Insurance telematics accounts for around 10% of the overall market share of the global commercial telematics market, according to an industry report available from Hexa Research. The segment is expected to see a high demand for commercial telematics over the coming years due to increased demand for safety and the desire to reduce loss from accidents. According to the report, the global commercial telematics market is expected to reach US$114.28 billion by 2025, thanks to the swift penetration of smart connectivity systems in passenger cars, as well as commercial vehicles. Among the key factors contributing to the market’s growth are forecast software developments that will increasingly link smartphones to the vehicle to improve drive quality, increase road safety and monitor real-time positioning of automobiles to avoid congestion in case of emergency situations. In a similar manner, features such as vehicle tracking, fleet management, satellite navigation and wireless vehicle safety will ensure improved ride quality.
around 10% of the global commercial telematics market is accounted for by insurers, according to a report by Hexa Research. The report forecasts use of insurer telematics will rise amid growing demand for devices that can improve driver safety and reduce accidents. Advances in software that make it easier to record telematic data on smartphones are also expected to boost adoption of the technology.