Telematics Market
Telematics Market Overview
The global Telematics Market is estimated to be worth USD 61.27 Billion by 2030, registering a 16.2% CAGR during the forecast period (2022- 2030).
The telematics market is the integrated application of telecommunications and informatics for sending, receiving, and storing information to control remote objects. With the worldwide use of advanced technology, the telematics market had widened its horizon to vehicle technologies, electrical engineering, computer science, and numerous others. The telematics market is mostly driven by Wireless Connectivity in automobiles, the industrial sector, and various others. Due to the colorful enterprise taken by the government for on-road public safety, the growth of the telematics request has increased many folds. Because of the changing market scenario, many critical businesses are changing, their business strategy and starting to deal with expenditures- effectively.
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Telematics solutions were initially used across commercial vehicles for tracking vehicle position and fuel consumption. With an augmenting demand for smart technology and the declining expenditure on electronic components, telematics has turned into an integral part of passenger vehicles as well. It refers to data and communication systems applied to track, control, and monitor vehicle parameters remotely for performance optimization. With upgrades in communication technology, telematic solutions have unfolded from simple navigation systems to sophisticated data and communication systems for commercial fleet management, infotainment, and remote access to vehicles.
The telematics solutions market has fabricated possible communication between humans and machines and they're anticipated to grow further during the forecasted period. Artificial Intelligence which is the main cause of transportation, automation, construction, and industrial applications is one of the rapidly- growing technologies. The telematics solutions market has displayed a new way in the world of driving. Because of the amplifying standards of telematics solutions, now businesses are expending a lot in research and development for the production of new products and to ameliorate existing products.
Regional Analysis
The global Telematics Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Among all the nations in North America, the United States holds a significant share of its growth mainly in commercial telematics. Not alone this, the towering demand for premium cars with great comfort and improved safety features has driven high growth in the global telematics research market.
Europe region is contributing tough competition to North America and hence gets the second position extensively. Europe region is ushering due to the enhancement in the automobile industry.
The Asia- Pacific region is a rapidly- growing region from all perspectives; it holds third place in the global market share of the telematics research market.
Market Segmentation
The global Telematics Market is segmented into the following types:
By Technology
- Embedded
- Portable
- Hybrid
By Services
- Navigation services
- Diagnostic services
- On-demand infotainment services
- Maintenance and security services
By Application
- Commercial applications
- Automotive applications
- IT and Telecommunication applications
- Healthcare
- Government
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Key Players
The global Telematics Market’s prominent key players are Verizon Communication Inc. (U.S.), HARMAN International Industries Inc. (U.S.), Tom-Tom International BV (Netherland), AT&T (U.S.), Vodafone Group Plc. (U.K.), Ford Motor Company (U.S.), BMW Group (Germany), Telefonica SA (Spain), Mix Telematics (South Africa) and Trimble Navigation Ltd. (U.S.)
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