Global Consumer Telematics Market Trends
- Growing desire for an improved driving experience
Government laws in several countries, including China and Brazil, mandate that all cars have telematics installed. Furthermore, there is an increasing need for consumer telematics solutions in these areas due to increased concerns about car security and safety tracking.
- Collaborations and agreements in technology
Automakers and insurance companies have allied thanks to telematics in the last several years as both sectors have come to understand the significance and potential of telematics. Automakers have found that employing telematics is advantageous because it allows them to maintain the customer's trust regarding fuel efficiency and safety.
- Growing interest in big data analytics
Another primary driver propelling the global market's growth is the rising need for big data analytics and related services. Additionally, the spread of cloud-based services, which provide end users with a tailored experience, is anticipated to increase the market's demand.
However, it is projected that the high cost of consumer telematics equipment, increased hacker activities, and inadequate internet connectivity in underdeveloped nations will impede the worldwide market's growth.