Telematics is a smart solution which connects a vehicle to a data/analytics center, thus enabling the tracking of its condition during various operations. The advanced level of telematics is the integration of human psychology or human behavior with data collected in real time. A major emerging market within the automotive telematics industry is the insurance market. Automotive telematics insurance has been in the market since the 1990’s, though its penetration level in the conventional insurance domain has been very low. Since 2005, the market activities such as emerging technology players in Europe and North America, growth in telematics system in vehicles, advancement of smartphone capabilities, and low cost of networking and communication have led to exponential growth. The growth of social media has resulted in a higher application-based online user time, thus widening the scope of app-based smartphone services. Significant countries which have deployed automotive telematics insurance are the U.S., the U.K., Italy, Canada, Singapore, and Japan, among others.
An insurer utilizes telematics digital opportunity to enhance its automotive insurance business model. The advantages of automotive telematics insurance are throughout all levels of the supply chain. It can increase the profitability for the insurer and end user, higher customer engagement and feedbacks, and induce a sense of safe driving through various direct/indirect programs. The global automotive telematics insurance market supply chain has the following levels: service/platform solution providers, device manufacturers, insurance companies, system integrators, and end users.
The purpose of this research study is to analyze the market and derive answers for the following questions which would impact the future of the automotive telematics insurance market. The questions are as follows:
- What are the major market drivers, challenges, and opportunities in the global automotive telematics insurance market?
- What is the service flow in the global automotive telematics insurance market?
- What was the market value of the leading segments and sub-segments of the global automotive telematics insurance market in 2017?
- How will each segment of the global automotive telematics insurance market grow during the forecast period 2018-2022?
- What are the factors which influence the market demand for various devices used in the global automotive telematics insurance market?
- How will the industry evolve during the forecast period 2018-2022?
- What are the key developmental strategies that are implemented by the key players to sustain in this market?
- Who are the key players in the automotive telematics insurance market and what are their contributions?
- What are the region-specific key growth factors that would drive the market through the forecast period for the Americas, EMEA, and APAC?
- What is the scope of automotive telematics insurance in the emerging economies of APAC?
The report includes an exhaustive analysis of the geographical split into the Americas, EMEA, and APAC. Each geographical region analysis details the individual driving and restraining forces acting in the market in addition to the key players from that particular region.
The report examines the role of the leading market players involved in the industry. The Company Profiles section includes highlights of significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years (2015-2018). Some of the key players analyzed in the report are Octo Telematics, CalAmp, Agero Inc, AXA Group, Cambridge Mobile Technology, Intelligent Mechatronic System, The Floow Ltd, The Progressive Corporation, TomTom, Trakm8 Group, and TrueMotion Inc, among others.