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Insurance Telematics Market Overview, Forecast and Analysis to 2020

Press Release   •   Dec 17, 2015 17:23 EST

The insurance telematics market size is expected to grow from USD 857.2 million in 2015 to USD 2.21 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 20.9%. Consumer’s enthusiasm for in-car connectivity and growth of smartphone penetration in insurance and automobile sector are among the factors driving the insurance telematics market. The other factor driving the growth of the insurance telematics market is the increase in regulatory compliances and regulations. Furthermore, the market is expected to be driven by opportunities such as the growth in IoT and increased demand for telematics solutions in insurance and automotive sector. Complete report on Insurance Telematics Market spread across 110 pages, profiling 11 companies and supported with 32 tables and 42 figures is now available at http://www.rnrmarketresearch.com/insurance-telematics-market-by-deployment-type-end-user-small-and-medium-enterprises-and-large-enterprises-and-by-region-north-america-europe-asia-pacific-middle-east-and-africa-and-latin-america-global-forecast-and-analysis--market-report.html .

Owing to the emergence of digital channels and evolution of technological advancement in cloud and mobile business operations, data infringement issues, and operational risks, large enterprises are investing heavily in these solutions to simplify their insurance process and sustain competitive advantage. Insurance telematics cloud deployment is expected to grow with the highest rate from 2015 to 2020. However, on-premises deployment is expected to contribute the largest market share during the forecast period. Asia-Pacific (APAC) is expected to be the fastest growing market in the insurance telematics market. In terms of regions, the insurance telematics market is segmented into five major regional segments, namely, North America, APAC, Europe, Latin America, and Middle East and Africa (MEA). Out of the five major regions, APAC is likely to lead the market in terms of market growth, followed by Latin America. Whereas, North America will continue to have the largest market share during the forecast period. However, the increased need to introduce innovative insurance plans such as UBI, PAYDAYS, and PHYD and induce control and visibility mechanisms has led to a wider demand among insurance and automotive enterprises for insurance telematics applications in the APAC region. Priced at $4650 for a single user PDF, a discount on “Insurance Telematics Market by Deployment Type, End User (Small and Medium Enterprises, and Large Enterprises), and by Region (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America) - Global Forecast and Analysis to 2020” research report can be requested at http://www.rnrmarketresearch.com/contacts/discount?rname=443662 .

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