The significant penetration of smartphones, lowered connectivity costs, high speed internet technologies and supportive government regulations is driving the growth of the global consumer telematics market. This is according to a new Consumer Telematics Market – Growth, Trends, Forecast, Demand, Outlook Upto 2024 report by Transparency market research.
The reports, also notes that the growing demand of big data analytics and related services is also an important factor influencing the growth of the market.Moreover, proliferation of cloud-based services in order to deliver personalized experience to the end-user is also expected to positively impact the market’s demand.
Telematics is the subdivision of information technology that consolidates computers and wireless telecommunication technologies with a focused goal of efficiency conveying information over a vast and complicated network in order to improve business function or government related public service. However, presently the term has evolved to refer to the automobile systems that combine GPS tracking and other wireless communication for automatic roadside assistance and remote diagnostics.
The technology involves long distance and real-time transmission of information relating to remote objects like vehicles via communication devices. This enables companies to
control as well as optimize their incumbent fleet operations. The transmission of this data has also been made possible by the advancement in communications networks and devices which have become more reliable over the past few years.
The technology plays a key role in reducing expenditure and increasing cost savings, while ensuring entire fleet companies comply with prevailing norms and standards.
‘’Companies primarily focus on reducing downtime of their drivers as well as fleet’’ Ruth Kang’ong’oi, GM at Safetrac, one of the leading telematics provider in the country said. ‘’This has led to a surge in demand for comprehensive and effective telematics solutions across industry verticals such as construction, emergency services, healthcare, transportation and logistics to name a few.’
In certain countries, the report notes that usage of vehicle tracking and security systems has become mandatory in all varieties of vehicles. As a result, the uptake of consumer telematics is expected to expand at a highly promising space in the next few years.
‘’Telematics as a disruptive technology is rapidly gaining attention in shaping the future of the fleet management and vehicle tracking industry. With this technology users access location, movement and status information and metrics of vehicles via special web-based software applications or through existing in-house vehicle tracking enabled business applications. In essence, GPS telematics systems become platforms where users collect and transport valuable mobile resource field information and activities,’’ Kang’ong’oi adds.
The Consumer Telematics Market report presents a comprehensive assessment of the various aspects of the global consumer telematics market. It does so with the help of thorough qualitative as well as quantitative insights regarding the market, historical data pertaining to market valuation and trends, and verifiable projections regarding the growth prospects of the market over the period between 2016 and 2024.