Video Telematics Market – Growing Trade Among Emerging Economies Opening New Opportunities

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 video telematics 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.  

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.

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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. 

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. 

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. 

Key Market Players:

  • Sensata Technologies
  • MiX Telematics
  • Lytx
  • Netradyne
  • Lightmetrics Technologies Private Limited
  • SureCam
  • SmartDrive Systems, Inc.
  • VisionTrack
  • Nauto, Inc.
  • FleetCam
  • Bendix Corporation

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