The global Europe Telematics Software And Service Market is estimated to be valued at US$ 10011.9 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Telematics software and services enhance driver and vehicle safety by tracking vehicle location, mileage usage, fuel levels, driver behavior, and more. These services help reduce operating costs and improve fleet management efficiency.
Market key trends:
One of the key trends in the Europe telematics software and service market is the rising adoption of integrated advanced telematics solutions. Integrated advanced telematics solutions provide enhanced connectivity capabilities by integrating connectivity modules, crash notification systems, and vehicle diagnostics. They also help improve overall fleet management by incorporating functions such as geo-fencing, driver behavior monitoring, and trip management. Such advanced offerings are gaining popularity among fleet operators and commercial vehicle owners for maximizing operational efficiencies.
The Europe Telematics Software And Services Market Size is segmented by service, technology, and industry vertical. The service segment is further divided into fleet/asset management, navigation & infotainment, remote diagnostics, and reliability & predictive maintenance. Among these, the fleet/asset management segment dominates the market due to growth in fleet management operations across industries such as transportation & logistics and automotive in Europe. Fleet managers use telematics software for efficient fleet management, such as live vehicle tracking, vehicle diagnostics, fuel management, driver behavior monitoring, and others.
The global Europe telematics software and service market is expected to witness high growth, exhibiting a CAGR of 18.% over the forecast period, due to increasing demand for fleet optimization solutions across industries.
By region, Western Europe dominates the Europe telematics software and service market due to presence of major economies like U.K, Germany, and France that are widely adopting telematics solutions. Furthermore, the increasing penetration of telematics in insurance industry in this region is surging the market growth.
Key players operating in the Europe telematics software and service market are MiX Telematics, Octo Telematics, Trimble INC, Verizon, Aplicom, Astrata and Key Telematics. Key players are focusing on new product launches and strategic partnerships with insurance companies to gain competitive advantage in the market.
The global Europe telematics software and service market size is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing demand for fleet optimization solutions across industries. The market size for 2023 is US$ 10011.9 Mn.