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Insurance Telematics Market Size To Reach a Value At USD 6.2 Billion By 2025 : Grand View Research Inc.

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Insurance Telematics Market Size To Reach a Value At USD 6.2 Billion By 2025 : Grand View Research Inc.

March 27
15:51 2020
Insurance Telematics Market Size To Reach a Value At USD 6.2 Billion By 2025 : Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global insurance telematics market size was valued at USD 1.6 billion in 2018. Increasing number of laws and regulations related to the driver safety and decreased cost of connectivity solutions are expected to drive the market over the forecast period.

The global insurance telematics market size is expected to reach USD 6.2 billion by 2025, registering a CAGR of 22.7% from 2019 to 2025, according to a new report by Grand View Research, Inc. Insurance telematics provide accurate data about driver behavior and vehicle operations, which provides visibility and actionable data for claim processes. Additionally, the device helps in minimizing fraudulent claims and minimizes losses in this area. These factors are expected to boost the growth of the market over the forecast period. In addition, decline in the cost of supporting technologies such as wireless sensor network, GPS, and computer analytics is another factor contributing to the market growth.

Factors such as OpenStreetMap (OSM) project, plug-and-play devices, rising adoption of smartphone, and ability of smartphones to connect with on-board vehicles wirelessly using Bluetooth is further expected to propel the market growth. Advanced generation of telematics devices work effectively with fleets, business processes, and fleet managers. Therefore, it becomes easy for insurers to choose within a broad spectrum of data and feedback sources. Considering the long-term gains in the auto insurance sector, the market encourages mutual partnerships with telematics service providers that helps in eliminating the design and deployment complexities pertaining to IT and analytics services. Furthermore, logistics and support hold equal importance from the implementation perspective that offers high assurance in long-term maintenance.

Europe represents a steady market growth owing to significant presence of the telematics industry in Italy and U.K. Moreover, other regional markets in Europe such as Spain, Austria, France, Switzerland, and Germany have exhibited lucrative growth opportunities and resulted in a considerable market share owing to the growing automotive sector. The Europe market spans independent insurers as well as collaborative insurers that offer incentive programs based on varying degrees. Therefore, the value chain for insurance telematics in Europe beholds notable presence of key players with effective insurance programs to offer to their clients.

U.S. insurance telematics market size, by type, 2014 - 2025 (USD Million)

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Key Takeaways Of The Report :

  • The software segment is anticipated to exhibit the highest CAGR from 2019 to 2025. Growth in innovations such as machine learning and IoT is driving the adoption of the software segment

  • The Pay-how-you-drive (PHYD) segment is anticipated to witness highest growth rate over the forecast period. PHYD insurance policies are behavior based and provide accurate estimation of risk involved in the driving, which will increase its demand in connected cars over the forecast period

  • The flexible and scalable infrastructure of cloud-based telematics allows the analysis of large volumes of data generated from multiple sensors installed on vehicles and for handling multiple devices

  • The large enterprises segment accounted for largest market share in 2018 in terms of revenue and is expected to maintain its dominance over the forecast period owing to high adoption of smartphones and mobile telematics

  • The commercial vehicle segment is expected to emerge as the fastest-growing end use segment over the next six years as the prominent market players are offering exclusive package of telematics services including driver behavior assessment, mobile app for fleet drivers, data feeds, and vehicle enablers for commercial units

  • North America held the largest share in 2018 owing to significant presence of technology providers and robust infrastructure for installing the device

  • The key players in the insurance telematics market include Agero Inc.; Aplicom; Intelligent Mechatronic System; Masternaut Ltd.; Meta System S.p.A; MiX Telematics Ltd.; Octo Telematics S.p.A; Sierra Wireless Inc.; TomTom Telematics BV, and TRIMBLE INC.

Europe insurance telematics market share, by end use, 2018 (%)

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Grand View Research has segmented the global insurance telematics market based on offering, type, deployment, enterprise size, end use, and region.

Insurance Telematics Offering Outlook (Revenue, USD Million, 2014 – 2025)

  • Hardware

  • Software

Insurance Telematics Type Outlook (Revenue, USD Million, 2014 – 2025)

  • Pay-as-you-drive

  • Pay-how-you-drive

  • Pay-as-you-go

Insurance Telematics Deployment Outlook (Revenue, USD Million, 2014 – 2025)

  • On-premise

  • Cloud

Insurance Telematics Enterprise Size Outlook (Revenue, USD Million, 2014 – 2025)

  • Large Enterprises

  • Small & Medium Enterprises

Insurance Telematics End Use Outlook (Revenue, USD Million, 2014 – 2025)

  • Passenger Vehicle

  • Commercial Vehicle

Insurance Telematics Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
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City: San Francisco
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Country: United States