According to MarkNtel Advisors, the Global Telematics Insurance Market is expecting around 34% CAGR during 2023-28. The increasing utilization of mobile communications, mounting adoption of disruptive technologies like the Internet of Things (IoT) & Cloud Computing in automotive insurance, stringent norms for driver safety, and a rapid boost in R&D activities for autonomous driving are the prime aspects projected to drive the Global Telematics Insurance Market through 2028.
Besides, the surging inclination of customers toward connected car technology, various government initiatives toward mandatory adoption of telematics insurance, and the significantly declining costs of connectivity solutions are other crucial factors expected to strongly contribute to the overall growth of the global market in the coming years, further states the research report, “Global Telematics Insurance Market Analysis, 2023.
PHYD (Pay-as-you-Drive) Insurance Models to Gain Significant Momentum through 2028
In PHYD telematics insurance, the policy premium is calculated solely on the driving pattern of vehicle owners. Since vehicle manufacturers are producing more & more connected cars across different regions worldwide, insurers are devising innovative policies using advanced technologies in order to reduce costs and support the connected cars industry. Many companies across countries like the United States, Canada, Japan, Germany, & France, among others, have already started utilizing PHYD telematics to efficiently manage insurance costs for fleets like public transportation, driving schools, government & commercial, etc. Hence, these aspects are infusing the demand for PHYD insurance models, which, in turn, would attain immense popularity worldwide over the forecast years.
With Growing Partnerships between Insurers & Telematics Providers, North America Attains a Significant Market Share
The boost in technologically advanced automotive insurance policies, escalating demand for interconnected services, and increasing alliances between telematics & insurance providers are the prime aspects driving the insurance telematics market in North America, mainly across the US & Canada. Moreover, the rapidly increasing adoption of cloud-based solutions by insurers across North America & their paradigm shift of applications & data to the cloud network in order to stay ahead in the competition is also driving the regional market, reveals MarkNtel Advisors in their research report, “Global Telematics Insurance Market Analysis, 2023.”
The leading players in the Global Telematics Insurance 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., Trimble Inc., Webfleet Solutions GB, Verizon Enterprise Solutions, Telogis, Admiral, Achmea, & AXA Assistance etc.
Key Questions Answered in the Research Report: