Insurance Telematics Market Outlook, Growth Factors, Industry Share, and Size By 2032
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Insurance Telematics Market
Outlook, Growth Factors, Industry Share, Size By 2032 Automobile insurance businesses utilize telematics insurance to keep tabs on their customers' driving habits in real time and, as a result, adjust their prices accordingly. It consists of establishing up a device, referred as a Black Box, in the car, which monitors and stores its many data including speed, braking patterns, driving style, distance, as well as the type of road one drives. This technology is having the capability to basically modify how auto insurance claims are processed, how risks are selected, and how fraud is detected. Numerous research & advances are being undertaken toward boosting its application globally. Innovations in telematics technology, including GPS systems, mobile telecommunications, and data analytics, have made it feasible for insurers to collect and analyze real-time data on vehicle usage and driver behavior.
According to Straits Research, the global insurance telematics market size was valued at USD 3.76 billion in 2023. It is expected to reach USD 17.36 billion in 2032, growing at a CAGR of 18.53% over the forecast period (2024-32).
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Insurance Telematics Market $17.36
CAGR 18.53%
USD Billion
$3.76
USD Billion
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2023
2032
Insurance Telematics Market Main Market Players Covered in This Report:
A Summary of the Impact of COVID-
ü Intelligent Mechatronic System
19 on this Market:
ü Meta System S.p.A ü Agero Inc.
The appearance of COVID-19 has transported the globe to a halt. We understand that this health
ü Masternaut Ltd.
disaster has brought an unprecedented impact on
ü Octo Telematics S.p.A
businesses across industries. However, this too
ü Aplicom
shall pass. Growing support from governments
ü Verizon ü MiX Telematics Ltd. ü TomTom Telematics BV ü IMS
and various companies can benefit in the fight against this highly transmissible disease. There are some businesses that are struggling and some are thriving. General, almost every sector is anticipated to be stuck by the pandemic
Insurance Telematics Market The Insurance Telematics Market has been segmented as below: ü By Technology •
OBD-II
•
Smartphone
•
Hybrid
•
Black-box
ü By Type •
Pay-as-you-drive
•
Pay-how-you-drive
•
Pay-as-you-go
We are taking nonstop efforts to help your business sustain and cultivate during COVID-19 pandemics. Based on our knowledge and expertise, we will provide you an impact analysis of coronavirus outbreaks across businesses to help you prepare for the future. Thanks for reading this article; you can also get distinct chapter-wise sections or region-wise report versions like Asia, US, Europe, Africa, etc.
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