Insurance Telematics Market Expected to Reach $13.78 Billion By 2030

Insurance Telematics Market Expected to Reach $13.78 Billion By 2030

NEW CASTLE, DE, UNITED STATES, February 11, 2025 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global insurance telematics market generated $2.37 billion in 2020, and is projected to reach $13.78 billion by 2030, witnessing a CAGR of 19.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

▶️ 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/request-sample/A12744

Increasing need for insurance telematics across the insurance & automotive sector, growing demand for regulatory compliance, and rise in adoption of IoT drive the growth of the global insurance telematics market. However, lack of awareness toward insurance telematics and privacy & security concerns restrain the market to some extent. On the other hand, increasing innovation in the automotive industry and untapped potential in emerging economies present new opportunities in the upcoming years.

Factors such as accurate pricing, risk reduction, increased efficiency, and faster decision-making for policy administration, actuarial & underwriting, billing & claims of auto insurance propels growth of the global insurance telematics market. Insurance telematics comprises both hardware and software through which services are delivered. The demand for insurance telematics is growing exponentially, owing to several benefits such as personalized driving feedback, safe-driving rewards & car insurance savings, and the benefit of pay-per-mile car insurance.

Furthermore, the global insurance telematics market is in its developing phase, and exhibits high growth potential, owing to rapid innovations in the automotive industry, rise in need for operational efficiency & transparency in auto insurance policy, and surge in demand for advance technology & devices among insurance and automotive sectors.

▶️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/74e793e932b793c47e1e72917f3e00bd

By type, the pay-as-you-drive (PAYD) segment is acquired major insurance telematics market share, as it provides insurance discounts on driving smaller distances and ability to control premium costs. Moreover, encouragement to consumers to drive less and maintain vehicles for a long-term is expected to increase demand for PAYD in the global market.

Region wise, Europe dominated the market in 2020, and is expected to maintain the insurance telematics market trends during the forecast period. This is attributed to the fact that insurance companies are switching toward telematic technology, owing to increase in pressure evolving from regulators, customers, and competitors toward advancements in existing business models. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, as several insurance companies & automotive sectors are adopting & heavily investing in insurance telematics devices & technology to boost business efficiency, enhance transparency in auto insurance claim settlements, and provide real-time driving information to customers.

Key Findings of the Study

By offering, the software segment led the insurance telematics industry, in terms of revenue in 2020.
On the basis of organization size, the large enterprises segment is expected to exhibit the fastest insurance telematics market growth rate during the forecast period.
Region wise, Europe generated the highest revenue in 2020.

▶️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.alliedmarketresearch.com/request-for-customization/A12744

The key players operating in the insurance telematics market analysis include Agero Inc., IMS, Masternaut Limited, Meta System S.p.A., MiX Telematics, Octo Group S.p.A , Sierra Wireless, TomTom International BV., Trimble Inc., and Verizon. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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