Global commercial telematics market ‘worth US$47.58 billion by 2020’

According to research company MarketsandMarkets, the market for commercial telematics is expected to grow from US$20.02 billion in 2015 to US$47.58 billion by 2020. In terms of regions, Europe is expected to be the largest market in terms of market size, while Middle East & Africa and Asia-Pacific (APAC) are expected to experience an increase in market traction, during the forecast period. Latin America is expected to experience a high growth rate and adoption trend in this market.
September 9, 2015 Read time: 2 mins
According to research company 6418 MarketsandMarkets, the market for commercial telematics is expected to grow from US$20.02 billion in 2015 to US$47.58 billion by 2020.

In terms of regions, Europe is expected to be the largest market in terms of market size, while Middle East & Africa and Asia-Pacific (APAC) are expected to experience an increase in market traction, during the forecast period. Latin America is expected to experience a high growth rate and adoption trend in this market.

The report segments the global market into various sub-segments with in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with insights into trends, opportunities, and challenges.

Navigation, communication, safety, and vehicle problem diagnostics have always been the concern areas of vehicle drivers, transporters, and passengers. The advent of technology provided a fitting solution to these concerns, the commercial telematics solutions.

The commercial telematics market comprises companies which provide the customers with solutions and services that cater to their navigational, vehicular communication, safety and security, and similar needs. Companies such 609 Volvo, 1623 Telogis, and 748 MasterNaut provide advanced onboard and portable systems for the commercial telematics market, which has been a growing trend since the past decade as a result of the decreasing costs of connectivity throughout the globe. In addition, with the development of technologies such as VoIP, LTE and others, the telematics market is expected to show further growth in the coming years.

Consumer and enterprise demand for telematics devices has increased over time. Enterprises are continuously leveraging the benefits of telematics such as GPS fleet tracking to help streamline overall operations and detect anomalies, vehicle safety, and fleet management. In the consumer segment the majority of applications are automotive navigation, infotainment solutions, real-time vehicle information and reporting. The continuous increase in vehicle production and increased use of infotainment devices would play a crucial role in the growth of the telematics market.

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