Insurance Telematics Market set to hit $37.8 billion by 2035

Industry revenue for Insurance Telematics is estimated to rise to $37.8 billion by 2035 from $5.9 billion of 2024. The revenue growth of market players is expected to average at 18.4% annually for the period 2024 to 2035.

Insurance Telematics is critical across several key applications including usage-based insurance (ubi), claims handling, risk management and fraud detection. The report unwinds growth & revenue expansion opportunities at Insurance Telematics’s Insurance Type, Solution Offerings, Service Model and End-user Type including industry revenue forecast.

Industry Leadership and Competitive Landscape

The Insurance Telematics market is characterized by intense competition, with a number of leading players such as Verizon Communications, Trimble, TomTom Telematics, Sierra Wireless, Octo Telematics, Mix Telematics, Masternaut Limited, Insure The Box Limited, IMS  Intelligent Mechatronic Systems, Agero Inc, Aplicom OY and Telogis.

The Insurance Telematics market is projected to expand substantially, driven by rise in vehicle theft incidents and growing popularity of usage based insurance. This growth is expected to be further supported by Industry trends like Technological Advancements in Connectivity.

Moreover, the key opportunities, such as telematics-driven claims validation, gamification of telematics data and integration of ai and iot with telematics, are anticipated to create revenue pockets in major demand hubs including U.S., UK, Germany, Japan and Canada.

Regional Shifts and Evolving Supply Chains

North America and Europe are the two most active and leading regions in the market. With challenges like regulatory hurdles and high implementation costs, Insurance Telematics market’s supply chain from device manufacturing / telematics service providers (tsp) / data aggregation & analytics to insurance providers is expected to evolve & expand further; and industry players will make strategic advancement in emerging markets including Brazil, India and South Africa for revenue diversification and TAM expansion.

About DataString Consulting

DataString Consulting offers a complete range of market research and business intelligence solutions for both B2C and B2B markets all under one roof. We offer bespoke market research projects designed to meet the specific strategic objectives of the business. DataString’s leadership team has more than 30 years of combined experience in Market & business research and strategy advisory across the world. DataString Consulting’s data aggregators and Industry experts monitor high growth segments within more than 15 industries on an ongoing basis.

DataString Consulting is a professional market research company which aims at providing all the market & business research solutions under one roof. Get the right insights for your goals with our unique approach to market research and precisely tailored solutions. We offer services in strategy consulting, comprehensive opportunity assessment across various sectors, and solution-oriented approaches to solve business problems.