#europe insurance telematics industry

[mi-researchreports]

Europe Insurance Telematics Market is poised to grow at a CAGR of 18.87 % by 2027. Factors driving the Europe Insurance Telematics Market are revolutionizing buying vehicle insurance and government regulations.

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IoT Insurance Market - Forecast (2022 - 2027)

The Global market for Iot Insurance is forecast to reach $3,123.3 million by 2026, growing at a CAGR of 18.7% from 2021 to 2026. IoT-Connected insurance uses the data from internet-connected devices and telematics to improve the understanding of risks. It is a new approach that is based on use of sensors and digital technologies to monitor the state of an insured risk transforming rough data in usable and actionable information. Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio. Through IoT, insurers can better connect with customers adding important touch points in particularly sensitive phases like acquisitions and claims. It is observed that automation can cut the cost of the claims process by as much as 30% and IoT connected devices have helped some life insurance and health insurance companies lower their premiums by as much as 25%.

Report Coverage

The report: “Iot Insurance Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Iot Insurance market. By Type – Health Insurance, Life Insurance, Property and Casualty Insurance and Others. By Application – Life and Health Insurance, Home and Commercial Buildings, Automotive and Transportation, Business and Enterprise, Consumer Electronics and Industrial Machines, Travel, Agriculture and Others. By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

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Key Takeaways

Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio.

IoT technology presents opportunities for insurers to reduce and mitigate losses, improve underwriting and enhance personalization of products and services.

Automation in insurance can cut the cost of claims process by as much as 30%

North-America is expected to hold a significant share in the IoT Insurance market due to growing awareness and faster adoption of IoT technology.

IoT Insurance Market Segment Analysis - By Type

The most important type of insurances are life insurance and health insurance which accounted for 44% share combined in 2020. Life insurance is something that pays out a sum of money either on the death of the insured person or after a set period. On the other hand health insurance covers the cost of hospitalization, visits to the doctor’s office and prescription medicines. The rising usage of digital technologies in this sector will drive market growth.

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IoT Insurance Market Segment Analysis - By Application

IoT insurance is applicable to almost all industries like automobile, manufacturing, agriculture, healthcare, hospitality, retail, finance, transportation and smart homes and buildings. Automotive industry is one of the industries most benefited after introduction of IoT. IoT devices such as in-car sensors, smartphones, and smart appliances can send insurers data on product usage and driving habits among other behaviours. In turn, this data will be fed into AI algorithms that allow insurers to offer risk based pricing and other popular services.

IoT Insurance Market Segment Analysis – By Geography

North America held the largest market share at 35% in 2020 among regional markets due to increasing awareness and rapid implementation of IoT in various industries in countries in this region. In addition, rising use of smart devices which deliver real-time insights to allow insurance companies in this region develop advanced insurance solutions. And also presence of international players in this region such as Google LLC, Microsoft Corporation, IBM and other drives the market in this region.

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Iot Insurance Market Drivers

Mitigation of risk

In traditional method, insurers have used proxy data to identify the risk of loss for an asset. Internet of things (IoT) gives insurers access to real-time, individual, observable data on an asset’s risk of loss. This data is directly actionable for risk pricing and mitigation. IoT sensors monitor the behavior and actions which are causative of risk so that insurers can create algorithms based on observed behavior directly to pricing models. In this way insurers can similarly leverage this data for risk mitigation by providing timely and specific feedback to customers.

Rising demand for cloud services

The insurance industries dealing with huge volumes of sensitive data and documents are ready to integrate cloud technology in to their digital eco system. It enables insurers to use their IT resources more efficiently, reducing the cost of acquiring and maintaining infrastructure. Cloud based applications change the way of creating and delivering their products and services, managing risks and claims, collaborating with channel members and partners and communicating with customers, agents and brokers. Thus, cloud services in the insurance industry helps drive the market growth.

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Iot Insurance Market Challenges

Data privacy and security

Data privacy and security is utmost important when it comes to technology. IoT comes along with cyber-risks, in fact, much more than any other technology. Meaningful customer engagement would require the insurer to collect and process data at each point, facilitated by IoT. Without establishing the trust it would be difficult to obtain personal data from customers. A significant amount of data is generated from the application of connected devices from wearable devices to connected homes and telematics devices in smart vehicles. Most of the customers are skeptical about their personal data remains secured and how it is utilized by insurers.

Iot Insurance Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Iot Insurance market. The Iot Insurance market is dominated by major companies such IBM Corporation, SAP SE, Oracle Corporation, Google Inc., Microsoft Corporation, Cisco Systems Inc., Accenture PLC, Verisk Analytics Inc., Concirrus, LexisNexis.

Acquisitions/Technology Launches/Partnerships

In Oct 2020, LexisNexis and Yonomi Smart Home have joined forces to develop an innovative turnkey home insurance internet of things (IoT) solution. It includes a smartphone app that participating policy holders can download the app which uses smartphone and device sensors to find common IoT devices in the home, which creates a data feed to LexisNexis risk sloutions.

In May 2019, Concirrus and willis Re, has entered in to strategic partnership to transform speciality re-insurance products by leveraging data from internet of things (IoT).

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Food Refrigerated Warehousing Market: Global Industry Analysis

Introduction to Food Refrigerated Warehousing Market

The Food Refrigerated Warehousing Market plays a critical role in ensuring the safety, quality, and longevity of perishable goods across the global food supply chain. These warehouses use advanced refrigeration technologies to store food products at optimal temperatures, preventing spoilage and maintaining freshness. The market is witnessing significant growth due to increasing consumer demand for frozen and refrigerated foods, technological innovations in cold storage facilities, and the expanding global food trade. Additionally, the rising focus on food safety regulations and sustainable storage solutions is driving the adoption of energy-efficient refrigeration systems.

The Food Refrigerated Warehousing Market is Valued USD 25.1 billion by 2024 and projected to reach USD 88.9921366690256 billion by 2032, growing at a CAGR of 15.1% During the Forecast period of 2024-2032.. Cold storage facilities serve as an essential component of the supply chain, particularly for perishable goods such as dairy, meat, fruits, and vegetables. The market has seen a strong surge, driven by advancements in cold chain logistics, increasing globalization of the food trade, and improved energy-efficient storage solutions. Growing urbanization and the expansion of e-commerce for grocery products further bolster this sector.

