DUBLIN–(BUSINESS WIRE)–The “Insurance Telematics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s providing.
The Insurance Telematics market is predicted to develop at a CAGR of 18.5% over the forecast interval (2021 – 2026).
- Agero Inc.
- Aplicom Oy
- Masternaut Ltd
- MiX Telematics Ltd
- Octo Telematics SpA
- Sierra Wireless Inc.
- Telogis Inc.
- TomTom Telematics BV
- Trimble Inc.
- Verizon Enterprise Solutions Inc.
- Meta System SpA
- Intelligent Mechatronic Systems
Telematics insurance coverage normally works by organising within the automobile a tool, termed normally as a Black Box, which information totally different metrics of the latter, corresponding to pace, distance, and the kind of street one travels.
This system additionally displays the braking sample and driving model, which is utilized by insurance coverage corporations to compute the premium accordingly. Insurance telematics poses the potential to change the present situation of motor insurance coverage and positively affect claims, threat choice, and fraud detection. As of now, the business remains to be at a nascent stage of improvement, and varied research are being carried out by researchers to discover the broadening of its utilization internationally.
The key drivers supporting the initiative for insurance coverage telematics are lowering the price of improvement and expertise, altering shopper habits, and stringent authorities laws. The demand for telematics varies internationally, owing to which the business gamers are performing pilot initiatives to know buyer habits.
Key Market Trends
Insurance Telematics Cloud Deployment Enables Better Data and Device Management
- The rising incorporation of the web of issues (IoT) into passenger and industrial autos is propelling the utilization of cloud providers in insurance coverage telematics. Cloud permits the tapping of assorted knowledge associated to the system on the go. For occasion, a father or mother can monitor their kids’s driving habits. Furthermore, cloud providers may be related via third-party purposes, enabling enhanced buyer expertise, which is propelling the market development over the forecast interval.
- Additionally, it empowers dwell sharing of information with the involved particular person, which is more likely to enhance the phase’s development. Incorporating cloud via insurance coverage telematics additionally affords insights and dangers related to the driving force’s driving model, which helps in maintaining observe of the automobile’s working exercise.
- In addition, it reduces the additional price associated to knowledge storage, which, in comparison with on-premise, is predicted to gas the adoption of cloud-based service, thereby, propelling the phase’s development over the forecast interval.
Europe Enjoys a Dominant Position within the Insurance Telematics Market
- The European insurance coverage telematics market is essentially dominated by hardwired aftermarket black packing containers, whereas self-install OBD gadgets symbolize the overwhelming majority of the lively insurance policies in North America. However, a number of main US insurers have lately shifted to options primarily based on smartphones.
- The Italian insurers, UnipolSai and Generali, collectively accounted for round 50% of the telematics-enabled insurance policies in Europe. Moreover, insurers with a robust adoption of telematics-enabled insurance policies within the United Kingdom embrace Admiral Group, Insure, The Box, and Direct Line. Several insurers in the remainder of Europe have additionally proven a considerable uptake of telematics in 2016-2017.
- Consumer engagement is now the main focus of most insurance coverage telematics packages and can proceed to be an necessary subject within the close to time period in Europe. The European insurance coverage telematics market remains to be managed and dominated by insurers in Italy and the United Kingdom, with an estimated 4.Three million and 540,000 insurance policies, respectively. Uptake on all different markets is significantly lesser, with between 50,000 and 100,000 insurance policies in Spain, Austria, and France, and between 10,000 to 20,000 insurance policies in Benelux, Switzerland, Scandinavia, and Germany.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 EXECUTIVE SUMMARY
Three RESEARCH METHODOLOGY
Four MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Smartphone Penetration
4.3.2 Increasing Applications of Internet of Things (IoT) and Machine Learning
4.4 Market Restraints
4.4.1 Lack of Awareness about Advanced Technologies
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.6 Technology Snapshot
5 MARKET SEGMENTATION
5.1 By Deployment Mode
5.2 By Offering
5.3 By Type
5.4 By End-user Vertical
5.4.1 Passenger Vehicle
5.4.2 Commercial Vehicle
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
eight MARKET OPPORTUNITIES AND FUTURE TRENDS
For extra details about this report go to https://www.researchandmarkets.com/r/ckbi5t