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Insurance Telematics Market by Deployment Type, End User, and by Region - Global Forecast and Analysis to 2020

Insurance Telematics Market: Global Forecast until 2020

  • December 2015
  • 107 pages
  • ID: 3605436
In this report:
The table given above highlights the market size by end user in the U.K. The market size of SMEs in the U.K is expected to grow from USD ##.## million in 2015 to USD ##.## million by 2020, at a CAGR of ##.##% during the forecast period.
The table given above highlights the market size by end user in the U.S. The market size of SMEs in the U.S. is expected to grow from USD ##.## million in 2015 to USD ##.## million by 2020, at a CAGR of ##.##% during the forecast period.

Summary

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"Smartphone penetration and consumer's enthusiasm for in-car connectivity to drive the insurance telematics market"

The insurance telematics market size is forecasted to grow from $857.20M in 2015 to ~$2.2B in 2020, at a CAGR of 20.90 percent. Consumer's enthusiasm for in-car connectivity and rise of smartphone penetration in insurance and automobile industry are among the factors driving the insurance telematics market. The other factor driving the increase of the insurance telematics market is the growth in regulatory compliances and regulations. Moreover, the industry is anticipated to be driven by opportunities including the rise in IoT and rised demand for telematics solutions in insurance and automotive market.

"Large enterprises are expected to contribute the largest portion of market share duing the outlook period"

Due to the emergence of digital channels and evolution of technological advancement in cloud and mobile business operations, data infringement issues, and operational risks, big enterprises are investing heavily in these solutions to simplify their insurance process and sustain opposing advantage. Insurance telematics cloud deployment is anticipated to grow with the maximal rate between 2015 and 2022. On the other hand, on-premises deployment is forecasted to contribute the largest part of market share during the estimate period.

Asia Pacific (APAC) is anticipated to be the quickest increasing sector in the insurnace telematics market

In terms of regions, the insurance telematics market is broken down into five main regional segments, that is, North America (NA), Asia-Pac, EU, Latin America area, and Middle East (ME) and African continent. Out of the five main regions, Asia-Pacific is likely to lead the sector in terms of market increase, succeeded by Latin America area. Because, North America continent will continue to have the biggest market share during the outlook period. Nevertheless, the increased need to introduce innovative insurance plans including UBI, PAYDAYS, and PHYD and induce control and visibility mechanisms has led to a wider demand among insurance and automotive enterprises for insurance telematics applications in the Asia-Pacific regions.

Key players' distribution profiles:

In the process of finding out and checking the market value for various segments and subsegments gathered using secondary research, extensive primary audit sessions were performed. Several top people in Tier 1, Tier 2, and Tier 3 firms were contacted for primary Q&A. The interviews were managed with CEOs, CIOs, vice presidents, marketing directors, insurance telematics technologists, and other innovation and technology directors and executives from numerous main institutions operating in the insurance telematics marketplace. Primary Q&A were performed worldwide covering North America, Europe (EU), Asia-Pac, MEA, and Latin America area.

Distribution of primary interviews is like

By Company Type: Tier 1 55.0 percent, Tier2 - 20.0 percent, and 1/3 3 - 25.0 percent

By Designation: C-Level - 60.0 percent, Director Level - 25.0 percent, and Others*-15%

By area: North america (NA) - 10.0 percent, Europe - 20.0 percent, Asia-Pacific - 40.0 percent, and rest of the world - 30.0 percent

Note: *Others contain sales managers, marketing managers, and product managers

The 1/3 of the companies, the tiers of the corporations is defined on the basis of their final revenue, as of 2013: Tier 1 = >USD 10 billion, Tier 2 = $1.0B to $10.0B and Tier 3 =

The analysis will facilitate the market top players/new sector entrants in this sector in these ways:

1. This document breaks down the insurance telematics market comprehensively and offers the best approximations of the revenue data for the global market and the subsegments across several verticals and localities.

2. The market research benefits partners to comprehend the pulse of the sector and offers them information on main market drivers, market restraints, opportunities, and alternatives.

3. This industry report will facilitate partners to better find out the players and obtain additional insights to better their rank in the business sector. The competitive outlook section includes competitor landscape, new industry product developments, alliances, mergers and acquisitions.

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