Transport industries are witnessing unprecedented interest by investors, particularly with organisations adopting Telematics world-wide.
By Viraj Desai
While the origin of Telematics goes back three decades when the United States released the world’s first geographical positioning system for civilian use, its use remained limited to GPS features like route mapping and time of arrival estimations. However, time has evolved the tech as telematic devices (i.e. telecommunications and informatics that are transmitted, stored and can receive information to remote objects over a network) are increasingly providing intelligent tracking solutions to gauge driver behavior, vehicular health and pattern analysis to improve road safety.
It is estimated that Research on car-data-monetisation trends may help telematics and related insurance become a USD 750 billion market by 2030, despite the current low penetration level. GSM Association, an organization comprised of mobile-network operators, cites two reasons for same, including a willingness of Governments to mandate specific telematics services, such as emergency-call capabilities – which is taking place in the European Union and Russia. Another reason is the growing appetite for greater connectivity and intelligence in vehicles.
The United States has a current telematics adoption rate at 20 percent, Italy and South Africa have penetration levels of 17 & 12 percent respectively. Among Asian countries, Singapore has 9 percent and China 5 percent, according to the McKinsey Centre for Future Mobility.
Telematics and Road Safety
According to the World Health Organisation ‘The Global Status Report on Road Safety 2015’, there were over 1.25 million deaths in 180 countries, with highest fatalities in low-income nations. While legislation and stringent measures have been taken in various countries, the rate of widespread changes have been slow. In light of the increasing number of vehicles on roads and lifestyle changes in developing countries, the United Nations acknowledges that urgent steps are needed to achieve road safety initiatives as outlined in its 2030 Agenda for Sustainable Development – halving the global number of deaths and injuries from road traffic crashes by 2020...
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