Telematics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The telematics market is expected to project a CAGR of 17.85% over the forecast period from 2022 to 2027. The telematics market combines telecommunications and information technology to send, receive, and store data to control remote objects. The telematics market has expanded to include vehicle technologies, electrical engineering, computer science, and many other fields due to the widespread use of advanced technology. The application's focus has recently shifted from vehicular analytics to driver's safety and other aspects of personal service. Unwanted incidents, like accidents, speeding tickets, and downtime, can be minimized by observing driving behavior, vehicular health, driving dynamics, and maintenance intervals.
Key HighlightsThe Global Telematics market is moderately fragmented and consists of many players actively launching new solutions to maintain market relevance. Companies such as AT&T, Verizon, and Cisco are currently actively involved in deploying telematics across regions. Manufacturers are collaborating and delivering new products, leading to the market's growth. The companies in the market are offering their telematics systems and solutions to rail electronics solutions, traffic management solutions, and fleet management.
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