The Telematics Market size is estimated at USD 48.10 billion in 2024, and is expected to reach USD 77.64 billion by 2029, growing at a CAGR of 10.05% during the forecast period (2024-2029).
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 safety and other aspects of personal service. Observing driving behavior, vehicular health, and maintenance intervals, telematics can minimize unwanted incidents, like accidents and downtime, fueling the market growth.
The Global Telematics market is semi-consolidated 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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