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The growth path or dynamics or even development of this industry, known as The Commercial Telematics Market, is influenced by several factors that contribute towards shaping its trends, both the present situation within it as well as its projection for the future, due to increased demand for fleet management solutions which leads to growth of this market. One other factor supporting the commercial telemetry demand is strict laws in many parts of the world that aim to improve road safety, reduce emissions, and control drivers' welfare, thereby leading more businesses to adopt this technology for compliance and monitoring reasons. Moreover, IoT (Internet of Things) and AI (Artificial Intelligence), among other advanced technologies, drive the market. All these are useful in predictive maintenance, route optimization, and intelligent analytics, which can be done using telemetry systems.
The rise of e-commerce has greatly increased demand in the Commercial Telematics market, which is very significant. Efficient logistics operations must be ensured due to the growth of online shopping and home deliveries being on the rise. Telematic solutions with a remote analysis module are cheaper and help reduce costs for many businesses when they start using this system only because its cost has been reduced since technological advancements have taken place. It also makes telematics affordable to all businesses regardless of their sizes unlike before when it was an expensive commodity. Businesses today can use this tool to save costs, drive efficiency, or generally improve bottom-line results.
Another factor that has greatly influenced the commercial telematics market is the development of interconnected infrastructure with a sharp increase in 5G network deployments. Fast and much more consistent connection, therefore, allows cars to communicate among themselves and with central systems continuously. Also, globalization and the expansion of business interests by organizations into new territories have increased the demand for commercial telematics. Companies with distributed fleet systems across regions need robust solutions to manage and monitor their assets efficiently. However, data security and privacy concerns are some of the challenges facing this industry. Consequently, given how these systems collect sensitive information and transmit it, there is an increasing need for stringent cyber-security measures to protect against all possible threats or unauthorized access.
Commercial Telematics Market Highlights:
Market Overview
The Commercial Telematics Market has expected to generate a market value of USD 62.7 Billion for the forecast period of 2030. It has further expectations to generate a 14% of CAGR of market revenue from 2022 to 2030. For transmitting real-time information to the devices, commercial telematics is widely used by the Commercial Telematics Industry. In Commercial Telematics Market, a higher level of penetration has been shown due to the increasing number of subscribers and companies. In the forecasted period of 2030, it is expected that the wide use of commercial telematics in automotive industries will bring rapid growth across the regions. It has predicted that approximately 35% of all the commercial and government vehicles of the North American regions are equipped with telematics and
The global Commercial Telematics Market is segmented based on the solutions, type, and end-users. These segments are enhancing the growth of the global market by increasing its demand. Moreover, the Commercial Telematics Market is growing with the increasing adoption of NGTP, which offers flexibility, highly flexible infrastructure, and the single interface between the TSP and Telematics Unit (TU) in the vehicle and use of the open interface. Apart from this, the increased communication with the advancement of V2V and V2I communication technology is leading to security and privacy concerns of the information and data, which might hamper the Market Growth.
The global Commercial Telematics Industry report focuses on explaining the global market's overall growth and development potential across various regions. This report has highlighted the competitive analysis, market dynamics, market segmentation, regional analysis, recent developments, COVID-19 analysis, and other factors to understand its growth, opportunities, challenges, competitions, and restraints of the global market. In the previous forecast years, the global market has shown immense growth, and further, it is expected to increase higher Commercial Telematics Market Growth for the upcoming years.
COVID-19 Impact on Global Market
COVID 19 pandemic has hampered the market growth in the first half of the year 2020. The global market has lost its demands and supply chain due to the untimely lockdown across various regions. The reduced demand for the product has forced the Commercial Telematics Business to adopt various measures to increase the sales rate amongst the intended audience. The disrupted supply chain could be restored by implying suitable strategies for the global competitive market.
Hence, the Global Commercial Telematics Market’s key players have involved various business strategies and techniques to prevent global growth from the pandemic challenges. The key experts have proper solutions to these global market issues and threats, which can enhance the growth of the global market.
Market Dynamics
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Major Drivers of the Market
The Commercial Telematics Market is growing with the increasing adoption of NGTP, which offers flexibility, highly flexible infrastructure, single interface between the TSP and Telematics Unit (TU) in the vehicle, and use of the open interface. Therefore, the increasing adoption of NGTP, decreasing cost of sensors, increased usage of smartphones, and increasing government mandate for telematics adoptions in commercial vehicles are the major driving factors for the growth of the Global Commercial Telematics Market.
As a result, the Commercial Telematics Business is increasing with its higher demand in the worldwide market.
