Currently, due to the rise of artificial intelligence (AI) and video analytics have raised the pace of innovation in this space. A video telematics system works by combining video data with the vehicle data and the camera system usually connected to the vehicle’s diagnostics port or telematics black box through hard wired connection. The system captures real-time video time video and combines it with the other vehicle specific data such as time, location, speed and a variety of other data from the vehicle’s diagnostics port.
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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.
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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.
Companies Covered:
- AT&T Inc.
- Geotab Inc.
- Verizon Telematics
- Cisco Systems Inc.
- Microlise Group Ltd.
- Inseego Corp.
- Octo Telematics Ltd.
- Mix Telematics International Ltd.
- Tom Tom Telematics BV
- PTC Inc.
- Masternaut Limited
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