Insurance Telematics Market Forecast To 2033 : Trends, Segmentation, Product Type, Technology And Key Players

Overview and Scope
Insurance telematics refers to the use of technology, such as GPS-based devices or mobile apps, to monitor and assess the driving behavior and patterns of policyholders. It is utilized to allow insurance companies to create usage-based insurance (UBI) schemes that appropriately price premiums and policies based on individual driving behaviors.

Sizing and Forecast
The insurance telematics market size has grown rapidly in recent years. It will grow from $3.43 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to government regulations and mandates, advancements in telematics technology, rising concerns over road safety, increasing awareness of insurance fraud, demand for personalized insurance solutions.

The insurance telematics market size is expected to see rapid growth in the next few years. It will grow to $7.59 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to integration with connected car ecosystem, emergence of autonomous vehicles, growing demand for usage-based insurance (UBI), expansion into emerging markets, rising focus on environmental sustainability. Major trends in the forecast period include integration of advanced analytics and AI, expansion of telematics offerings to commercial lines, partnerships and collaborations, focus on data privacy and security.

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The insurance telematics market covered in this report is segmented –

1) By Type: Pay-As-You-Drive (PAYD), Pay-How-you-Drive (PHYD), Manage-How-You- Drive (MHYD)
2) By Technology: On-Board Diagnostic II (OBD-ll), Smartphone, Hybrid, Black-Box
3) By Deployment: On-premise, Cloud
4) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises
5) By Vehicle Type: Light-Duty Vehicles (LDV), Heavy-Duty Vehicles (HDV)

Europe was the largest region in the insurance telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising adoption of connected cars is expected to propel the growth of the insurance telematics market going forward. Connected cars refer to vehicles equipped with advanced communication systems and internet connectivity, enabling them to interact with other devices, networks, and services both within and outside the vehicle. The factors driving the rise of connected cars include the continuous advancements in mobile technology and their ability to collect and utilize data for predictive maintenance. Connected cars give a multitude of real-time information about driving behaviors and factors like speed, distance, location, braking, and acceleration. This data, obtained via connected car systems and telematics technology, allows insurers to assess individual driver behavior correctly, modify insurance premiums based on actual driving behaviors, and provide usage-based insurance (UBI) programs. For instance, in January 2023, according to the IEEE Communications Society, a US-based technical professional organization, the number of connected vehicles globally is set to grow from 192 million this year to more than 367 million in 2027. Furthermore, in February 2022, according to Automotive News, a weekly newspaper owned by Crain Communications Inc., a US-based media company, Tesla achieved global sales of 936,172 vehicles in 2021, marking an 87.4% increase compared to the previous year. Therefore, the rising adoption of connected cars is driving the growth of the insurance telematics market.

Key Industry Players
Major companies operating in the insurance telematics market are Verizon Communications Inc., Axa SA, Vodafone Group Plc, AllState Insurance Company, Progressive Corporation, Liberty Mutual Insurance Company, Zurich Insurance Group, Unipolsai Assicurazioni S.p.A., Trimble Inc., LexisNexis Risk Solutions, Viasat Group, Towergate Insurance, Agero Inc., TomTom International BV., Sierra Wireless Inc., MiX Telematics, Octo Telematics S.p.A., Meta System S.p.A., IMS (Intelligent Mechatronic Systems Inc.), Masternaut Limited, Cambridge Mobile Telematics, Imertik Global Inc., Otonomo, Aplicom Oy, DriveQuant

The insurance telematics market report table of contents includes:

1. Executive Summary

2. Insurance Telematics Market Characteristics

3. Insurance Telematics Market Trends And Strategies

4. Insurance Telematics Market – Macro Economic Scenario

5. Global Insurance Telematics Market Size and Growth
…….

32. Global Insurance Telematics Market Competitive Benchmarking

33. Global Insurance Telematics Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Insurance Telematics Market

35. Insurance Telematics Market Future Outlook and Potential Analysis

36. Appendix

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