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Major Classifications are as follows:

By Type

Vapor Compression

Evaporative Cooling

Blast Freezing

Others

By Temperature Range

Chilled (0°C to 15°C)

Frozen (-18°C to -25°C)

Deep-frozen (Below -25°C)

By Application

Bread

Meat

Dairy

Beverages

Fruits & Vegetables

Seafood

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada,) ◘ Latin America (Brazil, Mexico, Argentina,) ◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) ◘ Europe (UK,Germany,France,Italy,Spain,Russia,) ◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South

Key Players of Food Refrigerated Warehousing Market

Trenton Cold Storage, Nichirei Logistics Group, Partner Logistics, Oxford Cold Storage, Kloosterboer, Nordic Logistics & Warehousing, Conestoga Cold Storage, Cloverleaf Cold Storage, Congebec, Burris Logistics, Hanson Logistics, Interstate Cold Storage, Henningsen Cold Storage, and Others.

Market Drivers in the Food Refrigerated Warehousing Market

Growing demand for frozen and perishable foods: Consumers are increasingly relying on frozen products, driving the need for enhanced cold storage infrastructure.

Technological innovations: Automation, IoT, and energy-efficient refrigeration systems are revolutionizing the sector.

Global food trade expansion: Increased export and import of perishable food items across the globe necessitate reliable cold storage facilities.

Market Opportunities in the Food Refrigerated Warehousing Market

Expansion of e-commerce for food delivery: The surge in online grocery shopping has increased demand for cold storage solutions.

Sustainability and green storage technologies: Companies focusing on energy-efficient and eco-friendly storage solutions can tap into a growing market of eco-conscious consumers.

Emerging markets: Countries in Asia-Pacific, Latin America, and Africa present lucrative opportunities as cold chain infrastructure develops in these regions.

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Market Opportunities of Video Telematics Market

Expansion in Emerging Markets: Increasing demand for fleet management solutions in emerging economies presents a significant growth opportunity.

AI-Powered Innovations: The integration of AI and predictive analytics can revolutionize fleet safety and efficiency, offering new business models.

Partnerships with Insurance Companies: Video telematics offers insurers a way to monitor driver behavior, reducing risk and allowing for dynamic pricing models.

Conclusion

The Food Refrigerated Warehousing Market is evolving rapidly, driven by increasing demand for frozen foods, technological innovations, and global trade expansion. While the industry faces challenges related to energy consumption and high infrastructure costs, the opportunities for growth, especially in emerging markets and e-commerce, are significant. Sustainable, efficient, and technology-driven solutions will likely define the future of this market.

[advancedtelematicsblog]

Driver-Controlled Immobilisation: The Power of Meta Trak S5 from Advanced Telematics

In today’s world, ensuring your vehicle is protected against theft and unauthorized access is more important than ever. Advanced Telematics is proud to offer the Meta Trak S5, a cutting-edge car security system that provides comprehensive protection and peace of mind. Whether you own a luxury vehicle or manage a fleet, the Meta Trak S5 is designed to meet the highest security standards.

What is Meta Trak S5?

The Meta Trak S5 is a Thatcham-approved vehicle tracking and immobilisation system, offering full protection against theft. It's equipped with driver recognition technology, GPS tracking, and real-time monitoring, making it one of the most effective security systems available for cars in the UK.

Key Features of Meta Trak S5

Thatcham S5 Approved: Fully insurance-approved, the Meta Trak S5 meets industry standards for vehicle security, offering a reliable solution that is widely accepted by insurance companies.

Driver-Controlled Immobilisation: This advanced feature allows drivers to remotely control the vehicle's immobilisation system, preventing unauthorized use.

24/7 European Monitoring: The Meta Trak S5 offers around-the-clock monitoring through a dedicated control room, providing real-time tracking and assistance across Europe.

Advanced Mobile App: The Meta Trak mobile app gives you access to live tracking, instant alerts, and remote control of the system, offering ultimate convenience and control.

OBD Immobilisation: The system's On-Board Diagnostics (OBD) immobilisation protects against hacking attempts, adding an extra layer of security.

Why Choose Advanced Telematics?

At Advanced Telematics, we specialize in delivering top-tier vehicle security solutions tailored to our customers’ needs. With expert installation services and unparalleled customer support, we ensure your vehicle is equipped with the best technology for maximum protection. The Meta Trak S5 is just one of the many advanced products we offer to help safeguard your vehicles.

For more information on the Meta Trak S5 and how it can enhance your vehicle’s security, contact Advanced Telematics today for a consultation or a free demo.

[researchinsightstopics]

Cyber Insurance Market Growth, Trends, Size, Share, Demand And Top Growing Companies 2031

The global cyber insurance market is set to undergo a remarkable transformation, with projections indicating a significant surge from US$13.1 billion in 2022 to approximately US$68.2 billion by the end of 2030. This growth trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period from 2023 to 2030.

Read Full Insights: https://www.fairfieldmarketresearch.com/report/cyber-insurance-market

Market Dynamics Driving Growth

The increasing prevalence and sophistication of cyber threats such as data breaches, ransomware attacks, and phishing scams have propelled the demand for cyber insurance among businesses worldwide. Organizations are increasingly recognizing cyber insurance as a critical component of their risk management strategy, aimed at mitigating financial losses associated with cyber incidents.

Trends Shaping the Market

1. Technological Integration: The adoption of telematics- and IoT-enabled devices by insurers to assess and manage cyber risks has been a pivotal trend. These devices provide real-time insights into network vulnerabilities, enhancing risk assessment capabilities.

2. Focus on Cyber Resilience: There is a growing emphasis on cyber resilience strategies that enable businesses to sustain operations during and after a cyber event. Cyber insurance plays a crucial role in covering business interruption costs, thereby ensuring continuity amidst disruptions.

3. Regional Dynamics: North America continues to dominate the global market, driven by stringent cybersecurity regulations and high awareness levels regarding cyber risks. Meanwhile, the Asia Pacific region is poised to witness the fastest growth, fueled by increasing digitalization and rising cyber threats.