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Opportunities for the Global Market
The increasing demand for smartphones leads to the adoption of telematics solutions and services, which brings more opportunities for the Commercial Telematics Industry. Along with that, the increasing government mandate for telematics adoptions in commercial vehicles has driven the growth and scope aspects for the manufacturers and operators. The high demand for telematics is enhancing more opportunities for the global Commercial Telematics Market.
The global key players are involving new strategies and planning to increase the demand and bring more opportunities for the global Commercial Telematics Market.
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Restraints of Global Market
The increased communication with the advancement of V2V and V2I communication technology is leading to security and privacy concerns of the information and data, which might hamper the Commercial Telematics Market Growth. Another restraint the global market has faced was COVID_19 in the year 2020.
Hence, these restrain has been heightened by the key players so that they can make further changes in their strategies to develop the Commercial Telematics Market.
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Challenges for the Global Market
The increased communication with the advancement of V2V and V2I communication technology is leading to security and privacy concerns of the information and data is challenging for the global Commercial Telematics Market.
The Commercial Telematics Market Analysis report explains that the global market has very much focused on the challenges and working progressively to solve the issue.
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Cumulative Growth Analysis of the Global Market
The Commercial Telematics Market has expected to generate a market value of USD 62.7 Billion for the forecast period of 2030. It has further expectations to generate a 14% of CAGR of market revenue from 2022 to 2030. Thus, the various regions’ primary key players are working harder to achieve more sales targets for the upcoming years.
Market segmentation Overview
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Segmented by Type:
Based on the type’s segmentation, the market is classified into different types: insurance telematics, vehicle telematics, fleet telematics, and others. The Commercial Telematics Market’s types are useful for diverse applications because these are rich in quality and functions.
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Segmented by Solutions:
The market is classified into different solutions such as navigation and location-based, infotainment, remote alarm & monitoring, telehealth, V2v and V2i, and others.
The increasing concerns of governments for safety and compliance across the globe were increasing the demand for the safety and compliance solutions segment and predicted to generate higher CAGR for the CT Market forecast period.
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Segmented by End-Users:
The market is classified into various end-users such as media & entertainment, government agencies, transportation and logistics, healthcare, insurance, and others.
The increasing deployment of smart technologies, the need for technological consulting, and continuous maintenance activities are demanding better professional services. Hence the professional services segment is predicted to generate the largest market share for the forecast period of 2023.
Regional Analysis
Based on the regional classification, the market for Commercial Telematics is giving services to some of the popular areas such as Asia Pacific, Europe, North America, South America, and the Rest of the World.
North America is generating the maximum market share and value in the global Commercial Telematics Market out of all the regions due to the self-install onboard diagnostics devices. Along with that, the European regions are expecting to generate more market growth in the coming years. Further, the Asian Pacific regions are predicted to generate a higher CAGR for the forecast period of 2030.
Competitive Landscape Analysis
The Commercial Telematics Market has some top key players generating higher market revenue for the forecast period. These major key players are:
- Ford Motor Company (U.S.)
- Bayerische Motoren Werke AG (Germany)
- TomTom Telematics BV (Netherlands)
- AT&T Inc. (U.S.)
- Vodafone Group Plc (U.K)
- Trimble Inc. (US)
- Telefónica S.A. (Spain)
- Mix Telematics International Ltd (South Africa)
- Verizon Communications, Inc. (U.S.)
- Harman International Industries, Inc. (U.S.)
The Commercial Telematics Market is increasing its demand due to continuous efforts of the companies such as Harman International Industries, Inc. (U.S.), Verizon Communications, Inc. (U.S.), Vodafone Group Plc (U.K), Bayerische Motoren Werke AG (Germany), and TomTom Telematics BV (Netherlands).Â
Recent Developments
- In August 2014, Vodafone Group Plc. has provided a full range of telematics services, managed M2M connectivity, and value-added security to the automotive and insurance industry by acquiring Cobra Automotive Technologies S.p.A.
Report Overview
The global Commercial Telematics Industry report focuses on explaining the global market's overall growth and development potential across various regions. This report has highlighted the competitive analysis, market dynamics, market segmentation, regional analysis, recent developments, COVID-19 analysis, and other factors to understand its growth, opportunities, challenges, competitions, and restraints of the global market. In the previous forecast years, the global market has shown immense growth, and further, it is expected to increase higher Commercial Telematics Market Growth for the upcoming years.
Segmental Table
By Type
- Insurance telematics
- Vehicle telematics
- Fleet telematics
By Solutions
- Navigation and location-based
- Infotainment
- Remote alarm & monitoring
- Telehealth
- V2v and V2i
- Others
By End-Users
- Media & entertainment
- Government agencies
- Transportation and logistics
- Healthcare
- Insurance
- Others
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