Commercial Telematics Market to Grow at 18.0% CAGR Until 2020: Transparency Market Research
ALBANY, New York--Transparency Market Research has announced the publication of a market research report titled “Commercial Telematics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” The report finds that the global commercial telematics market will register a healthy CAGR of 18.0%, as it grows from US$14.67 billion in 2013 to US$46.18 billion by 2020.
Much of this growth can be traced to active use of commercial telematics in industries such as insurance, transportation, and logistics. As of 2013, North America ranked as the single largest market for commercial telematics, accounting for a 31.9% share globally in terms of revenue. Factors such as the early adoption of technology and high internet penetration put North America in a leading position in the commercial telematics market.
The TMR research report segments the commercial telematics market by: Type, application, end-use industry, and geography.
The commercial telematics market by type was led by the after market telematics segment at 59% (by revenue) in 2013. However, extensive collaboration between automobile manufacturers and telematics service providers will result in the OEM telematics segment growing the fastest (by type) over the forecast period of this report.
By application, the global commercial telematics market is segmented as: Satellite navigation, fleet/asset management, infotainment, telehealth solutions, insurance telematics, remote alarm and monitoring, and others. Over the forecast period of this report, insurance telematics is poised to show the fastest growth in the global commercial telematics market by type.
This report also comprises detailed profiles of leading names in the global commercial telematics market, including: Trimble Navigation Ltd, Verizon Communications Inc., Masternaut Limited, and MiX Telematics Ltd.
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