According to a new market research report, "Global Commercial Telematics Market - Type (OEM, Aftermarket), Solutions (Fleet Management, Navigation, Infotainment, Telehealth, Safety, Insurance), Services (Design, Integration, Training), User Type, Region - Global Market Forecast & Analysis (2015-2020)," published by MarketsandMarkets, the commercial telematics market is to grow from USD $20.02 Billion in 2015 to USD $47.58 Billion by 2020, at a compound annual growth rate (CAGR) of 18.9% during the forecast period 2015-2020.
The market report segments the global market into various sub-segments with in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with insights into trends, opportunities and challenges.
Navigation, communication, safety and vehicle problem diagnostics have always been the concern areas of vehicle drivers, transporters and passengers. The advent of technology provided a fitting solution to these concerns, the commercial telematics solutions. The commercial telematics market comprises companies which provide the customers with solutions and services that cater to their navigational, vehicular communication, safety and security, and similar needs. Companies such as Volvo, Telogis and MasterNaut provide advanced on-board and portable systems for the commercial telematics market. The market has been a growing trend since the past decade as a result of the decreasing costs of connectivity throughout the globe. Furthermore, with the development of technologies such as VoIP, LTE and others, the telematics market is expected to growth in the coming years.
Consumers' and enterprises' demand for telematics devices has increased over the period of time. Enterprises are continuously leveraging the benefits of telematics such as GPS fleet tracking to help streamline overall operations and detect anomalies, vehicle safety and fleet management. In the consumer segment the majority of applications are automotive navigation, infotainment solutions, real-time vehicle information and reporting. The continuous increase in vehicle production and increased use of infotainment devices would play a crucial role in the growth of the telematics market.
MarketsandMarkets has segmented the global commercial telematics market by type of solution provider; OEM telematics, aftermarket telematics; by type of solution: fleet management, navigation and location based services, infotainment systems, telehealth, insurance telematics and remote monitoring and control solutions, safety and security, compliance; by type of professional service: consulting and design, automotive data services, integration and deployment, maintenance and training services; by type of end user: automotive, transportation and logistics, healthcare, manufacturing, insurance and government, media and entertainment; by region: North America, Asia Pacific (APAC), Europe, Middle East and Africa, and Latin America.
MarketsandMarkets forecasts the global commercial telematics market to grow from USD 20.02 Billion in 2015 to USD 47.58 Billion by 2020. In terms of regions, Europe is expected to be the largest market in terms of market size, while Middle East & Africa and Asia-Pacific (APAC) are expected to experience an increase in market traction, during the forecast period. Latin America is expected to experience a high growth rate and adoption trend in this market.