Europe Telematics Software and Service Market to Reach US$ 20,483.0 Million by 2028

The Europe Telematics Software and Service market was valued at US$ 6,032.0 Million in 2020 and is expected to surpass US$ 20,483.0 Million by 2028, registering a CAGR of 18.4% during the forecast period (2021-2028), according to the Europe Telematics Software and Service Market Report, By Component (Software/Platform, Services). The Services segment is again divided into Consulting, Implementation, Support & Maintenance), By Deployment (On-Premise, SaaS), By Solutions (Vehicle Tracking/Recovery (Fleet Management), Intrusion Detection, Analytics & Reporting, Others), By Application (Secured onboard communication, Behavioral Management, Emergency Calling /Alerts, Fuel Management, Route Planning, Vehicle maintenance and monitoring), and by Country (UK, France, Germany, Spain, Italy, Nordic Countries, Central & Eastern Europe, CIS, Rest of Europe), published by Coherent Market Insights.

Telematics software is any device which merges telecommunications and informatics. Telematics software allows the communication between an electronic device and other devices, or human users over a network. Telematics addresses dynamic mobility management and is critical in measuring real-time vehicle data such as speed, location, routes, performance, on-road behavior, energy consumption, battery levels, estimated time of arrival and much more. The SaaS segment of Europe telematics software and service is expected to have increase in demand and representing CAGR of 18.8% in the forecast year. Telematics software is increasingly been adopted in fleet management for numerous applications such as vehicle, maintenance, vehicle tracking and diagnostics, vehicle fuel management, health and safety management of fleet, which
in turn improves the vehicle’s efficiency, productivity, and reduces the transportation costs. For instance, Lytx, Inc. is offering telematics system for fleet management. This fleet management system provides relevant insights regarding vehicle that helps fleet managers to increase operational efficiency of the fleet.

Moreover, technologies such as block chain, artificial intelligence are being used in telematics software, for vehicle monitoring. Moreover, IoT is being adopted in telematics software for predictive maintenance that helps to improve driver operation, and cargo monitoring. Many telematics platform providers are engaged in launching AI enabled platform for vehicle tracking. For instance, in in August 2020, Teletrac Navman launched AI-based real-time, predictive telematics platform – TN360. This platform can provide predictive and actionable insights for vehicle and performance tracking.

The government of many countries are focusing on increasing the safety and security of passengers. For this, governments are implementing rules and regulations that can mandate automotive manufacturers to add features for the safety and security of passengers. For instance, in April 2018, European Transport Safety Council mandated eCall features in automotive cars. ECall is an automated emergency calling system that alerts emergency services in event of a collision, which is expected to boost the telematics software market growth in the European region over the forecast period.

Market Driver:

Increasing Focus of Automakers on Driver Safety

Leading automakers in Europe are focusing on increasing safety of automotive car driver. Therefore, recently launched automotive cars are equipped with advanced technology that can monitor various functions of the vehicle such as driving behavior, vehicle health, and maintenance, that in turn can aid in increasing safety, reduces chances of accidents of vehicle. For instance, in December 2020, Rewire Security launched its GPS & Telematics software, GPSLive. This software will help fleet owners in real-time tracking of their vehicles as well as it can provide detailed info regarding fleet driver behavior, vehicle maintenance reminders.

Moreover, connected vehicles are equipped with a number of sensors, with a telematics unit that provides real-time information, that can help to manage the entire centralized control system. Therefore, increasing sales of connected vehicles in Europe is expected to boost the telematics software market growth in the region. For instance, according to Stratagem Market Insights, approximately 68.6 million connected cars will be sold during the year 2020 -2025 in the European region.

Europe Telematics Software and Service Market - Impact of Coronavirus (Covid-19) Pandemic

In 2020, automotive companies have experienced a decrease in automotive sales and production primarily due to the impact of COVID-19. The automotive industry has seen disruptions across vehicle production resulting in a temporary shutdown of several major automobile production facilities. The disruptions across vehicle production are attributed to the lockdown imposed, international borders sealed, and short-term imbalance in demand. For instance, according to ACEA (European Automobile Manufacturers Association), the automotive sector has witnessed an EU-wide production loss of around 3.6 million vehicles, worth around US$ 112 billion, in the first half of the year 2020.

In addition, companies providing telematics software, fleet management software have experienced a decrease in revenue, due to a decrease in demand for software from the European automotive industry. Moreover, the spending pattern of people in Europe has also changed during the COVID-19 pandemic. According to SMI’s study, consumers have reduced their spending on the buying of automotive cars. The market is expected to regain its position by the year 2022, according to SMI’s analysis. In addition, in June 2020, a private-public partnership was made between member of Netherlands, Flanders, Switzerland, and the Czech Republic for research into tele operated logistics and transport, and for this research, European Union has granted a subsidy of US$ 12 Million.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/europe-telematics-software-and-service-market-4453

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Key Trends and Analysis of the Europe Telematics Software and Service Market:

• Telematics software is increasingly been adopted in fleet management for numerous applications such as vehicle, maintenance, vehicle tracking and diagnostics, vehicle fuel management, health and safety management of fleet, which
  in turn improves the vehicle’s efficiency, productivity, and reduces the transportation costs.
• Technologies such as block chain, artificial intelligence are being used in telematics software, for vehicle monitoring. Moreover, IoT is being adopted in telematics software for predictive maintenance,that helps to improve driver operation, and cargo monitoring.
• Major players operating in the Europe Telematics Software and Service market include MiX Telematics, Octo Telematics, Trimble INC, Verizon, Aplicom, Astrata and Key Telematics
• The players are continuously focusing on product launch to stay competitive in the market.
  • For instance, in April 2021, Astrata launched VideoLinc, a video surveillance solution, to improve road safety and reduce accident claim costs.
  • In January 2021, Trimble Inc. launched VisionLink software equipped with Association of Equipment Management Professionals (AEMP) 2.0/ ISO-15143-3 telematics standard for fleet management.
  • In December 2020, Octo Telematics launched OCTO IoT4 Insurance using Salesforce Platform which helps customers to analysis driver behavior.
  • In April 2020, Aplicom launched Aplicom Data Service, ADS, a secure cloud-based service that delivers the data from Aplicom A-series telematics devices using RESTful application programming interfac or REST API, in a parsed JavaScript Object Notation or JSON format