Insurance Telematics Market

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,850	120 Pages	Fortune Business Insights Pvt. Ltd.	September, 2024	FOB19185792

Best Price Guarantee
Price	from $4,850
Length	120 Pages
Publisher	Fortune Business Insights Pvt. Ltd.
Published Date	September, 2024
SKU	FOB19185792

Insurance Telematics Market

Growth Factors of Insurance Telematics Market

The insurance telematics market size was valued at USD 4.33 billion in 2023, and the market is now projected to grow from USD 5.03 billion in 2024 to USD 19.23 billion by 2032, exhibiting a CAGR of 18.2% during the forecast period of 2024-2032.

The COVID-19 pandemic has had a positive impact on increasing the spread of digital solutions to broad spheres, such as insurance telematics market growth. As a result of the remote work increases and driving cars reduced, there was an upward trend in the demand for per-mile insurance. These policies base the premiums on driving behaviour through the use of telematics information. This shift provided insurers a financially lucrative opportunity to supply dynamic and tailored solutions to clients during the pandemic.

The high volume of road fatalities and growing concern about road safety and environmental issues around the world drive demand for solutions that improve safe driving and cut harmful emissions. Insurance telematics market share can contribute toward such demands by infusing responsible driving and eco-friendly behaviour to minimize the incidence of accidents. Moreover, regulatory imperatives such as ELDs in commercial vehicles accelerate the telematics adoption rate in the automotive industry. Insurers leverage such regulations to improve their risk factor calculations and grow market penetration.

Another developing trend in insurance is Usage-Based Insurance, which is also catching up in developed countries wherein, through the usage of telematics, premiums are set depending on driving behaviour. Telematics have thus enabled insurers to set premiums based on how the customers drive. Modern insurance companies have introduced UBI for custom insurance and non-risk driving. Interfacing with the connected car systems makes it possible to access vehicle information and also avail calls for emergencies as well as remote check-up services. This enhances the overall customer experience and thus the adoption of insurance telematics in connected cars.

Comprehensive Analysis of Insurance Telematics Market

Insurance telematics and information and communication technology market is growing rapidly because of market segmentation. This expansion allows for comprehensive regional analysis, considering the major supply and demand factors affecting the hardware and software IT services sector. These segmentations are methodically segregated by component, by usage type, by deployment and by vehicle type. The component include, hardware and software. Secondly usage type include, Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD) and Manage-How-You-Drive (MHYD). Thirdly the developments include, on-premises and cloud. Lastly, the vehicle type include, passenger cars and commercial vehicles.

North America was the largest market for insurance telematics in 2023 due to increasing awareness of UBI projects and opportunities for telematics. The region’s significant commercial vehicle sector has driven insurers to target telematics solutions for fleet operators, focusing on cost reduction, fleet management, risk management and compliance. For instance, an iInsurance Research Council survey revealed that around 45% of U.S. drivers saw improved driving performance after joining a telematics program from their insurer.

Key players in the market form an imperative part of the information and communication technology industry, which ensures industrial prospectus growth and marks market standards. These players include, TomTom International BV (Netherlands), MiX Telematics (U.S.), Telematics Technologies (Poland), Trimble Inc. (U.S.), Agero, Inc. (U.S.), Safe Truck Sdn. Bhd. (Malaysia), Verizon (U.S.), Octo Group S.p.A (Italy), Sierra Wireless (Canada) and Masternaut Limited (U.K.). These are the market players that give the competitive landscape.

In May 2023, OCTO in partnership with Jooycar to disrupt auto insurance in Latin America. This collaboration aims to enhance OCTO's business and driving experience in the region by leveraging its advanced solutions and vehicle data analysis.

Segmentation Table

Global Insurance Telematics Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 18.2% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Component, Usage Type, Deployment, Vehicle Type, and Region

By Component - Hardware

- Software

By Usage Type - Pay-As-You-Drive (PAYD)

- Pay-How-You-Drive (PHYD)

- Manage-How-You-Drive (MHYD)

By Deployment - On-premises

- Cloud

By Vehicle Type - Passenger Cars

- Commercial Vehicles

By Region - North America (By Component, Usage Type, Deployment, Vehicle Type, and Country)

U.S.
Canada
Mexico

- Europe (By Component, Usage Type, Deployment, Vehicle Type, and Country)

U.K.
Germany
France
Italy
Spain
Russia
Benelux
Nordic
Rest of Europe

- Asia Pacific (By Component, Usage Type, Deployment, Vehicle Type, and Country)

China
India
Japan
South Korea
ASEAN
Oceania
Rest of Asia Pacific

- Rest of the World (By Component, Usage Type, Deployment, Vehicle Type, and Country)

Middle East & Africa GCC
South America

Please Note:

