According to the reports, the global telematics market is estimated to be $130 billion by 2024, with a growing CAGR of more than 15% during 2018-2024. In 2018, various advancements were made by the telematics solution providers to the telematics industry like improvement in sensor technologies, availability of better vehicle diagnostic, more data reports to have a deeper look at the operational efficiencies and may more. According to Markets and Markets, automotive telematics is expected to be worth $45 billion globally by 2019.
Commercial fleet company’s adoption of telematics is expected to see the same growth trajectory and increase to 20 million units in the next 3 years due to more popularity of the GPS fleet and asset management systems, more demand for the video-based monitoring, and other solutions.
Here are the top 2019 telematics trends forecasted:
- Integrate Telematics Technology with more flexibility: In 2018, fleet businesses adopted Telematics technology to achieve efficiency in their operations and cost, while in 2019, the fleets with telematics technology are looking to expand by investing in more solutions with
greater flexibility and more options. Fleet businesses are looking for solutions that are flexible and fit their overall business goals.
- Adoption of Video Telematics is increasing at a faster pace: The 2019 trend of telematics shows that the video trend has spread as mass adoption. Video telematics has become more common and advanced. Earlier in the days, only high-end fleet businesses were adopting
video telematics, but with the mass adoption trend, in the last 4 years, even the medium and small fleet businesses are adopting video telematics. Video telematics provides more actionable insights that help businesses to take decisions the right decision.
- Advanced Telematics Solution: In 2018, safety, productivity, utilization, and tracking were the main features of a telematics solution. In 2019, the trend is all about improvising operational efficiency as well as safety. The fleet managers are now looking for a solution that can help them solve more problems. The fleet managers want fleet safety, compliance and operations data in a single dashboard. Earlier the fleet managers had to go to multiple vendors to purchase a telematics solution, now they want to have tracking, safety, fuel monitoring, efficiency, compliance all together from a single vendor. Fleet managers want a tool that can give them more visibility into what is happening in and around their fleets/equipment.
- Data visibility and management: The use of data has been significant for many years and now the trend is growing. More and more fleet businesses want to reap the benefits of collecting data, analyzing the data and making informed decisions. This is helping the fleet business to make more informed decisions in its operations. With the advancement of the telematics solution, the data can be transmitted in real-time, reducing the manual work and errors and helping the fleet businesses to have quick access to all the information.
- Tracking and Telematics: Tracking their fleets via GPS has been the focal point for fleet managers. Fleet tracking provides more than just the location of the vehicle, it provides information like driver behavior, fuel consumed, stops and route taken, etc. which can be an
important insight for the managers. Through the telematics systems and GPS, fleet managers can know where the vehicle is exactly and if they need to change the route to fulfill the obligation. The real-time tracking allows easy information sharing and promotes accountability.
- Leverage technology to manage fleet cost: One main objective of the businesses to understand and track the costs and keep it under control. Some of the essential costs for fleets are maintenance costs, fuel, insurance, wages, and vehicle replacement. Earlier the fleet managers had to spend countless hours updating their account books with the costs, now with the Telematics solutions, they can lessen the burden of manual entry and rely on the telematics solution to collect the data on fuel, vehicle performance, working hours of a vehicle, idle hours etc. which helps in further calculating the cost per vehicle. The telematics solutions not only collect the cost data but also send timely maintenance reminders to managers for maintenance checks, which helps them reduce maintenance costs and increase the lifeline of a vehicle.
Stay ahead of the trend and unlock the real potential of your fleets/heavy equipment with MosChip’s Telematics Solution. MosChip’s Asset Monitoring solution provides asset tracking (mobile asset and stationary asset) and advanced monitoring tools to virtually control your assets from anywhere using a single dashboard. If you are interested in learning more about how you can benefit from implementing our fleet management/heavy equipment monitoring solution, request for info by sending an email to [email protected] or filling a form at https://moschip.com/contact-us/ For more information our IoT solutions click here