Commercial Telematics Market-Overview:
The rise in demand from the automotive and insurance industry likely to benefit the Commercial Telematics Market 2020. The information & communication technology industry reports are shaped by Market Research Future, which pinpoints market options for expansion. An 14% CAGR is estimated to lead to an income of USD 42 Billion by 2023.
The rise in demand for real time information to devices is expected to set a favorable tone for the commercial telematics market trends in the upcoming period. The fortification of the automotive sector is estimated to yield positive results for the commercial telematics market in the upcoming period.
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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)
Segmental Analysis:
The segmental examination of the commercial telematics market is conducted on the basis of solutions, type, end-users, and region. On the basis of regions, the commercial telematics market includes Europe, North America, Asia Pacific, and the rest of the regions. Based on the type, the commercial telematics market is segmented into fleet telematics, vehicle telematics, insurance telematics, and others. Based on the end-users, the commercial telematics market is segmented into insurance, media & entertainment, government agencies, transportation and logistics, healthcare, and others. Based on the solutions, the commercial telematics market is segmented into navigation and location-based, V2v and V2i, infotainment, remote alarm & monitoring, telehealth, and others.
Detailed Regional Analysis:
The regional scrutiny of the commercial telematics market includes regions such as Europe, North America, Asia Pacific, and the rest of the regions. The North American regional market is one of the critical regions in the world in terms of the market segment in the commercial telematics market as self-install on-board diagnostics devices are gaining the peak market in the North American region. The commercial telematics market in the European region is anticipated to observe express augmentation in the approaching period. The use of commercial telematics in the insurance industry is chiefly dominated by hardwired aftermarket black boxes, which have enormous demand in the commercial telematics market. While, the Asia-Pacific nations like Japan, China, and South Korea is an up-and-coming market for the commercial telematics market and is expected to be the highest CAGR in the coming year.
Competitive Analysis:
The revamping of distribution channels is also expected in the coming years with a particular focus on using robots for the logistic function on a larger scale than before. The fortification of the human resource is estimated to be the critical point being addressed in these times of uncertainty. The rebooting of manufacturing activities is another strategic aspect that is being emphasized to ensure that the supply of the end product can be reasonably ensured to the users in the market. The market is in a condition of flux due to the rapid and severe changes in the global economy. The market players are taking the steps that are necessary to ensure that the market survives the turbulent period and emerge recovered in the future. The support of the administration in countries around the world is estimated to have a significant impact on the development of the market in the upcoming period.
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Commercial Telematics Industry Devlopments:
January (2023): Verizon Enterprise Solutions and Masternaut announced a partnership to offer a joint telematics solution for commercial fleets.
February (2023): Trimble Navigation acquired Geotab, a leading provider of telematics solutions for commercial vehicles.
March (2023): Orbcomm launched a new telematics platform for commercial fleets that provides real-time data on vehicle location, fuel consumption, and driver behavior.
April (2023): Telogis announced a new partnership with TomTom to offer a joint telematics solution that combines TomTom's mapping and navigation technology with Telogis' fleet management platform.
May (2023): Wireless Car launched a new telematics solution for commercial vehicles that includes features such as driver safety monitoring, vehicle tracking, and fuel management.
June (2023): Onstar announced a new partnership with Mix Telematics to offer a joint telematics solution for commercial fleets.
These are just a few of the many commercial telematics industry developments that have taken place in 2023. The commercial telematics market is growing rapidly, and it is expected to continue to grow in the coming years. This growth is being driven by a number of factors, including the increasing demand for fleet management solutions, the growing need for safety and security, and the increasing availability of data-driven insights.
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