According to the market intelligence report by BIS Research tilted, ‘Global Automotive Telematics Market- Analysis and Forecast (2017-2021)’, the market will grow tremendously, driven by a number of factors such as increasing safety and security regulations, rising disposable incomes, lower cost of connectivity, and increased market penetration rate of smartphones. The market players in this industry are aiming for an increased number of product launches and collaborations to expand their operations and prevent the new companies from emerging as the future competitors.
In February 2018, Cloudera Inc., the modern platform for machine learning and analytics, announced their partnership with Octo Telematics, a global leader in telematics for insurance companies. The objective of the partnership is to introduce innovations for insurance companies by aggregating 186 billion miles of driving data from connected cars and using Cloudera Enterprise to predict and model driver risk. Utilizing machine learning and analytics on Cloudera Enterprise, the Octo Telematics platform can deliver actionable insights and risk modeling to over 100 insurance company worldwide that enables them to transform insurance including pricing, First Notice of Loss (FNOL), and claims insights.1
In February 2018, one of the prominent market player, Qualcomm Incorporated, announced that its subsidiary Qualcomm Technologies is working with an ecosystem leading carmakers and automotive suppliers to accelerate the commercial introduction of Cellular Vehicle to everything (C-V2X) technology using the Qualcomm V2X chipset solution. C-V2X is a global solution for V2X communications, designed to support improved automotive safety, automated driving, and trade efficiency. Further, C-V2X is a solution to both deliver-direct and network-based communications to fulfill a growing set of safety and informational use.2
Last year, in October 2017, Octo Telematics, the number one global provider of telematics for the auto insurance industry, announced in a press release that they are acquiring the usage-based insurance (UBI) assets of Willis Towers Watson. The companies’ aim is to develop a strategic alliance with Willis Tower Watson on additional auto telematics opportunities to enhance both companies’ suite of products and services. The partnership focused on the development of algorithms and or other analytical tools to provide actionable intelligence based on accurate analysis of data.
To maintain the competition in the market, the prominent market players have undertaken various initiatives such as new products and services, pricing strategies, market initiatives, and developing and extending the product lines. Some of the key players in this industry are Robert Bosch Gmbh, Continental AG, AT&T Inc., Verizon Communications Inc., Wireless AB, and Octo Telematics SpA.