Sectoral Insights

1. Standalone vs. Tailored Insurance: Standalone cyber insurance policies, which cover a wide range of cyber risks including data breaches and privacy violations, dominated the market in 2022. However, tailored insurance solutions tailored to specific industry risks, particularly in BFSI and healthcare sectors, are gaining traction.

2. First-Party vs. Third-Party Coverage: The first-party insurance segment, addressing direct financial losses from cyber incidents, led the market in 2022. Meanwhile, liability coverage is projected to witness substantial growth, driven by regulatory fines and penalties associated with data breaches.

3. Enterprise Size: Large enterprises accounted for a significant share of the market in 2022, owing to their extensive data assets and higher premium capacities. However, small and medium-sized enterprises (SMEs) are expected to adopt cyber insurance at a faster rate due to increasing cyber vulnerabilities.

Regional Landscape

1. North America: As the epicenter of cyber insurance, North America is characterized by advanced insurance products tailored to emerging cyber risks from technologies like cloud computing and AI.

2. Asia Pacific: This region is witnessing rapid adoption of cyber insurance, driven by escalating cyber threats and government initiatives to bolster cybersecurity frameworks.

Regulatory Environment

The regulatory landscape for cyber insurance varies globally, with regulations such as GDPR in Europe and the Insurance Data Security Model Law in the US influencing market dynamics. These regulations mandate stringent data protection measures and impact insurers' risk assessment and compliance strategies.

Competitive Landscape

The global cyber insurance market is highly competitive, with key players including Travelers Company, AXA XL, Chubb, and American International Group, Inc. These companies are expanding their product portfolios and geographic presence to capitalize on growing market opportunities.

Conclusion

The global cyber insurance market is poised for substantial growth, driven by escalating cyber threats and increasing awareness among businesses regarding the financial implications of cyber incidents. As organizations continue to prioritize cybersecurity resilience, cyber insurance will remain a critical tool for mitigating financial risks and safeguarding digital assets.

[jayanthitbrc]

Exploring the Growth and Insightful Analysis of the Vehicle Analytics Market

Overview and Scope Vehicles analytics is an analytical technique that also provides road condition inspection, information related to vehicle counting, tracking, speed detection, incorrect direction detection, and brand detection. It is used to track real-time information from the vehicles and gain real-time insights about the current state of the vehicle and related operating activities. Sizing and Forecast The vehicle analytics market size has grown exponentially in recent years. It will grow from $3.19 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 22.6%.  The  growth in the historic period can be attributed to telematics adoption, safety and security concerns, predictive maintenance, regulatory compliance, urbanization and traffic management.. The vehicle analytics market size is expected to see exponential growth in the next few years. It will grow to $8.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.  To access more details regarding this report, visit the link: https://www.thebusinessresearchcompany.com/report/vehicle-analytics-global-market-report Segmentation & Regional Insights The vehicle analytics market covered in this report is segmented – 1) By Component: Software, Services 2) By Deployment Model: On-Premises, On-Demand 3) By Application: Predictive Maintenance, Warranty Analytics, Traffic Management, Safety And Security Management, Driver And User Behaviour Analysis, Dealer Performance Analysis, Infotainment, Usage-Based Insurance, Road Charging 4) By End-User: Original Equipment Manufacturers (OEMs), Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, Insurers North America was the largest region in the vehicle analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa Intrigued to explore the contents? Secure your hands-on sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=6398&type=smp Major Driver Impacting Market Growth The growing dominance of connected vehicles is significantly contributing to the growth of the vehicle analytics market. Connected vehicles are the type of vehicles that are capable of connecting to nearby devices to communicate over networks. Growing connected vehicles are resulting in the rising need for vehicle analytics to offer various features such as warranty analytics, predictive maintenance, dealer performance analysis, and others. Key Industry Players Major companies operating in the vehicle analytics market report are SAP SE, International Business Machines Corporation, Microsoft Corporation, Genetec Inc., Cloud Made Ltd., Harman International Industries Inc., Teletrac Navman, Agnik LL, Pivotal Software Inc., SAS Institute Inc. The vehicle analytics market report table of contents includes: 1. Executive Summary 2. Market Characteristics 3. Market Trends And Strategies 4. Impact Of COVID-19 5. Market Size And Growth 6. Segmentation 7. Regional And Country Analysis . . 27. Competitive Landscape And Company Profiles 28. Key Mergers And Acquisitions 29. Future Outlook and Potential Analysis Contact Us: The Business Research Company Europe: +44 207 1930 708 Asia: +91 88972 63534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow Us On: LinkedIn: https://in.linkedin.com/company/the-business-research-company   Twitter: https://twitter.com/tbrc_info   Facebook: https://www.facebook.com/TheBusinessResearchCompany   YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ   Blog: https://blog.tbrc.info/   Healthcare Blog: https://healthcareresearchreports.com/   Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model  

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Revolutionizing European Fleet Management: Next-Gen Procurement Practices

Originally published by SpendEdge: Changing the Landscape of the European Fleet Management Market with Next-Generation Procurement Practices

Description: Explore how modern procurement practices are reshaping the European fleet management market, driving efficiency, and reducing total cost of ownership. Learn about innovative trends and technologies transforming fleet procurement strategies.

The European fleet management market has been experiencing significant growth, thanks to advancements in vehicle technology leading to improved fuel efficiency, environmental sustainability, and extended vehicle lifespan. These developments are driving down the Total Cost of Ownership (TCO) and fostering a positive outlook for the fleet management market in Europe, particularly with the increasing number of commercial vehicles.

Fleet procurement, however, remains a complex and time-consuming process, influenced by various dynamic factors such as country-specific regulations, fuel prices, maintenance costs, and service-related expenses. The impact of procurement decisions may not be immediately felt and requires careful consideration, often involving multiple stakeholders including finance and compliance departments. Involving all affected stakeholders during the procurement process is essential to mitigate discrepancies and ensure a comprehensive approach.

European Fleet Industry: Advancing Procurement Practices

In response to the evolving landscape, the fleet industry in Europe is reevaluating its procurement practices and embracing innovative approaches to enhance efficiency and reduce costs. Technological advancements are playing a crucial role in streamlining fleet operations, improving vehicle performance, safety features, and integration with mobile devices. Additionally, reduced insurance, maintenance, and fuel costs, along with increased time efficiency, are contributing to lower TCO for vehicles.