1. Introduction: 1.1. Definition, By Segment; 1.2. Research Methodology/Approach; 1.3. Data Sources
2. Executive Summary
3. Market Dynamics: 3.1. Macro and Micro Economic Indicators; 3.2. Drivers, Restraints, Opportunities and Trends; 3.3. Impact of Generative AI
4. Competition Landscape: 4.1. Business Strategies Adopted by Key Players; 4.2. Consolidated SWOT Analysis of Key Players; 4.3. Global Insurance Telematics Key Players Market Share/Ranking, 2023
5. Global Insurance Telematics Market Size Estimates and Forecasts, By Segments, 2019-2032: 5.1. Key Findings; 5.2. By Component (USD); 5.2.1. Hardware; 5.2.2. Software; 5.3. By Usage Type (USD); 5.3.1. Pay-As-You-Drive (PAYD); 5.3.2. Pay-How-You-Drive (PHYD); 5.3.3. Manage-How-You- Drive (MHYD); 5.4. By Deployment (USD); 5.4.1. On-premises; 5.4.2. Cloud; 5.5. By Vehicle Type (USD); 5.5.1. Passenger Cars; 5.5.2. Commercial Vehicles; 5.6. By Region (USD); 5.6.1. North America; 5.6.2. South America; 5.6.3. Europe; 5.6.4. Middle East & Africa; 5.6.5. Asia Pacific
6. North America Insurance Telematics Market Size Estimates and Forecasts, By Segments, 2019-2032: 6.1. Key Findings; 6.2. By Component (USD); 6.2.1. Hardware; 6.2.2. Software; 6.3. By Usage Type (USD); 6.3.1. Pay-As-You-Drive (PAYD); 6.3.2. Pay-How-You-Drive (PHYD); 6.3.3. Manage-How-You- Drive (MHYD); 6.4. By Deployment (USD); 6.4.1. On-premises; 6.4.2. Cloud; 6.5. By Vehicle Type (USD); 6.5.1. Passenger Cars; 6.5.2. Commercial Vehicles; 6.6. By Country (USD); 6.6.1. United States; 6.6.2. Canada; 6.6.3. Mexico
7. Europe Insurance Telematics Market Size Estimates and Forecasts, By Segments, 2019-2032: 7.1. Key Findings; 7.2. By Component (USD); 7.2.1. Hardware; 7.2.2. Software; 7.3. By Usage Type (USD); 7.3.1. Pay-As-You-Drive (PAYD); 7.3.2. Pay-How-You-Drive (PHYD); 7.3.3. Manage-How-You- Drive (MHYD); 7.4. By Deployment (USD); 7.4.1. On-premises; 7.4.2. Cloud; 7.5. By Vehicle Type (USD); 7.5.1. Passenger Cars; 7.5.2. Commercial Vehicles; 7.6. By Country (USD); 7.6.1. United Kingdom; 7.6.2. Germany; 7.6.3. France; 7.6.4. Italy; 7.6.5. Spain; 7.6.6. Russia; 7.6.7. Benelux; 7.6.8. Nordics; 7.6.9. Rest of Europe
8. Asia Pacific Insurance Telematics Market Size Estimates and Forecasts, By Segments, 2019-2032: 8.1. Key Findings; 8.2. By Component (USD); 8.2.1. Hardware; 8.2.2. Software; 8.3. By Usage Type (USD); 8.3.1. Pay-As-You-Drive (PAYD); 8.3.2. Pay-How-You-Drive (PHYD); 8.3.3. Manage-How-You- Drive (MHYD); 8.4. By Deployment (USD); 8.4.1. On-premises; 8.4.2. Cloud; 8.5. By Vehicle Type (USD); 8.5.1. Passenger Cars; 8.5.2. Commercial Vehicles; 8.6. By Country (USD); 8.6.1. China; 8.6.2. India; 8.6.3. Japan; 8.6.4. South Korea; 8.6.5. ASEAN; 8.6.6. Oceania; 8.6.7. Rest of Asia Pacific
9. Rest of the World Insurance Telematics Market Size Estimates and Forecasts, By Segments, 2019-2032: 9.1. Key Findings; 9.2. By Component (USD); 9.2.1. Hardware; 9.2.2. Software; 9.3. By Usage Type (USD); 9.3.1. Pay-As-You-Drive (PAYD); 9.3.2. Pay-How-You-Drive (PHYD); 9.3.3. Manage-How-You- Drive (MHYD); 9.4. By Deployment (USD); 9.4.1. On-premises; 9.4.2. Cloud; 9.5. By Vehicle Type (USD); 9.5.1. Passenger Cars; 9.5.2. Commercial Vehicles; 9.6. By Region (USD); 9.6.1. Middle East & Africa; 9.6.2. South America
10. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases): 10.1. TomTom International BV; 10.1.1. Overview; 10.1.1.1. Key Management; 10.1.1.2. Headquarters; 10.1.1.3. Offerings/Business Segments; 10.1.2. Key Details (Key details are consolidated data and not product/service specific); 10.1.2.1. Employee Size; 10.1.2.2. Past and Current Revenue; 10.1.2.3. Geographical Share; 10.1.2.4. Business Segment Share; 10.1.2.5. Recent Developments; 10.2. MiX Telematics; 10.2.1. Overview; 10.2.1.1. Key Management; 10.2.1.2. Headquarters; 10.2.1.3. Offerings/Business Segments; 10.2.2. Key Details (Key details are consolidated data and not product/service specific); 10.2.2.1. Employee Size; 10.2.2.2. Past and Current Revenue; 10.2.2.3. Geographical Share; 10.2.2.4. Business Segment Share; 10.2.2.5. Recent Developments; 10.3. Telematics Technologies; 10.3.1. Overview; 10.3.1.1. Key Management; 10.3.1.2. Headquarters; 10.3.1.3. Offerings/Business Segments; 10.3.2. Key Details (Key details are consolidated data and not product/service specific); 10.3.2.1. Employee Size; 10.3.2.2. Past and Current Revenue; 10.3.2.3. Geographical Share; 10.3.2.4. Business Segment Share; 10.3.2.5. Recent Developments; 10.4. Trimble Inc.; 10.4.1. Overview; 10.4.1.1. Key Management; 10.4.1.2. Headquarters; 10.4.1.3. Offerings/Business Segments; 10.4.2. Key Details (Key details are consolidated data and not product/service specific); 10.4.2.1. Employee Size; 10.4.2.2. Past and Current Revenue; 10.4.2.3. Geographical Share; 10.4.2.4. Business Segment Share; 10.4.2.5. Recent Developments; 10.5. Agero, Inc.; 10.5.1. Overview; 10.5.1.1. Key Management; 10.5.1.2. Headquarters; 10.5.1.3. Offerings/Business Segments; 10.5.2. Key Details (Key details are consolidated data and not product/service specific); 10.5.2.1. Employee Size; 10.5.2.2. Past and Current Revenue; 10.5.2.3. Geographical Share; 10.5.2.4. Business Segment Share; 10.5.2.5. Recent Developments; 10.6. Safe Truck Sdn. Bhd.; 10.6.1. Overview; 10.6.1.1. Key Management; 10.6.1.2. Headquarters; 10.6.1.3. Offerings/Business Segments; 10.6.2. Key Details (Key details are consolidated data and not product/service specific); 10.6.2.1. Employee Size; 10.6.2.2. Past and Current Revenue; 10.6.2.3. Geographical Share; 10.6.2.4. Business Segment Share; 10.6.2.5. Recent Developments; 10.7. Verizon; 10.7.1. Overview; 10.7.1.1. Key Management; 10.7.1.2. Headquarters; 10.7.1.3. Offerings/Business Segments; 10.7.2. Key Details (Key details are consolidated data and not product/service specific); 10.7.2.1. Employee Size; 10.7.2.2. Past and Current Revenue; 10.7.2.3. Geographical Share; 10.7.2.4. Business Segment Share; 10.7.2.5. Recent Developments; 10.8. Octo Group S.p.A; 10.8.1. Overview; 10.8.1.1. Key Management; 10.8.1.2. Headquarters; 10.8.1.3. Offerings/Business Segments; 10.8.2. Key Details (Key details are consolidated data and not product/service specific); 10.8.2.1. Employee Size; 10.8.2.2. Past and Current Revenue; 10.8.2.3. Geographical Share; 10.8.2.4. Business Segment Share; 10.8.2.5. Recent Developments; 10.9. Sierra Wireless; 10.9.1. Overview; 10.9.1.1. Key Management; 10.9.1.2. Headquarters; 10.9.1.3. Offerings/Business Segments; 10.9.2. Key Details (Key details are consolidated data and not product/service specific); 10.9.2.1. Employee Size; 10.9.2.2. Past and Current Revenue; 10.9.2.3. Geographical Share; 10.9.2.4. Business Segment Share; 10.9.2.5. Recent Developments; 10.10. Masternaut Limited; 10.10.1. Overview; 10.10.1.1. Key Management; 10.10.1.2. Headquarters; 10.10.1.3. Offerings/Business Segments; 10.10.2. Key Details (Key details are consolidated data and not product/service specific); 10.10.2.1. Employee Size; 10.10.2.2. Past and Current Revenue; 10.10.2.3. Geographical Share; 10.10.2.4. Business Segment Share; 10.10.2.5. Recent Developments
11. Key Takeaways