Commercial telematics is a technology that connects computers and telecom services and allows the transfer of large amounts of information in vehicles in real-time. The telematics products utilized by light, medium, and heavy commercial vehicles are the key components of the global commercial telematics market. The rising trend of strategic partnerships between telematics service providers and automobile manufacturers has boosted this market significantly over the past few years. The increasing penetration of this technology in various other industries such as healthcare and insurance is likely to provide an opportunity-rich market to participants in the near future.
A research report on the global commercial telematics market, published by Transparency Market Research (TMR), estimates the market to expand at a CAGR of 18.0% during the period from 2014 and 2020. In 2013, the market stood at US$14.67 bn and it is expected attain a value of US$46.18 bn by the end of the forecast period.The research report is titled “Commercial Telematics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
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The healthcare, transportation and logistics, construction, insurance, government and utilities, and manufacturing industries have been identified as the major end users of commercial telematics in this research report. The demand for commercial telematics is the highest from transportation and logistics segment. In 2013, the segment accounted for a share of 55% in the overall demand generated in the market. Analysts expect this trend to continue over the forecast period, notes the study.
Regionally, the global market for commercial telematics has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. North America dominated the overall market in 2013. The high adoption rate of commercial telematics solutions in various sectors such as government, logistics, transportation, and utilities owing to the soaring internet penetration in this region, has propelled this market in North America significantly in the recent past. However, Europe is likely to record the fastest growth in this market during the forecast period. eCall and several other initiatives by the European Union are likely to fuel the demand for commercial telematics in this region over the next few years.
The market for commercial telematics is also expected to gain impetus in Asia Pacific as the demand from economies such as Japan, India, China, and Australia is likely to increase in the coming years, states the market report.