Key Trends and Practices in European Fleet Management:

Embracing Mobility Management:

   European fleets are shifting focus towards mobility management, leveraging car-sharing services to reduce TCO by sharing fixed costs such as maintenance, repair, and insurance. Connectivity options are being explored to enhance efficiency, providing customers with a range of mobility solutions including multimodal transport options and vehicle analytics.

Integration of Driverless Cars:

   The emergence of driverless cars is revolutionizing fleet management, with intensive machine learning and automation driving advancements in autonomous vehicle technology. Automotive and technology companies are investing heavily in this technology, shaping fleet managers' decision-making processes and paving the way for enhanced safety and efficiency.

Leveraging Telematics for Performance Enhancement:

   Telematics technology is taking fleet management to new heights by analyzing driver data and providing insights to improve efficiency. Driver behavior is monitored in real-time, with incentives tied to key performance metrics such as mileage, fuel usage, and idle time. This real-time data enables efficient route planning, reduces delays, and enhances overall fleet performance.

The Future of European Fleet Management:

As the European fleet management market continues to evolve, the integration of advanced technologies and innovative procurement practices will be paramount. By staying abreast of industry trends and leveraging cutting-edge solutions such as driverless cars and telematics, fleet managers can optimize operations, reduce costs, and drive sustainable growth.

Discover more about the European fleet management market and explore next-gen procurement strategies with our experts. Click here to learn more.

Contact us for tailored solutions

[sudeepkedar]

Automotive Cyber Security Market to surpass USD 2 bn by 2030

As per a recent research report, Automotive Cyber Security Market surpass USD 2 Bn by 2030.

The automotive cybersecurity market is set to register significant growth through 2030 owing to increasing concerns over consumer safety and mobility. Additionally, surging emphasis on reducing the environmental footprint of the automobile sector is likely to further impel industry growth over the forecast timespan.

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Recently, major industry players have been investing in product innovation to improve their business standing, thereby bolstering market expansion. For instance, in July 2022, AUTOCRYPT, a provider of automotive mobility and cybersecurity solutions, received the OCPP 1.6 certification for its "Q Charger", its electric vehicle (EV) charger for smart billing. This Q Charger can charge at a speed of 3.3 kilowatts and is embedded with a 110-240 V charging cable, which can function in all EVs and can be installed into any wall outlet. The OCPP 1.6 certification validated the security, safety, and durability of the charger.

The automotive cybersecurity market has been bifurcated in terms of security, application, type, and region.

On the basis of security, the market has been divided into cloud security, network security, hardware security, and software security. The cloud security segment is anticipated to grow at a solid CAGR through the forecast period due to the increasing number of cloud-connected vehicles.

Based on application, the automotive cybersecurity market has been segmented into safety systems, infotainment, communication, on-board diagnostic (OBD), telematics, and others. Among these, the safety systems segment was valued at nearly $110.4 million in 2021 and is expected to grow steadily in the upcoming time period. Safety systems find usage in smart automobiles to help drivers avoid collisions. In the UK, more than 1.5 million consumers buy cars equipped with self-activating safety systems.

Besides, the on-board diagnostic segment is estimated to grow at a CAGR of around 22.5% over the study timeline since these devices are widely used by usage-based insurance providers, fleet managers, and customers. The others segment is poised to grow at approximately 16% CAGR through the forecast timeframe.

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In the regional context, the automotive cybersecurity market in Europe is expected to register substantial gains up to 2030 as major automotive manufacturers are developing connected car technologies to maintain their market position. The Latin America automotive cybersecurity industry is speculated to grow at a CAGR of roughly 23.5% over the analysis time period owing to mounting consumer interest in automated vehicles in the LATAM region.

Meanwhile, the Middle East & Africa automotive cybersecurity market generated a revenue of more than $20.2 million in 2021 and is primed to further grow through 2030 due to prevalent adoption of autonomous vehicles with added safety features.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Automotive cybersecurity industry 360º synopsis, 2018 – 2030

2.2    Business trends

2.3    Regional trends

2.4    Security trends

2.5    Type trends

2.6    Application trends

Chapter 3   Automotive Cybersecurity Industry Insights

3.1    Introduction

3.2    Impact of COVID-19 outbreak

3.2.1    Strategies by key players for regaining pre-COVID-19 growth

3.3    Impact of the Russia Ukraine war

3.4    Industry evolution

3.5    Industry architecture

3.6    Automotive Cybersecurity industry ecosystem analysis

3.6.1    After market suppliers

3.6.2    Security providers

3.6.3    Telematics and communication providers

3.6.4    Service Integrators

3.6.5    End users

3.6.6    Distribution channel

3.6.7    Profit margin analysis

3.6.8    Vendor matrix

3.7    Cybersecurity life cycle for vehicle protection

3.8    Types of automotive cyberattacks

3.9    Connected cars

3.9.1    Connected cars key trends

3.9.2    Connected cars vulnerabilities

3.10    Technology & innovation landscape

3.10.1    AI and ML-based cybersecurity to deal with real-time threats

3.10.2    Use of blockchain technology

3.10.3    Automotive Cloud Technology (ACT)

3.11    Regulatory landscape

3.11.1    Australian Communications and Media Authority (ACMA)

3.11.2    Automobile Association of South Africa (AA South Africa)

3.11.3    Bharat Stage emission standards

3.11.4    Emission Controls Manufacturers Association (ECMA)

3.11.5    European Union Agency for Network and Information Security (ENISA)

3.11.6    Mexican Privacy Law

3.11.7    National Cooperative Highway Research Program (NCHRP)

3.11.8    National Highway Traffic Safety Association (NHTSA)

3.11.9    Safer Journeys Action Plan

3.11.10    The European OBD Standards

3.12    Patent analysis

3.13    Investment portfolio

3.14    Industry impact forces

3.14.1    Growth drivers

3.14.1.1    Increasing requirement for cybersecurity in connected cars

3.14.1.2    Rising collaboration between the automotive and ICT industry

3.14.1.3    Rise in the market or Advanced Driver Assistance System (ADAS)

3.14.1.4    Growing advent of telematics and cellular network in automotive sector

3.14.1.5    Growing partnerships and funding’s for connected cars cybersecurity

3.14.1.6    Improvement in the consumer safety and mobility along with reduction in environment degradation

3.14.2    Industry pitfalls & challenges

3.14.2.1    High initial investment expenses

3.14.2.2    Extended adoption rate in emerging markets due to low consumer acceptance

3.14.2.3    Big data increases complexity

3.15    Growth potential analysis

3.16    Porter’s analysis

3.16.1    Threat of new entrant

3.16.2    Bargaining power of supplier

3.16.3    Bargaining power of buyer

3.16.4    Threat of substitution

3.17    PESTEL analysis

3.17.1    Political

3.17.2    Economical

3.17.3    Social

3.17.4    Technological

3.17.5    Legal

3.17.6    Environmental

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[technotale]

