Consumer Telematics Market Technology Innovations are Outpacing Growth, says Market.us

Consumer telematics refers to information and communication technology (ICT) and services that are centered on vehicles and are marketed toward end users.

Telematics systems gather information about the whereabouts of vehicles, driver behavior, engine diagnostics, and vehicle activity. These data are then visualized on software platforms to assist fleet managers in resource management.

According to the latest report by Market.us,” The global consumer telematics market size is expected to be USD 27230 Million by 2023, registering a CAGR of 35.3% during the forecast period 2023-2033.”

Telematics auto insurance monitors the driver’s behavior and transmits it to the insurance company. The insurance company then analyzes the data and decides whether to lower premiums for drivers with good road safety records. Some insurance companies offer lower premiums for drivers who provide telematics data

In order to more fully characterize the integrated use of communication and information technology to transmit, save, and receive data from telecommunications devices to remote objects across networks, the term “telematics” combines the words “telecommunications” and “informatics.”

The word “telematics” was first used in the United States in 1978, at the height of the Cold War. The report made use of technology. The Global Positioning System (GPS) was created primarily for intelligence, and military uses due to worries about public safety and nuclear dangers. But it won’t be long before large research projects start experimenting with telematics to raise traffic safety and lessen its negative effects on the environment.

Anurag Sharma, a senior research analyst at Market.us, said,” Currently, telematics refers to the requirement for current locational data in day-to-day commercial operations; however, its application is primarily related to vehicle tracking and investment. Modern fleet management uses telematics, such as GPS tracking.”

In order for telematics systems to function, machines must be integrated into assets together with tracking technology or other real-time monitoring tools. Then, the device gathers crucial asset performance data. The gadget then sends the information to a computer system for compilation, interpretation, and review after it has been gathered.

A car tracking device with a built-in GPS receiver is at the centre of a telematics system, gathering real-time information about the location and condition of the vehicle. This GPS tracking data is sent to central computers by a telematics system over a cellular network.

Verizon Connect is the second-ranked telematics vendor. Over 2 million users use the Verizon Connect telematics platform. You cannot, however, rely just on brand recognition to attract that many clients.

Yes, Verizon Connect provides a comprehensive set of telemetry services. It includes vehicle diagnostics, performance reporting, ELD compliance, GPS fleet tracking, and maintenance reminders. For the majority of shoppers, the listing meets all their needs.

The third-placed telematics provider was Trimble. The company’s broad range of solutions and large market share helped it achieve this rating. Both Peterbilt and Kenworth chose Trimble as their onboard telematics supplier in 2015. Customers interested in OEM factory-installed telematics can now click that box.

Also, Trimble is connected with the communication and entertainment system of Kenworth NAV+HD. It has a sizable LED display panel with a bevy of features designed to meet a variety of daily purposes. This emphasis on drivers is undoubtedly sage during a driver scarcity.

One of the earliest technologies to capture vehicle telematics data was OBD-II technology, which has been mandated on all trucks in the United States since 1996. The equivalent standard is known as European On-Board Diagnostics in Europe (EOBD).

Self-powered data transmission through Bluetooth, a black box, and mobile phone applications are all features of telematics devices. These accessories, which may be mounted to your car’s center console, use Bluetooth to collect and send information about your driving habits to your insurance company.

Telematics may become widely used in the next few years as user resistance decreases and IT infrastructure changes to support new types of information analyses.