Consumer Telematics Market Rerouting the Road for Consumers

Thanks to some sci-fi motion pictures, consumers had at least imagined of automatically driving cars that detect shortest routes, safe driving environment, and any need for detours along the way. However, these are not a distant dream anymore. Leading providers of consumer telematics services in the market, present an array of devices and software integrated with cars on road to assist GPS navigation, locate emergency automotive services, and communicate crowded routes to the driver.

In short, telematics implemented cars will have a better knowledge of the road than the driver and extend a sort of virtual control over his/her judgement. The change, as always, is going to be for the good of both manufacturers’ and end-consumers’ end, as well as for the insurance and traffic regulatory bodies.

Offerings of Consumer Telematics Market

Let’s discuss about consumer telematics market offerings in great detail. The GPS navigation maps all available routes for any journey, as well as the surrounding infrastructure. This enables building appropriate travel plans as suited to individual needs. Satellites dedicated to continuous status updating of the routes, also take note of the presence of others on the route.

For a closer perspective, innovative posterior installations are used to sense any foreign presence and avoid crashing into them. Direct connection to transmission keeps the driver updated on conditional statistics of the vehicle. Also, the driving speed is automatically adjusted by the transmission to the limit set for that route by traffic authorities.

Insurance providers can automatically update their web integrated database on location of leased, insured, or financed vehicles. Telematics-based insurance cover is a real thing, providing lower premium rates for car-owners who stick to safe driving practices.

Added to these benefits, is the facility of direct communication for availing emergency and concierge services from remote locations. Emergency services could be locating local help in case of vehicle tampering, gas stations when fuel runs low, or maybe restaurants, just in case the driver is hungry.

The Future of Consumer Telematics Is Now

In the backdrop of connected systems over the internet and the features it supports, connected cars are gaining insight. The creed of interconnected cars would be able to establish a mutual communication among themselves making their presence felt and avoided at best to ensure safe driving environment for the passengers. Communicated data would include the direction plus speed of movement, resulting in immediate braking if a dangerously close proximity is sensed. Though we have these high-end cars already brought to the roads, yet limited deployment of vehicle-to-vehicle communication also restricts its benefits.

What is more important, is implementing high-accuracy technologies for car installations to function as desired. Recent advancements in these technologies has triggered market acceptance of consumer telematics by vehicle manufacturers and consider the demand potential it holds. Only factor that remains, is the availability of uninterrupted internet service without any lag for safe and seamless consumer experience.

Recently a report published by Allied Market Research, titled “World Consumer Telematics Market - Opportunities and Forecasts, 2013 – 2020” predicts the consumer telematics market to grow at a CAGR of 33.7% during 2014 to 2020. The report marks insurance and navigation telematics solutions to capture most market shares. It also holds an insight into the key factors that drive or restrict pipeline growth of the industry. Current business practices by leading companies and their operations provide a clear idea on profitable investment segments for present as well as prospective stakeholders.

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