World News: 12:30 GMT Thursday 6th December 2018. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 06, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering.
One trend in the market is usage of advanced analytics to optimize fleet efficiency.
Fleet operators receive large amounts of data related to their daily operations through various channels, such as documents from employees and technicians, fuel bills, routes traversed by vehicles, and work order performance reports. Integration of this data into the enterprise resource planning (ERP) system improves workflows and operational analysis.
According to the report, one driver in the market is cost saving due to adoption of telematics-enabled UBI.
Regulations play a critical role in the adoption of insurance in the automotive segment. Regulations for mandatory motor insurance are becoming a crucial driver for UBI adoption. UBI allows insurers to create risk profiles for individual customers based on real-time driving behavior tracked by onboard units. As UBI benefits both insurers and drivers, it is registering high growth in developed regions like Europe and North America. Hence, it will be beneficial for fleet operators to adopt UBI and reduce the premium amounts by encouraging the safe driving behavior.
Further, the report states that one challenge in the market is high cost associated with embedded telematics services.
Initial costs of setting up telematics include the license, setup, and installation fee, in addition to the payment for customization and integration with current systems. Additionally, the license fee has to be renewed periodically, which adds to the overall cost. Also, integration or customization can be more expensive than the price of telematics devices and license fees. For instance, Verizon has a hardware cost of about $100 for its telematics offering, with a monthly fee of about 526 for a one-year subscription.
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY APPLICATION
PART 07: CUSTOMER LANDSCAPEPART 08: MARKET SEGMENTATION BY TYPE
PART 09: GEOGRAPHIC LANDSCAPE
PART 10: DECISION FRAMEWORKPART 11: DRIVERS AND CHALLENGES
PART 12: MARKET TRENDSPART 13: VENDOR LANDSCAPE
PART 14: VENDOR ANALYSIS
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Related Topics: Telematics and Vehicle Electronics
Globe Newswire: 12:30 GMT Thursday 6th December 2018
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