"From GPS Tracking to Predictive Maintenance: Exploring Europe's Most Innovative Telematics Services"

Europe Telematics software and services have been gaining a lot of popularity in recent times, and Europe is not an exception. Telematics refers to the use of wireless technology to send and receive information, usually between vehicles and their surrounding environment. In Europe, the telematics industry is thriving, thanks to advancements in technology and the growing need for improved road safety, better vehicle management, and increased efficiency in the transportation sector. This has led to the development of various telematics software and services across Europe.

One of the most significant applications of telematics software and services in Europe is in the fleet management industry. Fleet managers can use telematics technology to monitor their vehicles' location, fuel consumption, driving behavior, and maintenance needs, among other things. This allows them to optimize their fleet operations, reduce costs, and improve safety. With the increasing demand for efficient transportation, telematics software and services have become a crucial tool for fleet managers in Europe.

Telematics technology has also been adopted in the insurance industry in Europe. With the use of telematics, insurance companies can collect data on driver behavior, such as speed, braking, and acceleration, to determine the risk level of insuring a particular driver. This has led to the development of usage-based insurance (UBI) policies, which offer discounts to drivers who exhibit safe driving behavior. In Europe, telematics-based UBI policies are becoming increasingly popular, as they provide a fairer and more accurate way of determining insurance premiums.

Lastly, the use of telematics software and services in Europe is also revolutionizing the automotive industry. Many modern vehicles now come equipped with telematics systems that allow for real-time monitoring of the vehicle's performance, as well as providing drivers with features such as navigation and remote diagnostics. As the demand for connected cars increases, telematics software and services are expected to become even more prevalent in the European automotive industry, leading to increased efficiency, safety, and convenience for drivers.

[tritonmarketresearch]

Global Automotive Telematics Market Analysis 2023-2030

Triton Market Research presents the Global Automotive Telematics Market report segmented by Application (Navigation & Location-Based System, Safety & Security, Fleet/Asset Management, Insurance Telematics, Infotainment System, Other Applications), Type (Integrated Smartphones, Tethered, Embedded), End-user (Aftermarket, Original Equipment Manufacturers (OEM)), Vehicle (Commercial Vehicles, Passenger Cars, Two-Wheeler), and Regional Outlook (, North America, Asia-Pacific, Middle East and Africa, Europe, Latin America).

The report further includes the Market Summary, Industry Outlook, Technology Snapshot, Impact Analysis, Porter’s Five Forces Analysis, Market Maturity Analysis, Key Buying Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

According to Triton’s research report, the global automotive telematics market is estimated to progress at a CAGR of 16.06% during the forecast period 2023-2030.

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 Automotive telematics tracks vehicular movement via computer, smartphone, tablet, etc. It collects data from the car to monitor a vehicle’s speed, routes, halt locations, etc.

Factors such as growing demand for telematics from fleet operators and improved vehicle safety are expected to drive the automotive telematics market. The deployment of telematics solutions has largely benefited fleet operators in terms of productivity, efficiency, cost control, and compliance. Hence, telematics ensures vehicle safety and reduces idle time for fleet owners, which drives their demand.

However, the lack of connectivity infrastructure, the risk of a data breach, and expensive solutions are expected to restrict the automotive telematics market’s development.

The Asia-Pacific is estimated to witness the fastest growth over the forecast period. The region’s growth is prompted by government initiatives and developing telecom infrastructure. In China, the government has mandated location-based systems in buses and trucks to improve safety levels. This has ultimately increased the demand for built-in connectivity in other vehicles, influencing OEMs to adopt telematics solutions. Therefore, these factors fuel the overall market’s growth across the APAC region.

Solera Inc, TomTom NV, Verizon Communications Inc, Continental AG, Inseego Corp, Robert Bosch GmbH, Airbiquity Inc, AT&T Inc, Harman International, Teletrac Navman US Ltd, Geotab Inc, Mix Telematics, Samsara Inc, and Trimble Inc are major companies in the automotive telematics market.

Vehicle owners have multiple options for outfitting telematics services within their vehicles, ranging from DIY add-on devices to professional systems. This has led several companies to offer telematics solutions. For instance, insurance companies bundle telematics devices with their motor insurance policies. Also, several OEMs offer built-in telematics systems to differentiate offering, helping fleet operators optimize and manage their fleets. These factors suggest that the threat of new entrants is moderate over the forecast period.

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Private Motor Insurance Market to See Huge Growth by 2027 | Admiral Group, Liberty Mutual Group, Zurich Insurance, Progressive

Advance Market Analytics published a new research publication on “Global Private Motor Insurance Market Insights, to 2027” with 232 pages and enriched with self-explained Tables and charts in presentable format. In the study, you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market-associated stakeholders. The growth of the Private Motor Insurance market was mainly driven by the increasing R&D spending across the world.

Major players profiled in the study are:

Aviva plc (United Kingdom), CIS General Insurance Limited (United Kingdom), Admiral Group plc (United Kingdom), Liberty Mutual Group (United States), Zurich Insurance Group Ltd. (Switzerland), Axa S.A. (France), Progressive Corporation (United States), Berkshire Hathaway (United States)

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Scope of the Report of Private Motor Insurance

Private motor insurance provides an insurance policy for covering the uncertain cost of a vehicle which is mandatory by the government for safety. It covers all types of private motor vehicles such s motorcycles, cars, jeeps, etc. The private motor insurance depends on the type of vehicle and amount of coverage required by the insurer for their vehicle. Its insurance coverage includes engine protection cover, roadside assistance, tyre protect cover, consumable cover and others.

