Video Telematics Market Statistics
The term telematics is a combination of 2 different sectors telecommunication and informatics. It is a long distance transmission of computerized information. Video telematics usually works on the data collected by the vehicles. The data is collected by the devices installed inside vehicle. This system has evolved from simple vehicle information to pipeline of data that provides a wealth of information about the vehicle and the operator. This information contains clues which provide the information related to areas of improvement, vehicle locations, increasing fuel efficiency, reducing collisions and thus saving lives.
Currently, due to the rise of artificial intelligence (AI) and video analytics have raised the pace of innovation in this space. A video telematics system works by combining video data with the vehicle data and the camera system usually connected to the vehicle’s diagnostics port or telematics black box through hard wired connection. The system captures real-time video time video and combines it with the other vehicle specific data such as time, location, speed and a variety of other data from the vehicle’s diagnostics port.
COVID-19 scenario Analysis:
- The coronavirus (COVID-19) pandemic is still very much an issue affecting both the human life and the economy of almost every country. In addition to this, it has also taken huge percentage of people out of their vehicles, leaving their cars idle in driveways and garage. It is predicted that the telematics might be heading toward a new and shining position within the industry..
- Projections that telematics would be the dominant base for all auto programs have not materialized. There are many reasons, but maybe the COVID-19 pandemic will be the impetus that consumers and insurers need to up adoption rates. In the not-too-distant future.
- However, as per the experts, the COVID-19 may help the telematics to grow as during times of uncertainty, telematics can help leaders see trends in their business and provide a toolset to help them establish a clear path through uncertain economic times. Many organizations have supporting businesses in asset utilization, business integration, and safety. In addition to this, the telematics will also help in fleet management platform, businesses to retune and maintain cost controls to stay agile and on top of any potential business disruptions.
- Moreover, with COVID response, as local fleets practice safe service through social distancing, GPS fleet tracking enables fleet managers to plan their days down to the minute to ensure their workers can get in and out as quickly as possible, notify customers upon arrival and departure of job sites.
- The increased demand from companies that provide key supplies, like food, medicine, and protective medical equipment, has prompted an even greater sense of urgency for real-time shipment and supply chain visibility is also expected to boost the opportunity for the video telematics in the upcoming years.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Growing demand for video telematics due to its numerous benefits such as fuel saving, fleet tracking, accident prevention, immediate notifications of incidents, facilities steady improvements, reduced operational cost, improved driver engagement and retention and others drives the growth of the market. However, threats of data breaches and high cost of installations are restraining growth of this market. Furthermore, rise in the commoditization of hardware, rise in the adoption of fleet telematics and increased merger and acquisition in video telematics market is expected to boost the opportunities for the market.
Growing adoption of video telematics to reduce operational expenses:
With the implementation of video telematics, organizations are expecting a significant cost savings. The video telematics provides an obvious savings in case of accidents where drivers are exonerated. In addition to this, extra savings is gained through reduced traffic violations and associated fines which is driving its adoption.
High cost of installation:
The major challenge for the video telematics market it the high cost associated with that installation. As the initial configuration of video telematics may require a large investment as well as the maintenance for the same. In addition to that, the cost of fuel may also increase the burden for the organization. Thus, due to the high cost may hinder the growth of the video telematics market.
Rise in the adoption of fleet telematics:
From the past few years, the fleet telematics has been rising and it is expected to continue as the technology grows and develops in terms of what it offers fleets. As the technology will evolve it will generate more data types that fleets can analyze thus providing more ways to parse with the help of collected data. In addition to this, with the video telematics, organization would able to have a platform which can make sense data, provide predictive analytics and enable businesses to tackle large scale problems. Moreover, with the telematics enterprises will also have ubiquitous functionality in fleet vehicles will help reduce logistical headaches for fleets. Thus, with the adoption of fleet telematics, the opportunities for the video telematics is also expected to boost.
Key benefits of the video telematics market report:
- This study presents the analytical depiction of the global video telematics market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the video telematics market share.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The current market is quantitatively analyzed to highlight the global video telematics market growth scenario.
- The report provides detailed video telematics analysis based on competitive intensity and how the competition will take shape in coming years.
Video Telematics Market Report Highlights
By Product Type
Key Market Players
Netradyne, SmartDrive Systems, Inc., Sensata Technologies, Lightmetrics Technologies Private Limited, VisionTrack, FleetCam, Bendix Corporation, Nauto, Inc., SureCam, MiX Telematics, Lytx