According to the report published under the title “Global Automotive Telematics Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” it is anticipated to observe an annual growth of 16.4% in automotive telematics industry which is expected to reach USD 66,880.0 Million by 2023.
With the increasing trend to adopt the new technology and the enforcement of policies by the government to enhance the safety of vehicles, automotive telematics industry is propelled to grow.
The report forecasts for the period of 2017-2023, providing the in-depth analysis of the market; categorizing the automotive telematics industry into three types i.e. tethered, embedded and integrated focusing on Europe, America, Asia Pacific, Middle East & African region providing satellite navigation, vehicle safety communication, fleet management, remote diagnostics, vehicle tracking services
The key findings of the Global Automotive Telematics Market reported that vehicle tracking is the most rapidly growing segment of automotive telematics industry with the considerably increased number of the automobile. Vehicles can be tracked using the GPS receiver and electronic devices installed in the vehicles. A large number of passenger vehicles are also installing the technology of safety communication. For connected vehicles systems-on-chips (SoCs) are also observed to be installed, making telematics more secure.
The challenge for the companies is to innovate without compromising safety and privacy.