The Global Private Motor Insurance Market segments and Market Data Break Down are illuminated below:

by Type (Private Car Motor Insurance Policy, Two-Wheeler Insurance Policy, Commercial Vehicle Insurance Policy, Others), Application (Passenger Vehicle, Commercial Vehicle), Service (Online, Offline), Coverage (Engine Protection Cover, Roadside Assistance, Tyre Protect Cover, Consumable Cover, Others)

Market Opportunities:

Surging Investment of People in Private Motor Vehicle will Boost the Private Motor Insurance Market

Market Drivers:

Rising Number of Private Vehicle Accidents

Need for Reducing the Burden of Cost in Case of Any Uncertainty related to Private motor Vehicle

Market Trend:

Rising Importance of Private Motor Vehicle Coverage and Telematics for Individuals

What can be explored with the Private Motor Insurance Market Study?

Gain Market Understanding

Identify Growth Opportunities

Analyze and Measure the Global Private Motor Insurance Market by Identifying Investment across various Industry Verticals

Understand the Trends that will drive Future Changes in Private Motor Insurance

Understand the Competitive Scenarios

Track Right Markets

Identify the Right Verticals

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

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Strategic Points Covered in Table of Content of Global Private Motor Insurance Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Private Motor Insurance market

Chapter 2: Exclusive Summary – the basic information of the Private Motor Insurance Market.

Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Private Motor Insurance

Chapter 4: Presenting the Private Motor Insurance Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.

Chapter 5: Displaying the by Type, End User and Region/Country 2016-2021

Chapter 6: Evaluating the leading manufacturers of the Private Motor Insurance market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile

Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2022-2027)

Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

Finally, Private Motor Insurance Market is a valuable source of guidance for individuals and companies.

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Video Telematics Market: Driving Fleet Safety and Efficiency

Introduction to Video Telematics Market

The Video Telematics Market is growing rapidly as fleet operators adopt advanced technologies to enhance safety, efficiency, and performance. Integrating video with telematics enables real-time monitoring, providing valuable insights into driver behavior, vehicle conditions, and road safety. With applications across various sectors—logistics, insurance, public transport—video telematics offers companies a way to optimize fleet management while reducing operational risks and costs. The global market is driven by demand for enhanced security, increasing regulation, and technological advancements in AI and cloud computing.

The Video Telematics Market is Valued USD billion in 2021 and projected to reach USD billion by 2028, growing at a CAGR of During the Forecast period of 2024-2032. This market has applications across industries like transportation, logistics, and insurance, helping companies reduce costs, improve driver safety, and comply with regulatory standards. The integration of AI, cloud, and IoT technologies has significantly enhanced the capability of video telematics, leading to widespread adoption.

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Major Classifications are as follows:

By Type:

Integrated Systems

Standalone Systems

By Application:

Buses

Heavy Trucks

Other Applications

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada,) ◘ Latin America (Brazil, Mexico, Argentina,) ◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) ◘ Europe (UK,Germany,France,Italy,Spain,Russia,) ◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South

Key Players of Video Telematics Market

SmartWitness (Sensata Technologies), MiX Telematics, Verizon Connect (Verizon Communications Inc.), Omnitracs (Solera Holdings, Inc.), FleetCam, VisionTrack, Lytx, Inc.,Nauto, Inc., SureCam, LightMetrics, Inc., Netradyne, Geotab Inc., AT&T Inc..

Market Drivers in Video Telematics Market

Increased Demand for Fleet Safety: Companies are increasingly focused on reducing accidents and improving safety, which video telematics facilitates through real-time monitoring.

Regulatory Compliance: Governments worldwide are mandating stricter vehicle safety standards, pushing for more advanced telematics solutions.

Technological Advancements: The integration of AI, machine learning, and IoT with telematics is fueling growth, enabling predictive analytics and smart reporting.

Market Challenges in Video Telematics Market

Data Privacy Concerns: The use of real-time monitoring may raise privacy issues among drivers, leading to resistance in adoption.

High Implementation Costs: The initial costs of setting up video telematics infrastructure can be a barrier for smaller companies.

Integration Complexities: Integrating video telematics systems with existing IT and fleet management platforms can pose technical challenges.

Market Opportunities of Video Telematics Market

Expansion in Emerging Markets: Increasing demand for fleet management solutions in emerging economies presents a significant growth opportunity.

AI-Powered Innovations: The integration of AI and predictive analytics can revolutionize fleet safety and efficiency, offering new business models.

Partnerships with Insurance Companies: Video telematics offers insurers a way to monitor driver behavior, reducing risk and allowing for dynamic pricing models.

Conclusion

The Video Telematics Market is positioned for substantial growth due to its critical role in enhancing fleet management and road safety. While challenges like high initial costs and privacy concerns exist, the market is driven by strong demand for real-time monitoring, regulatory compliance, and cost-saving solutions. As technological advancements such as AI, IoT, and cloud computing continue to evolve, they will open new avenues for innovation and growth, making video telematics a transformative force in fleet management.

[marketinsightshare]

Telematics Solution Market - Forecast, 2022-2027

The Telematics Solution Market size is estimated to surpass $55.5 billion by 2027 growing at CAGR of 8.3% during 2022-2027. Automotive telematics deals with telecommunications and information technology which is related to long distance transmission of information in commercial automobiles. It is the technique of sending and receiving the information automatically from automobiles by vehicle to vehicle or vehicle to infrastructure through the integrated use of informatics and telecommunications. On-board integrated telematics system, driver interface in a vehicle, car tracker systems, sensor systems are the important telematics devices in vehicles. The major automobile industries are spending more on research and development activities and concentrating to develop and implement telematics in vehicles. Now a days vehicles are manufactured by implementing various technologies to offer unique connectivity solutions for better navigation systems and fleet management solutions. Telematics devices are used to transfer large amounts of information from the vehicle to infrastructure of other vehicles utilizing a telematics control unit. Commercial automotive telematics helps in car tracker system, emergency calls, remote control monitoring, connected navigation such as weather reports, traffic reports, route plans and in infotainment. Commercial telematics are used in conjunction with telecommunication systems to provide quick and easy informational access. The growth in telecommunications as well as connected vehicles has led to a major growth in the Telematics Solution Market. Telematics is an important differentiator for car manufacturers. Regulations such as anti theft tracking in new vehicles, eCall automatic emergency call device, and in some places insurers require GPS anti theft devices for high value cars. All these factors increase the demand of the automotive Telematics Solution Market.

