The global commercial telematics market is projected to expand significantly in the coming few years. In 2013, the global commercial telematics market was estimated at around US$14.7 bn. During the forecast period from 2014 to 2020, the global commercial telematics market is projected to expand at a CAGR of 18.0%, says Transparency Market Research (TMR).
Browse the full Report of Global Commercial Telematics Market: http://www.mrrse.com/commercial-telematics-market
Several factors will shape the global commercial telematics market during this forecast period. Let us take a look the top trends that will drive the global commercial telematics market:
Key Factors Shaping Global Commercial Telematics Market
- Wide-ranging Application: The application of commercial telematics in a wide range of industries will significantly drive the global commercial telematics market. Some of the application areas of commercial telematics are remote alarm and monitoring, telehealth solutions, insurance telematics, infotainment, satellite navigation, fleet/asset management, and others.
- Rising Partnerships: The global commercial telematics market will get a boost from the growing number of partnership deals between telematics service providers and automobile manufacturers. Some of the key players operating in the global commercial telematics market are Omnitracs, MiX Telematics, ORBCOMM, Verizon Communications, Trimble Navigation Limited, Masternaut Limited, and WirelessCar AB.
- Favorable Regulatory Framework: Government regulations in many countries mandate the use of telematics technology. This will support the global commercial telematics market for years to come.
- Elevated Integration: Another trend that will benefit the global commercial telematics market is the integration of web and mobility. This trend has led to a new type of telematics called integrated telematics, which is gaining significant momentum in the market, as it offers a more cohesive and connected data platform.
- Scope in Emerging Economies: The scope for telematics in fleet management is high in emerging economies. Asia Pacific is projected to witness the highest growth in the global fleet management market in terms of revenue during the forecast period.
- Increasing Aftermarket Telematics Demand: By type, the global commercial telematics market is segmented into OEM telematics (hybrid OEM systems and embedded OEM systems) and aftermarket telematics (portable aftermarket telematics and embedded aftermarket telematics). In 2013, the aftermarket telematics segment dominated the global commercial telematics market. This elevated demand for aftermarket telematics is driven by high-end applications in satellite navigation and infotainment.
- High Demand in North America: Regionally, the global commercial telematics market is segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). North America dominated the global commercial telematics market in 2013. The high demand for telematics in industries such as transportation and logistics and government and utilities is driving the North America market.
The growing introduction of cloud-based telematics services will also benefit the global commercial telematics market. Moreover, emerging trends such as video recording, geo-advertising in automotive telematics, and yard navigation will also fuel the overall commercial telematics market.
Browse the full Press Release of Global Commercial Telematics Market: http://www.mrrse.com/commercial-telematics-industry
Although the global commercial telematics market will be driven by the aforesaid factors, it will be challenged by privacy concerns related to the exposure of sensitive data. Moreover, the high initial costs involved in deploying this technology will also challenge the market.