Global Insurance Telematics Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
The Insurance Telematics market was valued at USD 1.9 billion in 2019 and is expected to reach USD 5.25 billion by 2025, at a CAGR of 18.5% over the forecast period 2020 – 2025.
Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-
Agero Inc., Aplicom Oy, Masternaut Ltd., MiX Telematics Ltd., Octo Telematics SpA, Sierra Wireless Inc., Telogis Inc., TomTom Telematics BV, Trimble Inc., Verizon Enterprise Solutions Inc., Meta System SpA, Intelligent Mechatronic Systems
Telematics insurance usually works by setting up in the vehicle a device, termed usually as a Black Box, which records different metrics of the latter, such as speed, distance, and the type of road one travels. This device also monitors the braking pattern and driving style, which is utilized by insurance companies to compute the premium accordingly. Insurance telematics poses the potential to alter the current scenario of motor insurance and positively impact claims, risk selection, and fraud detection. As of now, the industry is still at a nascent stage of development, and various studies are being conducted by researchers to explore the broadening of its usage across the world.
– The key drivers supporting the initiative for insurance telematics are decreasing the cost of development and technology, altering consumer behavior, and stringent government regulations. The demand for telematics varies across the world, owing to which the industry players are performing pilot projects to understand customer behavior.
– For instance, in the United States, consumers prefer usage-based insurance (UBI) snapshot program, whereas, in the United Kingdom, there are only 2-3% of motor insurance telematics policies. The introduction of insurance telematics has several advantages to the insurer, as well as consumers, which are expected to fuel market growth.
– For consumers, it will promote safe driving, resulting in the mitigation of accident severity and frequency. For the insurers, the claim-handling cost will be reduced by 55%, which is likely to drive market growth over the forecast period.
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Scope of the Report
In the taxonomy of the Internet of Things, telematics is a technology comprised in the topic family of machine-to-machine (M2M) communication mechanisms. Telematics denotes a bidirectional exchange between endpoints for sensing or computing feedback or control and is an accepted terminology for all technologies related to communication for a motor vehicle, from Googles self-driving vehicles to aftermarket location-reporting devices.
Market segment by Regions/Countries, this report covers
North America (U.S., Canada, Mexico)
Global (Germany, UK, France, Rest of Global)
Asia Pacific (China, India, Japan, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East & Africa
Key Market Trends
Insurance Telematics Cloud Deployment Enables Better Data and Device Management
– The rising incorporation of the internet of things (IoT) into passenger and commercial vehicles is propelling the utilization of cloud services in insurance telematics. Cloud enables the tapping of various data related to the device on the go. For instance, a parent can monitor their childrens driving behavior. Furthermore, cloud services can be connected through third-party applications, enabling enhanced customer experience, which is propelling the market growth over the forecast period.
– Additionally, it empowers live sharing of data with the concerned person, which is likely to boost the segments growth. Incorporating cloud through insurance telematics also offers insights and risks associated with the drivers driving style, which helps in keeping track of the cars running activity.
– In addition, it reduces the extra cost related to data storage, which compared to on-premise, which is expected to fuel the adoption of cloud-based service, thereby propelling the segments growth over the forecast period.
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Europe Enjoys a Dominant Position in Insurance Telematics Market
– The European insurance telematics market is largely dominated by hardwired aftermarket black boxes while self-install OBD devices represent the vast majority of the active policies in North America. Several major US insurers have however recently shifted to solutions based on smartphones.
– The Italian insurers UnipolSai and Generali together accounted for around 50 percent of the telematics-enabled policies in Europe. Insurers with strong adoption of telematics-enabled policies in the UK moreover include Admiral Group, Insure, The Box and Direct Line. Several insurers in the rest of Europe have also shown a substantial uptake of telematics in 2016-2017.
– Consumer engagement is now the focus of most insurance telematics programs and will continue to be an important topic in the near term in Europe. The European insurance telematics market is still controlled and dominated by insurers in Italy and the UK, with an estimated 4.3 million and 540,000 policies respectively. Uptake on all other markets are considerably lesser, with between 50,000 and 100,000 policies in Spain, Austria and France, and between 10,000 to 20,000 policies in Benelux, Switzerland, Scandinavia, and Germany.
– July 2018 – Scott Vasquez introduced Qorvo’s new 5G wireless infrastructure solutions with Microwave Journal to migrate to 5G that connect the world, introduced the smallest Bulk Acoustic Wave (BAW) sensor available that can handle 5W of RF average input power, with peaks up to 40W. The new filter solves reliability, assembly, test and space constraint challenges involved in designing massive MIMO telecom infrastructure for 5G migration.
Major points covered in this research are:-
─Insurance Telematics Market Overview, Segment by Type (Product Category), by Application, by Region (2020-2025), Competition by Manufacturers
─Global Market Size (Value) of Insurance Telematics (2020-2025)
─Global Insurance Telematics Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2020-2025)
─Global Insurance Telematics Production, Revenue (Value), Price Trend by Type
─Global Insurance Telematics Market Analysis by Application
─Global Insurance Telematics Manufacturers Profiles/Analysis
─Insurance Telematics Manufacturing Cost Analysis
─Industrial Chain, Sourcing Strategy and Downstream Buyers
─Marketing Strategy Analysis, Distributors/Traders
─Market Effect Factors Analysis
─Global Insurance Telematics Market Forecast (2020-2025)
─Research Findings and Conclusion
Finally, this Insurance Telematics report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Insurance Telematics product development and gives an outline of the potential Global market.
Irfan Tamboli (Sales)
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