Portland,OR, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global insurance telematics market generated $2.37 billion in 2020, and is projected to reach $13.78 billion by 2030, witnessing a CAGR of 19.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Increasing need for insurance telematics across the insurance & automotive sector, growing demand for regulatory compliance, and rise in adoption of IoT drive the growth of the global insurance telematics market. However, lack of awareness toward insurance telematics and privacy & security concerns restrain the market to some extent. On the other hand, increasing innovation in the automotive industry and untapped potential in emerging economies present new opportunities in the upcoming years.
COVID-19 Scenario:
- The outbreak of the COVID-19 had a positive impact on the insurance telematics industry as insurance telematics can directly address consumer needs to pay lower premiums when vehicles had limited utilization during the lockdown.
- Telematics further enhanced accurate calculations and discounted on auto insurance policy, allowing reasonable premiums pricing for consumers, which is more precise for insurance companies. Therefore, demand for insurance telematics has increased significantly during the global health crisis.
The report offers detailed segmentation of the global insurance telematics market based on offering, technology, deployment, type, vehicle age, vehicle type, organization size, and region.
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Based on offering, the software segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 21.4% from 2021 to 2030.
Based on technology, the black box segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the smartphone segment is projected to register the highest CAGR of 25.1% from 2021 to 2030.
Based on region, the global insurance telematics market across Europe contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 23.8% during the forecast period.
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Leading players of the global insurance telematics market analyzed in the research include Agero Inc., IMS, Masternaut Limited, Meta System S.p.A., MiX Telematics, Octo Group S.p.A, Sierra Wireless, TomTom International BV., Trimble Inc., and Verizon.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
