High demand for big data analytics and related services is anticipated to be the primary factor that drives the consumer telematics market growth. Communication technologies and services that enable transfer of large data volumes in passenger vehicles on a real-time basis are referred to as consumer telematics. Vendors are focused on providing consumer safety via superior vehicle tracking products and services.
Proliferation of cloud-based services to deliver a highly personalized experience to the customer is also expected to positively impact the consumer telematics market demand over the foreseeable future. In addition, vendors also emphasize on developing interactive customer feedback systems that utilize cloud-based information. High demand for more personalized systems that help minimize driver cognitive load through filtration of intelligent data provides avenues for market growth. Decline in connectivity costs and high speed internet technologies such 4G and 3G may also catapult market demand over the forecast period.
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Increased usage of mobile communications has set the stage for property and casualty insurers to develop a mutually beneficial relationship with policy holders. This has been more evident in the auto/motor insurance sector, which has witnessed the advancements in machine-to-machine (M2M) communication or telematics segment, generating data that helps assess risks and rewards for policyholders adhering to safe driving practices. Telematics and associated analytical tools are expected to help streamline and automate claim processes with real-times triggers and alerts. This will help reduce expenses for the insurers, and is estimated to drive the consumer telematics demand substantially.
Automobile manufacturers are known to provide connected vehicle services to the consumers, which primarily include GPS, roadside assistance, emergency notifications, etc. However, rising penetration of both smartphones and embedded telematics devices with vehicle connectivity systems are expected to impel the advanced consumer telematics demand over the forecast period.
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Companies are now focusing on providing customized products and services owing to advancements in technology that allow capturing meaningful insights from customer behavior analyzed through various means such as connected cars, smartphones, etc. High volume of vehicles embedded with telematics may drive down device cost and encourage innovation, which is further expected to impel the consumer telematics market growth over the next few years. Advancements in mobile application software, mobile technology and ubiquitous connectivity have significantly reshaped the consumer telematics industry. Smartphones today exhibit capabilities such as accelerometers and GPS, which further provides avenues for market growth.
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