Commercial telematics system includes an electronic or mechanical device that communicates with human users or other devices through a telecommunication network. The global commercial telematics market has gained momentum in the recent years owing to the innovative services and features offered by telematics solutions. The market was worth US$14.67 bn in 2013 and is expected to expand at a CAGR of 18.0% during the period between 2014 and 2020.
Cloud-Based Telematics Services to Define Future Outlook of Global Commercial Telematics Market
Extensive applications of the telematics technology across multiple industries such as healthcare and insurance, coupled with government regulations for mandatory usage of telematics technology, has propelled the growth of the global commercial telematics market. However, the high initial costs in deploying telematics technology and privacy concerns regarding exposure of sensitive data will restrain the market growth in the coming years. Integrated telematics for fleet management and the introduction of cloud-based telematics services are expected to define the future outlook of the market.
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Growing Demand from Transportation and Logistics Industry to Drive Global Commercial Telematics Market
In terms of application, the global commercial telematics market has been categorized into satellite navigation, fleet/ asset management, insurance telematics, infotainment, remote alarm and monitoring, remote alarm and monitoring, and others. Fleet/ asset management is one of the major applications in the global commercial telematics market. Driver behaviour analysis, vehicle tracking, navigation, entertainment, and asset monitoring are some of the functions of commercial telematics solutions.
The key end-use industries in the global commercial telematics market are government and utilities, healthcare, construction, transportation and logistics, manufacturing, and insurance. The high demand for commercial telematics solutions from the transportation and logistics industry is expected to contribute significantly towards the growth of the market in the years to come.
Key Regions in Global Commercial Telematics Market
The global commercial telematics market has been segmented into four key regions: Asia Pacific, North America, Europe, and Rest of the World. In terms of revenue, North America emerged as the largest commercial telematics market in 2013. The robust growth of this regional market can be attributed to significant adoption of commercial telematics solutions across various industries such as government, utilities, and transportation and logistics. In the coming years, Europe is expected to be the fastest growing region in the market due to the eCall initiative taken by the European Union. The initiative has been started to offer rapid assistance to motorists involved in collision anywhere in the European Union. An eCall-equipped vehicle automatically calls the nearest emergency centre.
The growing demand from countries such as Australia, China, Japan, and India is anticipated to fuel the growth of the Asia Pacific commercial telematics market in the near future. In Rest of the World, Brazil is projected to contribute significantly in the growth of the commercial telematics market. According to an estimate by the Brazil’s State Department of Public Safety and national traffic department, out of every 100,000 vehicles, 7 or 8 vehicles are stolen everyday in Rio de Janeiro. The government has launched CONTRAN 245 that mandates installation of tracking devices in vehicles manufactured and sold across Brazil.
Key Players in Global Commercial Telematics Market
Some of the key players in the global commercial telematics market are Omnitracs LLC, MiX Telematics Ltd., WirelessCar AB, Verizon Communications Inc., Trimble Navigation Limited, Masternaut Limited, ORBCOMM Inc., TomTom N.V., and OnStar LLC.