Dublin, April 02, 2024 (GLOBE NEWSWIRE) -- The "Insurance Telematics - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Insurance Telematics estimated at US$3.6 Billion in the year 2023, is projected to reach a revised size of US$13.1 Billion by 2030, growing at a CAGR of 17.5% over the analysis period 2023-2030.
Insurance Telematics Software, one of the segments analyzed in the report, is projected to record 18.2% CAGR and reach US$9 Billion by the end of the analysis period. Growth in the Insurance Telematics Hardware segment is estimated at 16.2% CAGR for the next 8-year period.
The Insurance Telematics market in the U.S. is estimated at US$1.2 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2030 trailing a CAGR of 16.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.7% and 15.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 19.7% CAGR.
Study Coverage
The analysis covers the world insurance telematics market from 2022 to 2030, examining annual sales in US$ million. It also assesses recent past, current, and future trends for insurance telematics across various geographic regions including the USA, Canada, Japan, China, Europe, Asia-Pacific, and the Rest of the World markets.
Additionally, it provides insights into software and hardware segments, along with pay-as-you-drive, pay-how-you-drive, pay-as-you-go, passenger cars, and commercial vehicles, analyzing their annual sales and percentage breakdown of value sales for the years 2023 through 2030. The perspective is provided for both recent past and future trends, focusing on the years 2024 and 2030.
Report Features
- Full access to influencer engagement stats
- Free access to digital archives & research platform. The proprietary platform is fully enabled to unlock creativity and market knowledge of domain experts worldwide in a cohesive and collaborative manner. The state-of-art tools bring world class market perspectives while protecting participants` privacy and identity. Numbers, statistics and market narrative in the report are based on fully curated insights shared by domain experts and influencers in this space.
- Opportunity to engage with interactive questionnaires that come with real-time data simulator tools & bespoke report generation capabilities
- Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
- Complimentary report updates for one year
- Competitor coverage with global market shares of major players
- Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
- Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes
Select Competitors (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 S.p.A.
- Verizon
- Vodafone Automotive S.p.A.
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Global Economic Update
- Here's How Inflationary Pressures Affect the Economy
- Here's What's Causing Inflationary Pressures in the Global Market
- Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2024
- Global Inflation Rates (In %) for the Years 2019 Through 2024
- World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020 Through 2024
- Global Number of Unemployed People (In Million) for Years 2019 Through 2024
- 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
2. FOCUS ON SELECT PLAYERS
3. 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: 2016-2023
- Smartphone Penetration Rate as Share of Total Population: 2016-2023
- 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 2023
- 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
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/gtm43g
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