Report Coverage

The report: “Telematics Industry Outlook (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Telematics Industry. 

By Sales Channel: OEM,Aftermarket

By Technology: Tethered, Embedded, Integrated

By Device Type: Hardwired, Plug and Play, Smartphone Based

By Vehicle Type: Passenger Vehicles, LCV, HCV

By Solution: Safety and security Services (Driver behavior Monitoring, Roadside Assistance, Crash Reconstruction System, Black box device/ On board Recorder, Remote Maintenance, Seat belt Usage Monitoring, Fuel Monitoring and Others), Entertainment Services (Amplitude Modulation(AM)/ Frequency modulation(FM) Radio, Satellite television, Infotainment), Navigation system, Location based services, Fleet management Systems, Local Search and Concierge, Usage Based Insurance, Billing services and Others

By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa).

Key Takeaways

The growing demand for operational efficiencies in the industry is set to drive adoption of fleet management telematics. Companies have in recent years shifted focus from reducing operational cost to improving operational efficiency as a method to improve their profitability.

Companies are also looking to fleet management services to monitor driver behavior in order to improve the efficiency of this aspect. Traditionally, truck driver monitoring included factors such as speed and vehicle location; however, with the advent of telematics monitoring has become more intrusive with features such as speed, braking and cornering techniques as well as route times, hours of service and fuel monitoring data.

However for companies concerned with their environmental footprint, changes to the manufacturing process are time consuming and expensive. Fleet management services can be a quick solution to this arduous problem. The declining price for telematics hardware systems is also set to increase adoption of fleet management.

Telematics Solution Market, By Sales Channel, 2021 (%)

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Telematics Solution Market Segment Analysis – By Vehicle Type

Commercial Automotive Telematics Solution Market size has revenue of $27.2 billion in 2021. In recent years, for monitoring driver behavior and vehicle, telematics black boxes have been used to transmit information such as real-time car trackers, vehicle diagnostics, changes in speed, harsh driving etc. This help fleet companies to evaluate and take necessary step to optimize their operations. Increase in the implementation of advanced solutions in order to reduce operational costs in the logistics industry is expected to propel the growth of commercial automotive Telematics Solution Market in commercial vehicles. Advanced and sophisticated telematics technologies are reshaping the way in which trucks operate by offering various services such as on-board recorder, telec maintenance scheduling and reporting any kind of unusual activities. The cost of the telematics systems still poses a challenge in terms of the adoption of telematics on a large scale, however, with the falling prices of the telematics systems in the future will snowball the market significantly

Telematics Solution Industry Segment Analysis - By Solution

Navigation systems accounted for 14% of the total Telematics Solution Market Size of components in 2021. Navigation devices in the Telematics Solution Market are used to provide route details for fleets and transport systems. Navigation systems involve transfer of data regarding location and facilitate planning and routing functions using telematics control units. Navigation systems are mostly used alongside GPS devices in vehicles. GPS devices are used in conjunction with navigation systems. To counter the growing smartphone navigation market, many navigation systems manufacturers are shifting to OEM supply and provide support for Tier 1 auto manufacturer. Many OEMs have standardized navigation systems in their vehicles. This has led to a rise in the penetration of navigation systems. Aftermarket sales of navigation systems are however on the decline. This decline can be majorly attributed to the advent of smartphones. Free navigation services are offered on smartphones. As a result, customers are not willing to pay for features which they can obtain for free.

Telematics Solution Industry Segment Analysis – By Geography

North America market accounted for over 38.2% of the total industry share in 2021 and demand of automotive telematics with increase in connected cars with safe and security systems and others boost the demand of this market. Safety and security and infotainment systems are a big part of this market. The major companies operating in this market include automotive OEMs GM, Ford and Toyota, telematics service providers Garmin, TomTom NV, Fleetmatics, Telogis, Trimble and Navman. The factors such as reduction in the cost of connectivity and increasing market penetration of connected devices such as smartphones, and tablets are contributing to the burgeoning demand for connected cars. In most of the cases, data analytics companies, automotive OEMs, and telematics solution providers are forging meaningful synergies to collaboratively create newer solutions. Moreover, the advent of driverless vehicles has also created massive demand for vehicle telematics. For instance, Uber which sees its future in driverless cars recently introduced advanced telematics solution for drivers. It is expected to help drivers predict and prevent accidents while tracking vehicle performance on a real-time basis.

Telematics Solution Market Drivers

Recovery of Automobile Market increases potential user base

The key driver is, however, the recovering automotive market. Automotive industry is exhibiting positive gains recovering from recession, with increase in the number of unit sales. This creates a bigger potential market for telematics products and services. Automotive sales slowed down in major markets globally in 2017-2020 period. However, the market has witnessed growth in 2021 and this trend is estimated to continue in the next few years due to improving economic conditions in the U.S and Europe. Commercial automotive sales are also rising steadily particularly in the APAC market. Commercial automotive sales are set to grow from 22.1 million units in 2012 to 26.3 million units by 2021. New commercial vehicles models in Europe are offering inbuilt telematics functions such as emergency notification and car diagnostics due to changing governmental regulations. The increased customer demand has also led to increased sales of optional telematics services offered by automakers including UBI and GPS navigation. Taxis, buses and other commercial vehicles have started being sold with inbuilt navigational devices. The increased number of vehicle sales will provide a bigger potential market for sales of telematics devices and services.

