Tuesday, September 26, 2017

Telematics market to hit US$2.21bn by 2020

A report recently published by MarketsandMarkets has predicted that the global insurance telematics market will reach US$2.21 billion in 2020 from US$857.2 million in 2015, growing at a rate of 20.9%.

Consumer enthusiasm for in-car connectivity, the growth of smartphone penetration and an increase in regulations and regulatory compliance are among the factors cited for the forecast growth of the telematics markets.

Among the regions, North America and Europe will continue to be the biggest markets until 2020, mainly due to the two regions’ dynamic insurance market environment coupled with the growing need for new innovative insurance plans.

The report added that the Asia-Pacific region is also witnessing a record growth in terms of demonstrating and adopting insurance telematics applications

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