The introduction of 5G connectivity and advancements in artificial intelligence (AI) technology has opened endless growth opportunities for the commercial telematics market. According to global tech market advisory firm ABI Research, telematics subscriptions are forecasted to increase by 86% between 2022 to 2025. By 2027, global telematics subscriptions will reach 126 million.
These new technologies are transforming fleet management capabilities across vehicle types and verticals, creating new use cases. “Falling hardware costs have also helped boost commercial telematics adoption in emerging economies, helping fill gaps in these regional markets,” states Alex McQueen, Research Analyst, Supply Chain Management and Logistics at ABI Research. The increasing use of smartphones and tablets to collect data and government regulations regarding fleet management are other factors contributing to the growth of the commercial telematics market.
An expansive selection of Telematics Service Providers (TSPs) - with leaders including Geotab, Verizon Connect, and Trimble – are offering a growing number of both hardware and software solutions covering all areas of fleet management. Increased use of trailer tracking is helping to propel growth in the market. ABI Research expects subscriptions to grow at a compound annual growth rate (CAGR) of 12% across the forecast period.
“Continued global disruption related to the COVID-19 pandemic, global supply chain uncertainties, port congestions, and other events have highlighted the need for full end-to-end supply chain visibility. We will continue to see rising telematics adoption in commercial fleets over the next five years and beyond,” McQueen concludes.
These findings are from ABI Research’s Commercial Telematics market data report. This report is part of the company’s Supply Chain Management and Logistics research service, which includes research, data, and ABI Insights. Market Data spreadsheets are composed of deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.
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