The growing importance of connectivity and safety, has led to the integration of computer processing and wireless communication technologies forming a system called telematics. Besides this, increasing market penetration of smartphones, increased availability of bandwidth, growing demand for plug-in vehicles, and low cost of connectivity are proliferating the market sales. Octo U – an app developed by Octo Telematics – was released, and it visualises driving scores, using GPS, by building a driver risk profile, i.e. how long a journey takes, or how well you handle corners, acceleration and braking.
The app then continuously updates the profile as it is used. “What we’re launching today with Octo U is the C2B [customer to business] element of how we connect customers back to insurance companies,” via the app, said Hewett.
With the growing popularity of this market, BIS Research has published a report titled, Global Automotive Telematics Market, Estimation & Forecast 2016-2022 incorporating a broad classification of the market into connectivity type, service, vehicle type, distribution channel, and geography. The market numbers play an important role in the industry, following which a proper market sizing & estimation has been done for the industry. Global market sizing and estimation in terms of revenue generated and volume of the units shipped have been included in the report. According to the analysts, the market is estimated to grow over $55 billion by 2022 at a CAGR of 21.1% through 2016-2022, with North America leading the market.
The report includes a detailed chapter on the market dynamics, including the key driving and restraining forces, along with viable opportunities for the global automotive telematics market through the forecast period. Moreover, having identified the potential for further development in the form of product launches, acquisitions, and partnerships among others, the report has included a separate section of the detailed competitive landscape.
The recent activities of the key players in this market have also been tracked in the form of company profiles. Some of the key companies covered in the report are Robert Bosch GmbH, Continental AG, AT&T Inc., Verizon Communications Inc, TomTom NV, Mix Telematics Ltd, Octo Telematics SpA, Delphi Automotive PLC.
