cost savings due to adoption of telematics-enabled ubi is driving the Telematics In Insurance Industry Market

Latest News:- Telematics In Insurance Industry Market: On-premises is expected to lead the Deployment segment during 2024-2028

Technavio analyzes that the Telematics In Insurance Industry Market is expected to grow at a CAGR of 20.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4348.7 million.There are various factors that contribute to the growth of the market. Telematics technology, a key component of Usage-Based Insurance (UBI), offers significant cost savings for insurers and policyholders. By collecting and analyzing data on driving behavior, insurers can accurately assess risk and price premiums accordingly. This results in fairer premiums for good drivers and reduced fraud, leading to substantial cost savings for the insurance industry. Additionally, real-time driver feedback and personalized coaching can encourage safer driving habits among policyholders, further reducing claims and expenses. Overall, the adoption of telematics in UBI presents a win-win situation for both insurers and policyholders, fostering a more transparent and efficient insurance market.

The on-premises segment is poised for significant expansion in the global telematics market for the insurance industry. This deployment model caters to clients seeking to manage and maintain data on their own servers. Telematics and Usage-Based Insurance (UBI) have become indispensable in the automotive insurance sector, providing real-time data on drivers' movements. With the projected rise in the number of connected cars, on-premises deployment will meet the connectivity requirements, including software upgrades and turnaround time. Consequently, on-premises telematics services and solutions will continue to dominate the market in the insurance industry during the forecast period. Business intelligence systems, such as hard-wired devices, smartphone apps, Bluetooth-powered telematics, and smartphone-based telematics, as well as black box telemetry and asset tracking through GPS technology, will be integral to this growth. 

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Telematics In Insurance Industry Market Segmentation

• Deployment
  • On-premises
  • Cloud
• Geography
  • North America
  • APAC
  • Europe
  • South America
  • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• Admiral Group plc
• Agero Inc.
• Aplicom Ltd.
• Aviva insurance Ltd.
• AXA Group
• Insurance and Mobility Solutions
• Masternaut Ltd.
• Mercedes Benz Group AG
• Meta System S.p.A
• MiX Telematics Ltd.
• OCTO Telematics S.p.A
• Sierra Wireless Inc.
• The Allstate Corp.
• TomTom NV
• Trimble Inc.
• Verizon Communications Inc.
• Zurich Insurance Co. Ltd.

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Research Analysis Overview

The Telematics market in the Insurance Industry integrates Telecommunications and Informatics, leveraging Computer technologies such as Wi-Fi and Information technologies. It offers solutions for Vehicle Detection and Fleet Management, providing Data Tracking through Microcontroller hardware platforms. Insurance applications include Driver Behavior analysis for Risk Rating, utilizing Telematics databases on Cloud-based servers. Transportation sectors like Building and Site Trenching benefit from Aftermarket solutions, Surveillance Systems with Video feeds, IoT-enabled telematics, Business Intelligence systems, Hard-wired devices, Smartphone apps, and Bluetooth-powered systems.

Market Research Overview

In the dynamic insurance industry, telematics, a fusion of telecommunications, informatics, and computer technologies, is revolutionizing the sector. Key components of telematics include Wi-Fi, vehicle detection, fleet management, data tracking, and microcontroller hardware platforms. The market growth is driven by the integration of these advanced technologies into vehicles, particularly in the increasing sales of electric vehicles, motorcycles, and passenger cars. As a result, there is a significant demand for electronic control units (ECUs) and other electrical components. According to Technavio, the global automotive telematics market is expected to grow due to this increasing demand for advanced electronic systems in vehicles.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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