The global insurance telematics market is foretold to gain momentum because of strong government policies providing support to consumers related to the security and safety of their vehicles.
According to a report by Transparency Market Research (TMR), players could cash in on the growth factor of the aggressive use of smartphones providing information at the fingertips. Furthermore, rising interest among consumers for connectivity within cars is anticipated to play a major role in the growth of the market.
Cloud computing and the internet of things (IoT) are considered to be great boons to the market. The TMR report is titled “Insurance Telematics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
Cloud deployment in the world insurance telematics market is anticipated to gain strength with decreased chances of errors, lowered maintenance cost around the clock, and reduced physical infrastructure.
The installation of dedicated data centers is researched to offer scalability and flexibility with regard to the handling of various infrastructures and devices simultaneously and consummately meeting the rising volumes of the generated data. Between 2017 and 2025, the market is foreseen to expand at a notable CAGR giving players a chance to make a strong comeback or further improve their shares.
On the basis of type of deployment, the world insurance telematics market could be classified into cloud and on-premises. By size of organization, the market could see a classification into small and medium-sized enterprises (SMEs) and large enterprises. All of the segments studied in the report are analytically researched about to examine their growth potential for the coming years. The segmentation study provided in the report could help readers to get hold of a clear sight of future growth prospects and prepare beforehand for any challenges that may come their way.
Although in its initial stages of development, the world insurance telematics market has attained a strong position in the intensely competitive environment of the insurance industry that witnesses scores of vendors functioning therein. Telematics helps insurance companies to offer instant reimbursements to policy holders.
This could be because of the many advantages of using telematics processes, such as deciding premiums, validating claims, tracking conditions, and monitoring premium costs. Insurance telematics helps to provide critical information to customers such as the types of roads travelled, driving characteristics, and distance travelled.
This could also help to gauge the risk undertaken by policy holders.
Players operating in the international insurance telematics market are foreseen to heavily concentrate on lucrative opportunities available in growth-oriented regions such as Europe and North America. Italy, France, Germany, and the U.K. could primarily support the growth of Europe in the market, whereas the U.S. is foretold to set the tone for a valuable growth in North America. The U.S. market for insurance telematics could be backed by a high adoption rate when it comes to latest technology. The market in Asia Pacific is predicted to garner healthy futuristic prospects with the mushrooming of SMEs in developing nations such as Japan, India, and China. As a result, vendors could focus on these country-wise markets for growth.
The report offers a dedicated section on the study of the worldwide insurance telematics market’s competitive landscape. Popular companies such as Sierra Wireless, Inc., Agero Inc., Octo Telematics, Verizon Enterprise Solutions, and TomTom Telematics are profiled by the report authors.