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The telematics market share in the insurance industry is expected to increase by USD 3.96 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 19.36%.
This telematics market in the insurance industry research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the telematics market in the insurance industry segmentation by deployment (on-premise and cloud) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The insurance telematics market report also offers information on several market vendors, including Admiral Group plc, Agero inc., Aplicom Ltd., Aviva Plc, AXA Group, Masternaut Ltd., Mercedes Benz Group AG, Meta System S.p.A, MiX Telematics Ltd., Octo Group S.p.A, Sierra Wireless inc., The Allstate Corp., TomTom International BV, Trak Global Group, Trimble inc., Verizon Communications inc., and Zurich Insurance Co. Ltd. among others.
Download Report Sample to Unlock the Telematics Market in InsuranceIindustry Size for the Forecast Period and Other Important Statistics
The cost savings due to the adoption of telematics-enabled UBI is notably driving the telematics market growth in the insurance industry, although factors such as safety and security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the telematics industry in insurance. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Telematics Market Driver in Insurance Industry
Key Telematics Market Trend in Insurance Industry
Key Telematics Market Challenge in Insurance Industry
This telematics market in the insurance industry analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global telematics market in the insurance industry as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the telematics market in the insurance industry during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the telematics market in the insurance industry encompasses successful business strategies deployed by the key vendors. The insurance telematics market is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, reputation, brand identity, and distribution to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The telematics market in the insurance industry forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the telematics market in the insurance industry, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market’s growth will originate from North America during the forecast period. The US is the key market for the telematics market in the insurance industry in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.
The growing urban population will facilitate the telematics market in the insurance industry growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the regional market recorded a decline in market growth. However, due to the initiation of large-scale COVID-19 vaccination drives and a decline in the number of COVID-19 cases, there was a rebound in manufacturing activities in the second half of 2021. Hence, with the increase in production and the use of commercial and passenger vehicles in North America, the demand for telematics in the insurance industry will rise during the forecast period.
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The telematics market share growth in the insurance industry by the on-premise segment will be significant during the forecast period. Telematics and UBI have become an integral part of the vehicle insurance sector. As the number of connected cars is predicted to increase soon, it is anticipated that on-premise deployment will suffice the connectivity parameters such as software upgradation and turnaround time. Hence, on-premise service and deployment for global telematics in the insurance industry will continue to be the dominant segment of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the telematics market size in the insurance industry and actionable market insights on post COVID-19 impact on each segment.
Americas Commercial Vehicle Telematics market - The market share is expected to increase to USD 7.97 billion from 2021 to 2026, at a CAGR of 16.6%.
Commercial Telematics market - The market share is expected to increase by USD 23.15 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 9.62%.
Telematics Market Scope in Insurance Industry |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.36% |
Market growth 2022-2026 |
$ 3.96 billion |
Market structure |
Fragmented |
YoY growth (%) |
17.92 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Admiral Group plc, Agero inc., Aplicom Ltd., Aviva Plc, AXA Group, Masternaut Ltd., Mercedes Benz Group AG, Meta System S.p.A, MiX Telematics Ltd., Octo Group S.p.A, Sierra Wireless inc., The Allstate Corp., TomTom International BV, Trak Global Group, Trimble inc., Verizon Communications inc., and Zurich Insurance Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Deployment
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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