Global Telematics is poised to show rapid growth
From $12.56 billion in 2015 to $35.35 billion in 2020, the worldwide linked fleet market is anticipated to expand rapidly. As more commercial fleets realize the benefits of IoT / M2M fleet telematics, the company seeks more reliable connectivity across geographic fields with flexible rate plans and seamless coverage.
Onboard telematics solutions help truck fleets to overcome a wide variety of problems that threaten to inhibit cost-effective and effective management. New regulations are placing pressure on executives to comply, including tighter carbon emission rules as well as current driver safety rules. Legislation may mandate clean fleet requirements that may force firms to upgrade or even replace vehicles. The ever-increasing cost of fuel continues to cut margins.
There were around 11 million linked phones for fleet management globally at the end of 2013— by 2023, this number is anticipated to expand to 60 million. These telematics systems are becoming more complicated, extending to demands for mission-critical reliability, connectivity in distant regions. Across national borders, and innovative market differentiation from the natural need to handle location, routing, and fuel expenses.
Looking at fleet telematics alternatives and the most suitable connectivity you need, here are some things you should consider …
1.Longer Miles Driven Requires Better Technology:
One of the most significant cost savers for fleet management systems can be making dispatch more effective. Location-based techniques allow dispatchers to select the car nearest to freight pick-up and decrease the amount of driven non-billable miles. IoT / M2M solutions that integrate GPS with traffic overlays can calculate precise travel times that differ from a distance. Automatic dispatch can use real-time traffic updates to deliver the most effective paths.
2. More Directives Need Superior Connectivity:
IoT / M2M solutions that provide ongoing IP meetings across geographies and operators with’ always-on’ capacities can decrease latency and increase user experience consistency. Global telematics is a critical component of addressing multi-country and even intra-country procedures requirements. Long-haul drivers in the UK, for instance, face complex rules for driver logging. Any delays in transmitting driver log data can result in downtime of the driver and higher operating costs.
3. On-Board Systems Requires Better Integration:
Fleet management systems can include route optimization software, tire pressure monitoring systems, in-cab cameras, and other performance surveillance instruments, all of which need to work seamlessly together. To make company choices, the information these distinct sensors and applications monitor must be gathered, processed, and analyzed. Experienced providers of IoT / M2 M solutions should be in place, that can incorporate all the parts together with connectivity management.
Global Telematics Market to be Worth USD 248.64 Billion by 2023
The Global Telematics Market Report was published today by Netscribes, Inc., a worldwide market intelligence company. The worldwide telematics industry is anticipated to expand at a compound annual growth rate (CAGR) of 28.5% between 2017 and 2022 to achieve a global income for USD 233.24 billion by 2022, according to Netscribes.
An enhanced need to track vehicles in real-time and monitor driver behavior is anticipated, to drive the use of telematics technology, in conjunction with increasing demand for onboard infotainment. While the telematics industry is expected to grow worldwide positively, Netscribes points out that there is still a lack of knowledge. Among vehicle owners, the leading in opposition to bear extra expenses of installing new equipment in antique cars and vehicles. A significant section of vehicle owners is still maladaptive about data privacy issues for Usage-Based Insurance (UBI) businesses.
Some of the report’s main highlights are as follows:
- Approximately 80-85% of telematics solutions and devices, including infotainment and Usage-Based Insurance (UBI) for the automotive sector.
- Increasing customer purchasing power has resulted in a preference change for high-end cars (fitted with sophisticated telematics systems) rather than easy transportation machines.
- Governments in several nations have made it compulsory to have an onboard electronic recorder (EOBR) equipped with commercial vehicles, one of the main drivers of telematics acceptance among fleet firms.
Modern fleets are operated with more than one scheme, requiring platform-wide data sharing. In the form of GPS location and vehicle diagnostics information, modern cars store a significant quantity of information. Integrating this information into API-enabled software applications can streamline the process of information collection. Therefore, in the automotive telematics industry, API is gaining popularity.
A Healthy Competition
North America is the highest revenue-generating region for the automotive telematics industry. The telematics market is at a mature stage in countries like the US and Canada, where stable growth is forecasted until 2022. Countries such as China and India are competing to reach heights of the highest revenue-generating region for the automotive telematics industry.
