There’s a pretty strong general consensus that telematics usage is growing at an impressive rate, but there’s not much in the way of agreement about how fast that growth is and how long it can be maintained. That’s why we have to rely on studies to give us a better insight and according to the latest one to hit the web, the Global Commercial Vehicle Telematics Market 2-14-2018, over the next two years we’re going to see just over a 16.5 per cent compound annual growth rate (CAGR).
This latest report was put out by Infiniti Research Limited and uses data drawn by TechNavio analysts, to give a comprehensive forecast of the next few years of telematics, taking into consideration information from 2013 and the first half of 2014 to make predictions on future growth. The CAGR is ultimately suggested to be 16.57 per cent over the next few years, though that seems somewhat conservative.
According to the report’s summary, it: “covers the present scenario and the growth prospects of the Global Commercial Vehicle Telematics market for the period 2014-2018.” To do this, it broke down the telematics industry into three distinct types of commercial vehicle telematics systems available in the market at this time. Those include: embedded telematics systems, portable telematics systems, and smartphone-based telematics, which are essentially applications that make use of a smartphone’s internal hardware to draw the data.
Along with market data drawn from different markets around the world, TechNavio spoke to several key industry experts to make its report. Vendors broached for their comments include: Google, ActSoft, FleetBoard, iTrack, Kore Telematics, M2M telematics, NetStar, TeleNav, Wireless Car and many others.
Some key questions also answered in the report (and by many of the experts) include:
- What will the market size be in 2018 compared to today?
- What are the key market trends?
- What is driving the current telematics market?
- Who are the key vendors and what are their strengths and weaknesses?
It also breaks down individual regions around the world, such as the Americas, Asia and the Pacific, giving detailed reports on the growth of telematics in those markets, particularly in the commercial sector, as well as looking at the world as a whole and how the use of telematics has increased over the past few years thanks to a number of factors, including: usage based insurance policies, young drivers driving adoption and commercial fleet managers seeing huge savings by implementing it in their vehicles.
The 91 page report can currently be purchased with a single user license over at ReportStack for $2,500, though if you want to use it across an entire site, it’ll cost a little more at $2,800. For a full corporate license, you’ll have to go the whole hog and dish out $3,500.
I’m sure that’s a bit too pricey for most of our readers, so how about we produce our own little report here? What are some of the big trends in telematics that you guys see taking place over the next few years? Do you think 16.5 per cent is a little low, or is growth going to be quite steady in that respect? Let us know in the comment section below.
Imag source: MBWA PR