Global Insurance Telematics Strategic Business Report 2023: Market to Reach $13.1 Billion by 2030 - Shift Towards Recurring Revenue Streams Makes 'Software' an Indispensable Platform

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Oct 05, 2023, 13:30 ET

DUBLIN, Oct. 5, 2023 /PRNewswire/ -- The "Insurance Telematics - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global Insurance Telematics Market to Reach $13.1 Billion by 2030

The global market for Insurance Telematics estimated at US$3 Billion in the year 2022, is projected to reach a revised size of US$13.1 Billion by 2030, growing at a CAGR of 20% over the analysis period 2022-2030.

Software, one of the segments analyzed in the report, is projected to record 20.8% CAGR and reach US$9 Billion by the end of the analysis period. Growth in the Hardware segment is estimated at 18.4% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1 Billion, While China is Forecast to Grow at 18.4% CAGR

The Insurance Telematics market in the U.S. is estimated at US$1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2030 trailing a CAGR of 18.4% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.1% and 17.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 22.7% CAGR.

What's New?

Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and trademarked research platform
Complimentary updates for one year
Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

MARKET OVERVIEW

COVID-19 Pandemic Accelerates Insurance Digitization
Challenges for Digital Acceleration
Pandemic Impact: Financial Challenges & Digital Opportunities for Insurance Industry
Rise of Insurtechs Threatens Technologically Inefficient, Traditional Insurance Companies
Insurtech: Playing Key Role in Digital Innovation during Pandemic
Impact of the Pandemic on the Automotive Industry
Passenger Car Production YoY % Growth in Major Regional Markets in 2020
Competitive Scenario: Insurance Companies Eye Emerging Technologies
Insurance Telematics - Global Key Competitors Percentage Market Share in 2023 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
Global Insurance Telematics Market Set to Gallop & Move Ahead Break-Free: Prospects & Outlook
Eye-Catching Dynamics Adding to Velocity of Global Insurance Telematics Market
Analysis by Offering
World Insurance Telematics Market by Offering (2023 & 2030): Percentage Breakdown of Revenue for Software, and Hardware
Analysis by Type
World Insurance Telematics Market by Type (2023 & 2030): Percentage Breakdown of Revenue for Pay-As-You-Drive, Pay-How-You-Drive, and Pay-As-You-Go
Analysis by End-Use
World Insurance Telematics Market by End-Use (2023 & 2030): Percentage Breakdown of Revenue for Passenger Cars, and Commercial Vehicles
Regional Analysis
World Insurance Telematics Market by Region: Percentage Breakdown of Revenues for Developed and Developing Regions (2023 & 2030)
World Insurance Telematics Market - Geographic Regions Ranked by CAGR (Value) for 2022-2030: USA, Europe, Japan, China, Asia-Pacific, Canada, and Rest of World
Insurance Telematics: A Prelude
Benefits of Insurance Telematics
Applications
Telematics to Disrupt Other Insurance Sectors
Challenges
Recent Market Activity

MARKET TRENDS & DRIVERS

Need to Reduce Vehicle Insurance Costs & Risks Drives Interest in Telematics Usage-Based Insurance
Effect of Telematics on the Insurance Industry
Insurance Sector & Technological Sophistication: The Evolution over Years
Prioritizing Digital Engagement: Adapting to a New Normal
Vehicle Telematics: A Boon for Fleet Management Function
Growing Lenience towards Digital Lifestyles Widens Prospects
Global Market for Smartphones in Billions: 2016-2021
Smartphone Penetration Rate as Share of Total Population: 2016-2021
V2X Technology Improves Vehicle Telematics
Shift towards Recurring Revenue Streams Makes "Software" an Indispensable Platform for Insurance Service Provisioning
Automobile Industry's Migration towards New Recurring Revenue Streams to Make Software the Platform for Enabling In-Car Services: Global % Breakdown of Automobile Industry's Profits by Revenue Streams for the Years 2017 & 2030
Telematics Software: A Key Component in Modern Automotive Vehicles
Global Vehicle Telematics Market Size (in US$ Billion) for the Years 2020, 2023 and 2026
Cloud Environment Offers the Benefit of Reduced Development Cycle Times for Automotive Software Solutions
Adoption of On-Board Vehicle Health Monitoring & Diagnostic System Drives Growth
Digital Drive Across Sectors Forces Telematics Penetration in Insurance Sector
Insurance Telematics Adoption on the Rise in Automotive Industry
Usage Based Insurance (UBI) and Telematics: Future Trends
Delving into Upsides & Downsides of Telematics Insurance
Insurance Industry: A Cradle of Innovation
Healthy Trajectory in IoT Vertical to Steer Insurance Telematics
Global Number of IoT Connected Devices (In Billion Units) for the Years 2016, 2018, 2020, 2022 & 2025
Global IoT Spending: Percentage Breakdown by Industry Vertical for the Year 2022E
Pocket-Full of Lucrative Opportunities in Commercial Telematics Market
Telematics Comes with Bundle of Perks for Commercial Auto Insurance
Notable Merits of Telematics for Commercial Auto Insurance
Telematics for Commercial Auto Insurance: Key Challenges
Smart Cities Poised to Drive Demand
World Smart Cities Market Revenues (in US$ Million) by Geographic Region for the Years 2020 & 2025E
Traditional Insurance: A Major Challenge for the Telematics Vertical
Hacking Emerges Into a Potent Threat to Privacy & Data Security

FOCUS ON SELECT PLAYERS (Total 66 Featured)

Agero Inc.
AllState Insurance Co.
Axa SA
Cambridge Mobile Telematics
DriveQuant
Imertik Global Inc
IMS (Insurance & Mobility Solutions)
LexisNexis Risks Solutions
Masternaut Limited
Meta System S.p.A.
Octo Group S.p.A
Sierra Wireless
The Floow Limited
Unipolsai Assicurazioni SpA
Verizon
Vodafone Automotive SpA

For more information about this report visit https://www.researchandmarkets.com/r/77s02v

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