LONDON–(BUSINESS WIRE)–Technavio has been monitoring the commercial telematics market, operating under the information technology industry. The latest report on the commercial telematics market, 2020-2024 estimates it to register an incremental growth of USD 23.15 bn, at a CAGR of almost 10% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Bridgestone Corp., Continental AG, General Motors Co., Geotab Inc., Omnitracs LLC, Trimble Inc., Verizon Communications Inc., Visteon Corp., Volkswagen Group, and Volvo Group are among some of the major market participants.
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The increasing adoption of driver assistance systems has been instrumental in driving the growth of the market. Vendors are focusing on the development of usage-based insurance (UBI) in connected cars and smart apps, which will also contribute to the growth of the commercial telematics market. However, the complexity of telematics software and hardware design might hamper market growth.
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Commercial Telematics Market 2020-2024: Segmentation
Commercial Telematics Market is segmented as below:
Commercial Telematics Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The commercial telematics market report covers the following areas:
This study identifies the growth of embedded telematics solutions as one of the primary trends anticipated to boost the Commercial Telematics Market growth during the next few years.
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