The Global Telematics Insurance market is projected to grow at a rapid pace on account of surging use of mobile communications, adoption of disruptive technologies in automotive insurance such as the Internet of Things (IoT) and cloud computing along with a rising number of regulations for the driver safety and boost in the number of R&D activities for autonomous driving. Besides these, the burgeoning inclination of customers toward connected cars, rising government initiative toward mandatory adoption of telematics insurance, and significant decline cost of connectivity solutions are the factors strongly contributing towards the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Global Telematics Insurance Market Analysis, 2020”, the Global Telematics Insurance market is anticipated to grow at a CAGR of around 34% during 2020-25. Based on Type, Pay-as-you-Drive acquired a significant market share in 2020. This is the most common type of telematics insurance in North America and Europe, especially in France, Spain, Italy, and the US. The pay-as-you type tracks down the where and when the vehicle is being driven. Thus, this benefits both insurers and consumers as insurers are able to assess vehicle usage which helps them to create a suitable premium to reflect this. Therefore, this is projected to propel the growth of the segment in the near future.
“Global Telematics Insurance Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Telematics Insurance providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia Pacific Registers fastest Growth
North America dominates the Telematics Insurance market in 2020 and the trend is expected to remain the same over the forecasted period. The U.S. grabbed the largest chunk in the North American market on account of robust deployment of insurance telematics solutions, boost in technological advance in automotive insurance, and escalating demand for interconnected services. Besides this, Asia-Pacific is expected to grow at an astronomical rate in the forthcoming period. The growth is attributed to the burgeoning adoption of cloud-based insurance telematics, rising investment by the market player to develop driving behavior-based insurance telematics, and growing awareness among customers. Hence, this is anticipated to bolster the growth of the Telematics Insurance Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Telematics Insurance Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Telematics Insurance market are Agero Inc., Aplicom, Intelligent Mechatronic System, Masternaut Ltd., Meta System S.p.A, MiX Telematics Ltd., Octo Telematics S.p.A, Sierra Wireless Inc., Trimble Inc., Webfleet Solutions GB, Verizon Enterprise Solutions, Telogis, Admiral, Achmea, AXA Assistance etc.
Key questions answered in the study: