Newark, April 15, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 45.83 Billion in 2023 commercial telematics market will reach USD 192.95 Billion by 2033. The need for increased fleet management effectiveness is the factor that drives the business. Fleet managers constantly seek methods to optimise fuel efficiency, reduce idle time, and improve route planning. Telematics systems' real-time data analysis helps operators make informed decisions that save operating expenses and increase productivity. Additionally, these technologies provide essential information about the state of the car, which helps with preventive maintenance and reduces downtime. This efficiency-focused strategy reduces carbon footprints, which lowers expenses and supports environmental sustainability.
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Key Insight of the Commercial Telematics Market
Asia Pacific is anticipated to expand at the highest CAGR of 18.37% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 18.37% over the forecast period. The growth of e-commerce, growing business sectors, and the rising need for effective logistics and transportation solutions drive it. The fleets of commercial vehicles in Asia's emerging economies, like China and India, are expanding, which is increasing the demand for telematics to monitor driver behaviour, optimise operations, and improve safety. The use of telematics across various industries, including construction and agriculture, and a significant emphasis on cost-effective solutions are characteristics of the Asia Pacific market.
The service segment is expected to register the highest CAGR of 19.51% over the projected period in the commercial telematics market.
The service segment is anticipated to grow at the highest CAGR of 19.51% in the commercial telematics market. Services enhance the available solutions. Some of these offerings include data analytics, maintenance and support, consulting, and networking services. Data analytics services are essential for telematics systems to process and extract valuable insights from the massive amounts of data they receive. Maintenance and support services cut down on time by ensuring that software and hardware components run smoothly. While connectivity services allow for smooth communication between vehicles and central systems, consulting services help organisations adopt telematics solutions successfully. When combined, these services raise the usefulness and value of telematics systems, increasing their appeal to companies across various sectors.
Over the projected period, the media and entertainment segment is expected to register the highest CAGR of 19.26% in the commercial telematics market.
Over the forecasted period, the media and entertainment segment is anticipated to grow at the highest CAGR of 19.26% in the commercial telematics market. Commercial telematics is increasingly used in the media and entertainment sector for content delivery, location-based services, and mobile advertising. Companies in this field can enhance customer experiences, run location-based promotions, and launch targeted marketing campaigns with the help of telematics systems, which give companies useful data on customer behaviour and preferences. Furthermore, telematics can be incorporated into car entertainment systems to provide passengers with customised services and content while travelling.
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Market Dynamics
Driver: An increase in the popularity of connectivity solutions
Smartphones have changed the definition of connectivity over time. People want to stay connected to the outside world when they are travelling. As the need for connectivity grows, automakers are adding connectivity features to their vehicles to boost sales. Consumers expect their automobiles to operate similarly to laptops and smartphones. Automakers' top priority is integrating connection technologies into their vehicles. Modern cars come with a plethora of networking options. All of them require Internet services to perform their respective functions. Solutions for embedded, integrated, or tethered connections might provide communication inside the car. The automotive industry is just beginning to experience the digital revolution. It is expected that enhanced diagnostic systems will drive market growth.
Restraint: Risk of cyberattack on sensitive information
Telematics is a relatively new technology. Incidents might hinder the commercial telematics sector, including unauthorised access to different in-vehicle connection solutions and intrusion into in-vehicle connectivity systems. The greatest security risk is hackers accessing car computer systems and the information they collect and retain. Therefore, the possibility of hacking cars equipped with telematics systems is one of the factors expected to hinder the market's growth. The rising cost of providing in-car connectivity will likely hinder the growth of the commercial telematics market.
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Some of the major players operating in the commercial telematics market are:
• AT&T Inc.
• MiX Telematics Limited
• Bayerische Motoren Werke AG (BMW)
• Zonar Systems, Inc.
• Inseego Corporation
• Verizon Communications Inc.
• OnStar Corporation
• Omnitracs LLC
• TomTom N.V.
• Trimble Inc.
Key Segments cover in the market:
By Type:
• Service
• Solution
By End Use Industry:
• Media and Entertainment
• Travel and Tourism
• Healthcare
• Transportation and Logistics
• Construction
• Government and Utilities
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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