Global consumer telematics is valued $16.6 billion in the year 2017 and is anticipated to grow with a CAGR of 26.54% from the year 2018 to 2023.
Telematics is anticipated to grow at a CAGR of 9.1% during 2018-2023 and generate revenues worth $31.09 Billion by 2023. The increasing demand for connected vehicles for better safety management is expected to further drive the market
The current global driver monitoring systems market is estimated to be around $2.2 billion, and with the growing consumer interest in this market, driven by government legislations (Europe) and other regulatory body requirements at rise
With both ecological and economic adverse effects pertaining to traffic, intelligent transport system (ITS) market based on advanced telecommunication and information technology such as GPS and cloud service is gaining traction as an imperative asset for the transportation sector.
Abundant scope of opportunities from numerous economies aggressively developing their transportation infrastructure for improved routes and transit has driven the connected cars market size to be $63.38 billion as of 2018.