Telematics technology is strengthening its roots in the global societies even better than before. The increasing responsiveness of the customers has led the market to grow at rapid pace.
Telematics is mainly a concept that synchronizes the commercial vehicle with the telecommunication infrastructure through wireless connectivity. The technology can also be termed as a fusion of telecommunication network and technologies to provide various solutions. Telematics bring different telecom devices into play for sending, receiving and managing information into the vehicle. The culture of adopting Telematics technology with the aim to mitigate business expenses by saving fuel costs, but many companies use Telematics to mitigate their long-haul commercial vehicle insurance expenses as well.
Connectivity through Telematics can vary from machine-to-machine or machine-to-human depends upon the obligations and business nature. The primary use for installing Telematics in commercial vehicle is to tracking, navigation through satellite and ensuring to stamp out security concerns of drivers and passengers. The Telematics market is further segmented into services (safety, navigation, and information), products (Embedded, portable and integrated Telematics system) and vehicle (light and heavy weight commercial vehicles, private vehicles).
According to market research company (Visiongain), the market for global commercial vehicle Telematic got the mark of $11.2 billion in 2014 resulting in lifting up the demand of tracking and security of logistics that will lead to deep prevalence within commercial fleet vehicles. Telematic technology was first adopted by huge trucks industry in the U.S., but non-trucking commercial fleet vehicles is likely to enhance their vehicles counts with Telematic technology to become equivalent with the trucking industry at the end of 2014. However, Non-trucking industry is forecasted to lead the global commercial fleet vehicle by equipping 50 million units with Telematic technology till 2019.
Non-trucking industry mainly consist of numerous verticals for instance utilities and services, private vehicles (taxis, rental cars and private cars), emergency services, local delivery markets, government and public divisions and public transportation. All of these economical vertical are experiencing similar issues such as rising fuel expenses, need to augment vehicle fleets, curtail down the payroll expenses and strongly adhere to care requisites to their workers.