Growth of Fleet management market set to propel the commercial Telematics Solution Market

The growing demand for operational efficiencies in the industry is set to drive adoption of fleet management telematics. Companies have in recent years shifted focus from reducing operational cost to improving operational efficiency as a method to improve their profitability. This has led to increased installation of fleet management telematics in logistics and fleet management companies. Companies are also looking to fleet management services to monitor driver behavior in order to improve the efficiency of this aspect. Traditionally, truck driver monitoring included factors such as speed and vehicle location; however, with the advent of telematics monitoring has become more intrusive with features such as speed, braking and cornering techniques as well as route times, hours of service and fuel monitoring data. This has led to increased utilization by companies looking to improve the efficiency of their delivery services. Companies have raised concerns about their fleet’s environmental impact. However for companies concerned with their environmental footprint, changes to the manufacturing process are time consuming and expensive. Fleet management services can be a quick solution to this arduous problem. The declining price for telematics hardware systems is also set to increase adoption of fleet management. The reducing price will lead to increased adoption in cost sensitive APAC and South American markets. The declining prices along with organizational concerns regarding operational efficiency and environmental impact are set to propel adoption of telematics. The investment into fleet management is project to surpass $15 billion in 2025 driven by adoption in the APAC region.

Telematics Solution Market Challenges

Government Regulations on Driver Distraction in U.S restrain Telematics Solution Market growth

National Highway Traffic Safety Administration in the U.S. has been stern regarding driver distraction laws. NHTSA desires OEMs to limit certain infotainment systems’ functions while being on the road. As a result in vehicle infotainment, Telematics Solution Market will be impacted. This is particularly significant in the satellite TV market. The National Transport Safety Board (NTSB) has argued that all electronics devices must be switched off when one is inside the vehicle, regardless of functionality. Governmental regulations, primarily in the U.S., have resulted in lower sales of infotainment telematics devices. In Europe, governments are looking at the benefits of infotainment driver distraction laws. This law is projected to be passed on in some form in Europe. The U.S. Telematics Solution Market is the primarily affected market in the short term as infotainment telematics device sales are set to exhibit sluggish growth. Distraction laws are not estimated to change in Europe for the next few years as government is still analyzing the impact of these laws in the U.S. The increased governmental driver distraction laws, primarily in the U.S. have resulted in lower infotainment telematics solution industry outlook.

Telematics Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Telematics Solution Market. In 2021, the market has been consolidated by the Telematics Top 10 companies including

CalAmp

Fleetmatics

Bosch

Continental

Descartes

Trimble

Astrata Group

Topcon

TomTom

Harman

Recent Developments

In May 2022, The mobility intelligence company Otonomo Technologies acquired the vehicle telematics company The Floow.

In June 2021, Cambridge Mobile Telematics (CMT), the global leader in mobile telematics and analytics, has acquired TrueMotion, the second largest mobile telematics provider.

In January 2020, Bendix entered into a partnership with GeoTab. Adding Geotab to the list of telematics platforms supports Bendix CVS 'SafetyDirect system is the only video-based driver safety solution combined with an active safety system and available for installation on the production line at all of the major OEMs.

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How Has Covid19 Impacted Usage based Insurance Market?

Usage-based insurance refers to a type of auto insurance, which utilizes in-vehicle communication systems to keep a track of driving behavior and mileage. The use of telematics systems gives precise and accurate feedback on the driving patterns and safety practices of the driver. Telematics refers to a method of vehicle monitoring, which combines onboard diagnostics with the GPS system to track the behavior of the vehicle. Such technology enables the insurance companies to alter the insurance cost based on the risk thus estimated.

Allstate Insurance Company, State Farm Mutual Automobile Insurance Company, UnipolSai Assicurazioni S.p.A, Insure The Box Limited, Intelligent Mechatronic Systems Inc, and Allianz SE are some of the companies dominating the global usage-based insurance market.

Transparency Market Research has come up with an all-inclusive study on the global usage-based insurance market, for the period 2019 to 2027. The report predicts that the global usage-based insurance market is likely to clock a staggering 30% CAGR over the period of review. The market is estimated to reach US$ 200 Bn through 2027.

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With the Growing Confidence and Awareness, North America is Likely to Lead the Market

The global usage-based insurance market is divided into the key regions of North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe.

It is prophesized that the North American usage-based insurance market is likely to exhibit huge potential in terms of revenue. The lucrativeness of the region lies in the large number of vehicles plying on the road. In addition to that, growing awareness and confidence about the use of usage-based insurance is likely to bolster its regional demand in the years to come. Europe, too, is likely to follow the footsteps of North America, as the usage-based insurance market gathers momentum in Europe as well. Increased innovation in the automotive industry of Europe is likely to pave way for promising growth of the market in Europe in near future.

The usage-based insurance market is likely to witness a promising future in the Middle East and Latin America as well. The market is estimated to clock an impressive growth rate in the region over the timeframe of assessment due to the increased adoption of telematics systems in the region. This has encouraged the adoption of insurance telematics programs across South Africa, Argentina, and Brazil.

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Growing Interest of Insurance Providers likely to Support Growth of the Market

The evolution of the automotive usage-based insurance industry is directly linked with the advancement of the automotive industry. The demand for automotive insurance is directly proportional to the sale of vehicles fitted with connected car and telematics services. In addition to that, increased focus on remote diagnostics by the providers of insurance is likely to encourage the growth of the global usage-based insurance market. Adoption and use of advanced onboard communication devices to facilitate real-time connectivity between insurance providers and the vehicle help in the diagnosis of breakdown issues.

The expansion of the global usage-based insurance market growth is ascribed to the growing popularity of usage-based insurance solutions amongst insurance enterprises. In order to maximize profitability, insurance providers are taking up this option, which enables them to improve pricing models, increase revenue, and regulate the cost of claims. This factor is likely to trigger the growth of the global usage-based insurance market in the forthcoming years.

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The information shared in this review is based on a TMR report, bearing the title, “Usage-based insurance market (Policy Type - Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD), and Manage-How-You-Drive (MHYD); Device Type - Black Box, OBD Dongle, and Smartphone; Vehicle Type - Passenger Vehicle and Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 to 2027”

The global usage-based insurance is segmented based on:

Policy TypePay-How-You-Drive (PHYD)

Pay-As-You-Drive (PAYD)

Manage-How-You-Drive (MHYD)

Device TypeBlack Box

OBD Dongle

Smartphone

Vehicle TypePassenger Vehicle

Commercial Vehicle

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Remote Operated Vehicle (ROV) Market - Remote operated vehicles (ROVs) refer to untethered or tethered underwater vehicles used in marine construction and ocean exploration. While these vehicles are either propelled by ship or self-propelled, they are mainly used in distant viewing of construction or subsea environment, and performing construction or repairing activities of ship hulls, pipes, and others.

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