematics Insurance
- Insurance Industry: A Cradle of Innovation
- Healthy Trajectory in IoT Vertical to Steer Insurance Telematics
- Global Number of IoT Connected Devices (In Billion Units) for the Years 2016, 2018, 2020, 2022 & 2025
- Global IoT Spending: Percentage Breakdown by Industry Vertical for the Year 2022E
- Pocket-Full of Lucrative Opportunities in Commercial Telematics Market
- Telematics Comes with Bundle of Perks for Commercial Auto Insurance
- Notable Merits of Telematics for Commercial Auto Insurance
- Telematics for Commercial Auto Insurance: Key Challenges
- Smart Cities Poised to Drive Demand
- World Smart Cities Market Revenues (in US$ Million) by Geographic Region for the Years 2020 & 2025E
- Traditional Insurance: A Major Challenge for the Telematics Vertical
- Hacking Emerges Into a Potent Threat to Privacy & Data Security
FOCUS ON SELECT PLAYERS (Total 66 Featured)
- Agero Inc.
- AllState Insurance Co.
- Axa SA
- Cambridge Mobile Telematics
- DriveQuant
- Imertik Global Inc
- IMS (Insurance & Mobility Solutions)
- LexisNexis Risks Solutions
- Masternaut Limited
- Meta System S.p.A.
- Octo Group S.p.A
- Sierra Wireless
- The Floow Limited
- Unipolsai Assicurazioni SpA
- Verizon
- Vodafone Automotive SpA
For more information about this report visit https://www.researchandmarkets.com/r/prq7iq
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