Global Video Telematics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Video Telematics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Video telematics is a technology that integrates cameras and analytics with fleet tracking. Companies can use video telematics as a tool to record collision evidence, for driver risk management, or security. Video telematics is helping businesses improve the way their fleets operate by providing greater visibility to help increase safety.

Market Overview:

The latest research study on the global Video Telematics market finds that the global Video Telematics market reached a value of USD 1056.7 million in 2022. It’s expected that the market will achieve USD 2557.47 million by 2028, exhibiting a CAGR of 15.87% during the forecast period.

Video Telematics Market Challenges

One of the main challenges of Video telematics hardware is false positives. Many systems cannot distinguish between a pothole and a collision; a sharp curve and a collision avoidance maneuver; an expected acceleration and an unsafe speed increase; or braking required for downhill driving and harsh braking that is indicative of aggressive driving behavior. This creates a flood of false alerts that require unnecessary manual reviews and driver coaching sessions, and also lead to driver frustration and poor morale.
Vendors are working to solve the problem with artificial intelligence (AI) technology. The cost of video telematics cameras used to perform AI analytics is another issue. Some vendors do AI processing to identify false positives on the edge – that is, on the camera itself. This significantly increases camera costs, both in the initial install and by forcing fleets to replace hardware to take advantage of software updates.
Video telematics is more than just a vehicle CCTV system. It is the combination of different areas in technology including, Video + Telecommunications + Informatics + other vehicular technologies, such as sensors, road transport, road safety, and more. Video telematics is helping businesses improve the way their fleets operate by providing greater visibility to help increase safety.
With the increasing demand, more and more teams deploy Video Telematics system, and the market competition is increasing. Cipia and MiX Telematics launched Video Telematics products in 2021. In addition, various enterprises develop Video Telematics technology through M&A activities. Sensata Technologies acquisition of leading video telematics provider SmartWitness Holdings, Inc. Lytx Acquired Surf’s Video Division in 2020. In the future market competition, if the supplier can't surpass its competitors in product quality, sales channels and R&D strength, it will not be able to maintain its existing competitive position in the video telematics market, lose its original market share and face the risk of declining business performance.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Lytx is one of the major players operating in the Video Telematics market, holding a share of 49.79% in 2022.

Lytx, Inc. provides fleet safety management solutions. The Company offers video capturing, GPS fleet tracking, speed management, fuel reporting, data analysis, and other compliance services. Lytx serves trucking, concrete, construction, waste, government, distribution, and field services industries.

Samsara is the pioneer of the Connected Operations Cloud, which allows businesses that depend on physical operations to harness IoT (Internet of Things) data to develop actionable business insights and improve their operations. Samsara operates in North America and Europe and serves tens of thousands of customers across a wide range of industries including transportation, wholesale and retail trade, construction, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, and food and beverage. The company's mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.

Segmentation Overview:

Among different product types, Hardware segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Buses segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Video Telematics market covered in Chapter 3:

Samsara
MiX Telematics
Netradyne
Lytx
Smarter AI
Zone Defense
Cipia
Sensata Technologies(SmartWitness)
SmartDrive
Lightmetrics
VisionTrack
Vue

In Chapter 4 and Chapter 14.2, on the basis of types, the Video Telematics market from 2018 to 2029 is primarily split into:

Hardware
Software

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Video Telematics market from 2018 to 2029 covers:

Buses
Heavy Trucks
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)