(PRWEB) June 17, 2014
The report “Commercial Telematics Market [OEM & Aftermarket, Solutions (Fleet Management, Navigation & Location Based, Infotainment, V2V, V2I, Insurance, Telehealth, Alarm Monitoring), Professional Services] - Global Market Forecasts & Analysis (2014 - 2019)” segments the global market into various sub-segments with in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with insights into trends, opportunities, and challenges.
Browse 62 market data Tables and 23 Figures spread through 169 Pages and in-depth TOC on "Commercial Telematics Market [OEM & Aftermarket, Solutions (Fleet Management, Navigation & Location Based, Infotainment, V2V, V2I, Insurance, Telehealth, Alarm Monitoring), Professional Services] - Global Market Forecasts & Analysis (2014 - 2019)".
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MarketsandMarkets expects that the global commercial telematics market to be $17.31 billion in 2014 and is expected to grow to $39.15 billion in 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 17.7% from 2014 to 2019. In the current scenario, NA is expected to be the largest market on the basis of spending, and adoption for the commercial telematics solutions and services.
MarketsandMarkets has segmented the global commercial telematics market by type of solution providers: OEM telematics, and aftermarket telematics; by types of solutions: fleet management, navigation and location-based, infotainment, telehealth, insurance telematics, V2V, V2I, remote monitoring and control solutions; by type of professional services: consulting and design, integration and deployment, maintenance and training services; by types of end users: construction, transportation and logistics, healthcare, manufacturing, insurance and government and utilities; by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).
The consumer and enterprise demands, for telematics devices have increased over the period of time. Enterprises are continuously leveraging the benefits of telematics such as GPS fleet tracking to help streamline overall operations and detect anomalies for vehicle safety and fleet management. In the consumer segment, the majority of applications are automotive navigation, infotainment solutions, real-time vehicle information, and reporting. Also, the continuous increase in the vehicle production and increase in the use of infotainment devices would play a crucial role in the growth of the telematics market.
Telematics industry has evolved from traditional navigation services to new opportunities in vehicle tracking, monitoring, fleet management, route optimization, location based services and traffic and weather information. Telematics solutions can monitor the fuel consumption and influence the Carbon dioxide emission. These solutions enable the fleet operators to track various parameters such as driver behavior, vehicle/engine diagnostics, and vehicle location tracking and curbing unauthorized usage.
Commercial telematics is gaining momentum due to the growing consumer awareness about safety, increase in usage of electrical vehicles, strict government regulations, and new innovations in connectivity technologies. Primarily, the telematics market was used only for safety and security solutions. However, there has been a paradigm shift in its applications. Gradually, its usage has reached a variety of other applications such as remote diagnostics, predictive maintenance of vehicles and heavy equipments, health monitoring, and remote medicine administration.
Telematics market is rapidly moving towards an intelligent, addressable, and embeddable device which enables seamless communication between devices. The emergence of embeddable devices has raised the telematics capabilities across a wide spectrum of industries. These devices enable real-time control and monitoring to take preventive actions in case of any anomalies. The capability to provide real-time analytics and fulfill demand-based load generation makes these devices unique and beneficial.
Despite of Telematics solutions benefits which include improved asset and vehicle utilization reduced insurance premiums, cost savings (fuel efficiency and maintenance) and fewer accidents. Still, there is one of the major barriers which hinder the growth of telematics solutions is set-up and running costs. Due to increasing set-up and running cost fleet companies are reluctant towards installing telematics devices to their existing systems.
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